By LOVETH AZODO, Lagos
The Management of AIICO Insurance has revealed that the underwriting firm paid N47.3bn as claims to its policy holders in 2021.
The company made the disclosure in a statement signed by its Head, Strategic Marketing & Communications, Segun Olalandu.
It stated that In 2021, 70% of claims reported, about ₦33 billion in total, were paid to individuals, with about 14% (₦6.5 billion) going to retirees who have lifetime contracts with the company.
Giving a breakdown of the claims, it showed that Claims to businesses across the spectrum made up 30% (₦14 billion) of total claims paid to customers.
“In total, the company paid ₦47.3 billion in claims and benefits to customers, up 19.1% from ₦39.7 billion paid in 2020. It will be recalled that it paid N29.1bn and N30.6bn in 2018 and 2019 respectively. This growth, along with the growth in its overall financial position over the years, underscores its incremental capacity to cater for the needs of existing and prospective customers.”
Commenting on this, the MD/CEO, Mr. Babatunde Fajemirokun stated “We put the customer first in everything we do. We believe that our customer-centric philosophy is especially crucial today, as customers seek to protect themselves from the volatility of the environment around them. Many of our customers have been with us for decades and others will have a relationship with the company for the rest of their lives.
We understand the risks that they face, and we have made it our priority to continue to adapt to their changing needs as they go through life, helping them to manage their risks where possible to improve their overall quality of life. Our customers trust us to be there for them and we will stop at nothing to continue holding our end of the deal.”
Today’s insuring public is more discerning and risk-conscious, generally trusting companies with a track record of good service with their hard-earned funds. Insurers are no different in this regard and for customers, promptness in settlement of genuine claims remains a key performance indicator for choosing an insurer.
An AIICO customer, Mr. Monday Abah, recently shared his experience on a radio interview in Lagos. He signed up for one of AIICO’s Savings & Life Assurance Plans and got paid immediately at maturity.
He stated “As a matter of fact, before they called me, my account was credited; I just received the alert and then, a call came through to notify me. I am now planning to embark on a 15-year policy for my retirement”.
