AIICO Insurance pays about N1.7bn in 21 days amid lockdown


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Chuks Udo Okonta

AIICO Insurance paid out about N1.7 billion to its customers in fulfilment of contractual obligations covering claims, benefits, loans and maturity payments, a scorecard detailing the firm’s performance within the first 21 days of COVID-19 lockdown, has revealed.


A statement by the underwriter’s Head, Strategic Marketing & Communications Department, Segun Olalandu, quoted the Executive Director Retail Business, Sola Ajayi; stating that: “Within the first 3 weeks of the lockdown, we have paid N907 million in life insurance benefits to 1,441 individual customers and over N480 million to 10,275 Annuitants who are on our Life Annuity plan. For us, commitment is an act, not a word. These are extraordinary times, and we have evolved; we keep producing great results. This is part of the AIICO culture, and it has accounted for our high customer retention rate.” He concluded by saying “We are poised to do even more.”


The Executive Director, Corporate Business Division, Adewale Kadri, was equally bullish saying, “We are operational despite the lockdown and we are accepting discounted premium from our clients as palliatives to our loyal customers during this trying period. We deliver insurance certificates including policy documents within minutes. Over 250 valued Brokers have had their claims of over N300 million settled within 48 hours. Our online real-time platform has delighted all our Brokers in this regard, and we receive compliments almost daily on our service delivery.

According to the Managing Director/CEO, Babatunde Fajemirokun, “The daily volume of transactions is proof that our investment in infrastructure for Business Continuity is worth every penny and built for the long term. AIICO’s Business Continuity Management System (BCMS) is certified using standards set by the British Standard Institute. Our well-motivated employees, who are working remotely, have played a significant role in making things happen.

In addition to this, we are monitoring the COVID-19 situation closely and its effect on consumer behaviour. As a Company with a long obsession for excellent customer experience, we are evolving and adapting to changing customer preferences. Our mode of operation is continually evolving to cater to the needs of existing and prospective customers. We have not only been paying out, we have also been attracting and underwriting new businesses within the period.”

The company believes that the individual sacrifice that everyone is making now to reduce the spread of COVID-19 will pay off. While things may not settle back as it once was immediately, they assure their customers’ availability of services and their commitment to customers will have no limitations due to the lockdown. The Company’s digital platforms have aided unfettered engagements between it and its customers.

AIICO Insurance is a leading composite insurer in Nigeria with a record of accomplishment of serving our clients that dates back over 50 years. Founded in 1963, AIICO provides life and health insurance, general insurance, investment management and pension management services as a means to create and protect wealth for individuals, families and corporate customers.

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