AIICO Insurance Investigates Uncovered Fraud,Vows to Punish Culprit
Amarachi Onyebeke
AIICO Insurance Plc, said it is currently investigating the recent unprofessional and fraudulent act uncovered in its operations and will accordingly punish the agents and sales representative involved.
The company, at a media briefing organised in Lagos to clarify issues on the matter, said it will leave no stone unturned in the efforts to ascertain the truth of the matter and will cause the culprit to face the wrath of the law.

Recent media reports , said that AIICO Insurance personnel was involved in unethical act that defrauded some of the company’s clients millions of Naira.

The company, at the media briefing, said the alleged culprits, have been placed under investigation, and would be made to face the wrath of the law at the end of the exercise.

Management Team of AIICO Insurance

AIICO Insurance Managing Director, Edwin Igbiti, responding to questions from the members of the press on the company’s efforts to address the fraud stated:

“Our attention has been drawn to a media report about unethical activities uncovered in AIICO Insurance Plc.

“We shall leave no stone unturned in pursuing the case to a logical conclusion and ensuring that all parties get the justice they deserve.

Speaking further on the matter, Igbiti said,”the report focused on one Mr. Adesanmi, who is presently being investigated for fraudulent practices and misrepresentation of AIICO Insurance Plc.

“Consistent with our practice and in line with the processes in the company, upon receiving reports of the fraud allegedly perpetrated by Mr. Adesanmi, he was immediately placed on suspension pending the outcome of an investigation that was commenced immediately and which is presently on-going.

In his defence of his company’s genuity in insurance business underwriting, Igbiti,said that AIICO Insurance, is an underwriter of more than 50 years’ experience, the largest life underwriter in Nigeria and one of the biggest Insurance underwriters in the West African sub-region.
He said AIICO Insurance, has also created and sustained a reputation that cuts across the globe as an underwriter of repute, with clientele from within and outside Nigeria and claims profile payment that runs into multi-billions of Naira.

He explained that the company, has since put in place a policy against the payment of cash to individuals, adding that this is visibly indicated on the company’s communication materials and policy documents.

“We have invested in technology and infrastructure to provide multiple payment channels for payment and renewal of Insurance policies.

These channels include: Point of Sale (POS) terminals at our locations, NIBBS & Quickteller payment platforms, Bank Branches, AIICO e-Insurance Web Portal, Third Party Scratch Cards, Direct Debit and Cashier Points at our locations”, he stated.

He added that the company encourages its customers to continue utilising these channels which provide instant automation of records.

He said in addition to this,the payment of over N30 billion in claims and benefits between 2013 and 2015 by the company attests to its avowed commitment to prompt claims settlements to its valued customers.

“Whenever the unexpected happens, AIICO remains duty bound and owe our customers the responsibility to protect their interests.

“We hereby restate our unwavering commitment to continue to create and protect wealth for our highly esteemed customers.

The AIICO insurance boss, also urged the company’s customers to view their insurance portfolio online through the company’s portal adding that all they have to do is to get in touch through the company’s customer contact details below.
Recent media reports said that there was Multi-million naira fraud rackets involving staff members of AIICO Insurance Plc and Mutual Benefits Assurance Plc, who allegedly defrauded several unsuspecting policy holders and clients of their savings and funds.

According to the reports,the rackets, have in their ranks members of staff from the marketing and internal control departments of the respective firms as well as contract staff, agents and other intermediaries.

The rackets were said to have been engaged in such fraudulent activities as non-remittance of insurance premium, forgery of clients’ policy documents to withdraw their savings, sending of fake savings credit alerts to clients, and unnecessary delay of claims, among