From left: Vice President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Tunde Oguntade; President, Mrs Bola Onigbogi; Managing Director, African Alliance Insurance Plc, Mrs. Joyce Ojemudia; Head of Finance, African Alliance Insurance Plc, Bode and the NCRIB Executive Secretary, Mr Fatai Adegbenro at the February Edition of NCRIB Members’ Evening
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Chuks Udo Okonta
The prompt response to claims settlements by African Alliance Insurance has earned her an endorsement by Insurance Brokers as one of the best and top rated underwriting firms in the country to do business with.
The insurer got the endorsement at the Nigerian Council of Registered Insurance Brokers (NCRIB) Evening which held on Tuesday in Lagos.
The President of the NCRIB, Dr. (Mrs.) Bola Onigbogi, whilst elogising the firm for its outstanding performance said: “Let me use this medium to profoundly appreciate African Alliance Insurance Plc team for its unrelenting determination to further deepen relationship with Registered Insurance Brokers, as evidenced by the resolve to host this landmark edition of NCRIB Members’ Evening. Also, I like to officially congratulate Mrs. Joyce Ojemudia for her appointment as the Managing Director of a very progressive firm.
“I have no doubt in the ability of Mrs. Ojemudia to lead African Alliance to a lofty height of achievement. It will delight you to know that Mrs. Ojemudia in her personal capacity contributed towards the success of my investiture in 2019. She was also strong member of my Investiture Committee and she has again proved to us that she is Brokers-friendly.
“I have no doubt today that African Alliance Insurance Plc has etched its name in the golden book of record of Registered Insurance Brokers in Nigeria.”
The former/first female President of the NCRIB and Managing Director, Plum Insurance Brokers Limited, Mrs. Laide Osijo, also recommended the insurer to the broking fraternity, stating that she has never regretted dealing with the firm on numerous businesses her firm had with the insurer.
She implored brokers to patronise the firm, rating the underwriter as one of the most trusted in the country.
The Chairman, Lagos Council of NCRIB, Rotimi Olukorode, also applauded African Alliance for her prompt response to claims settlement.
He narrated how his old boys association got a propmt payment of a group life cover of a deceased colleague.
According to him, the propmt response had endeared many of his colleagues to insurance. He implored the insurer to sustain the feat.
The Vice President of the NCRIB, Tunde Oguntade, also lauded the insurer for its enormous contributions to the growth of the insurance sector and by extension the economy.
Managing Director/CEO, African Alliance Insurance, Mrs. Joyce Ojemudia, at the event, thanked the President and council members of the NCRIB for giving the firm the opportunity to be the first hosts of the NCRIB members’ evening in 2021.
“Indeed, I thank you for this opportunity and consider it a privilege to stand here today. My profound gratitude also goes to the entire Brokers Community for finding us worthy of this honour especially at this time.
“I stand here as an evangelist of insurance in general and African Alliance in particular. As we all know, African Alliance is Nigeria’s foremost indigenous life insurer, with 61 years of unmatched heritage in the industry. For some time now, we have been the subject of immense attention. This is not unconnected to our pride of place in the comity of insurers in Nigeria as well as our long history with NCRIB with whom we share same progenitor. Our pioneering efforts in product innovation is there for all to see,” she said.
On where the firm was on recapitalisation, she noted that it had highlighted three strategic direction to meet the then NAICOM threshold of N8 billion.
She said the firm is eyeing asset conversion, stressing that on the 22nd of December, 2020, the firm concluded the sale of one of its main assets to raise some funds all of which have been reinvested into the business. We now have a healthy shareholders fund with increased asset base, she added.
Continuing, she said: ” Rights Issue/New Investor;
Furthermore, our Board of Directors as well as targeted significant shareholders are on the verge of injecting additional funds into the company through private placement which will further improve the capital base of the Company. This is expected to be concluded before the end of Q2 2021.
” Business Combination: This would be considered in the event that the two options above don’t come through. However, this is a last resort and we might not explore this option at all.”
Speaking on claims settlement, she said the firm had in the first 40 days of 2021 business year alone, paid N967 million in claims. “Breaking it down, we paid N148.2m to 155 individual life customers, N307.5m to 141 Group Life claimants, N124.1m to 168 Takaful claimants not forgetting , N387.3m to our annuitants.”
She poised that in the last quarter of 2020, the firm paid over N2.3 billion in claims in line with its continued drive for customer satisfaction. “As at today, our GPI has increased by 105 per cent compared with same period last year,” she remarked.
She thanked the brokers for the continued support, stressing that in 2021 and beyond, the firm would continue to excite brokers with stakeholder-focused innovation, constant claims payment whilst using technology to scale operations.
“Our strategy is clear and simple: customer satisfaction at all cost. As you may know, we were recently certified by the International Organization for Standardization and awarded the ISO 22301, a testimonial to our highly effective competitive advantage with respect to organisational reputation, credibility, process, and resilience to environmental volatility. This is an assurance of our business continuity,” she said.
The African Alliance boss noted that the firm had restructured its claims department and customer services unit to give top of the range service to its esteemed customers and that shortly it will be launching a claims app to ease filing of claims with quick response.