AIICO scores first, bags accreditation for quality assurance from UK actuaries body


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Chuks Udo Okonta

AIICO Insurance Plc., a leading insurer, has emerged as the first in Nigeria to be awarded a quality assurance scheme accreditation by the Institute and Faculty of Actuaries (IFoA).

A statement by the firm’s Head, Strategic Marketing & Communications Department, Segun Olalandu, noted that a news release by IFoA, stated that the feat is a recognition of the company’s commitment to providing quality assurance at an organizational level, promoting confidence in their actuaries; and demonstrating a commitment to high-quality actuarial work and supporting employees carrying out that work.

The IFOA is the UK’s only chartered professional body dedicated to educating, developing and regulating actuaries based in the UK and also internationally. AIICO has joined the list of IFoA’s 44 accredited organizations globally and third in Africa after two organizations were accredited in Kenya in the last two years. Currently, AIICO has one of the largest actuarial workforce in the insurance industry in Nigeria.

AIICO’s Chief Actuary, Wycliffe Obutu, commenting on the accreditation, stated, “We are delighted to receive this global accreditation from the Institute after a rigorous review process. This is a noteworthy milestone for the Company, Management and staff, and the actuarial profession in West Africa, especially Nigeria.

Management of the company, with the support of its staff, especially Actuarial and HR, is proud to have initiated the process for this accreditation that, in partnership with IFoA, requires actuarial work in the company (and the market) to be undertaken to a high quality that is comparable globally.”

The MD/CEO, Babatunde Fajemirokun, also said, “We are staying true to the pursuit of our vision of emerging as the dominant insurer in Sub-Saharan Africa. This is one reason we invest substantially in human resources to drive the kind of growth we have in focus.

The accreditation by IFoA, is a testament to the fact that we are doing this right. The actuarial profession has been very instrumental in our transformation at AIICO. Our customers and policyholders are going to be the biggest beneficiaries as these efforts are in line with our razor-sharp focus to give them the best of experience and protection of their benefits, assets, and insurable interests with us.

Our shareholders, investors, regulators, and other stakeholders will benefit from the increased confidence that AIICO continues to strengthen its excellent risk management practices, skills, and experience for the benefit of all.”

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

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