AIICO restates commitment to service delivery, settles N47.3bn in claims, benefits in 2021



Top player in the insurance industry, AIICO Plc., disclosed, Thursday, that it paid total of N47.3bn representing customers’  claims and benefits in the year 2021, further stating that ‘timely claims settlement hallmarks the company’s obsession with customer satisfaction and a key driver for its customer retention.’

AIICO MD/CEO – Babatunde Fajemirokun

A statement issued by the company’s Head, Strategic Marketing & Communications, Segun Olalandu, noted that while AIICO Insurance considers a variety of metrics when assessing the quality of its services, for a lot of its customers, especially retirees, paying claims and benefits when they are due is often the key determinant of the quality of their experience.

“The company currently serves a variety of customer groups, from individuals and small-scale entrepreneurs to the largest businesses in the country, with each segment having its own peculiar needs and requirements.

“In 2021, 70% of claims reported, about N33 billion in total, were paid to individuals, with about 14% (N6.5 billion) going to retirees who have lifetime contracts with the company. Claims to businesses across the spectrum made up 30% (N14 billion) of total claims paid to customers.

“In total, the company paid N47.3 billion in claims and benefits to customers, up 19.1% from N39.7 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,” he said.

Commenting on this, the MD/CEO, Mr. Babatunde Fajemirokun said: “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, who recently shared his experience while featuring on a radio interview in Lagos, said he signed up for one of AIICO’s Savings & Life Assurance Plans and got paid immediately at maturity.

“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,” Abah said.