How advertorial on outstanding claims changed Oseni’s life


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Reaching out to people to access unclaimed funds is an act many organisations struggle to execute. Chuks Udo Okonta in this report writes on how an outstanding claim published in the newspaper changed the life of a beneficiary after the demise of the policyholder.

The day broke as usual for Oseni Oni. He took his prayers and set out for his work. On his way, he bought a newspaper to enable him get acquainted with happenings in the country and abroad.

At his office he settled down brought the newspaper to read. As he flipped through the pages of the newspaper, he got to a an advertorial published in the newspaper by AIICO Insurance Plc to inform the general public about outstanding claims that are yet to be accessed by policyholders.

Oseni took interest in the advertorial, going through the names of policyholders. His interest led him to his deceased father’s name. He became more concerned and begun to make enquiry to ascertain if the policyholder was really his father.

Having ascertained that the policy really belonged to his late father, he set out to meet the management of AIICO Insurance Plc on what next to do.

Oseni’s financial challenge

Prior to the findings in the newspaper, Oseni was an employee struggling to survive. Just like a normal employee who lived on salary, his life was built around what he earned from his job. While he struggled, he never knew his dad had left a huge fortune through a life policy he bought from AIICO Insurance.

Oseni visit to AIICO

One fateful day, Oseni took the newspaper and went to AIICO Insurance. On getting to the underwriter’s head office in Victoria Island Lagos, he narrated his mission to the front desk staff, who helped connected him to the appropriate department saddled with such responsibilities.

Having interacted with him, he was asked by the officials to submit all the necessary documents to show he is actually the beneficiary.

Elated with the outcome of the meeting with officials of the underwriting firm, Oseni went home, got all the documents requested by the insurer and arranged for another meeting where his documents would be presented.

Presentation of documents

On the agreed date, Oseni took the documents to AIICO Insurance, he was specially welcomed and the documents collected for proper examination.

Outcome of examination

The underwriter took time to examined the documents to authenticate if they were genuine and after intensed examination, they were certified genuine and approval was made for payment of the claim to Oseni.

Payment of claims and resultant effect

The insurer reached out to Oseni informing him of the approval of the claim and he was fully paid and that was the beginning of a better life for Oseni.

Having received the claim, he took time to plan on how to appropriate the fund.
Oseni took large chunk of the fund to establish his personal business, which he nurtured carefully and has today grew into a mega business outfit.

Attitude to Insurance

Having been savaged from poverty by the fund received from AIICO Insurance, Oseni has remained a prime policyholder with the firm.
It was gathered that Oseni since the establishment of his business has never failed to renew his policies and has also remained an insurance ambassador sharing his experience to assist people maximise benefits of insurance.

Speaking on Oseni’s experience, the former Group Managing Director of AIICO Insurance Plc, Edwin Igbiti, said policyholders who have been impacted positively by insurance never leave their lives to chances. He noted that such people provide insurance for all the belongings.

Igbiti said the AIICO Insurance has over the year continued to change lives just as did to Oseni.

He noted that the publication of outstanding claims was a decision taken by the firm to ensure promises made to policyholders are faithfully kept.

NAICOM’s position on publication of outstanding claims

Sunday Thomas

The Commissioner for Insurance Sunday Thomas, has said insurance companies with outstanding claims would henceforth publish the names of claimants in two national newspapers.

Thomas told Inspenonline that the initiative was fully implemented when he worked with AIICO Insurance as a staffer, adding that the publication would now be done before insurance companies close their financial accounts for each year.

He stated that the Commission has demanded the schedule of outstanding claims from insurers, adding that he is keenly following up with the operators on the schedule to ensure that current outstanding claims are paid latest by the end of first quarter 2023.

The Commissioner for Insurance maintained that the decision to publish outstanding claims in the dailies, stemmed from complaints from insurers that claimants are not coming forth with documents to process their claims.

He said the publication would help pass the message to the public that insurers are ready and committed to claims payment.

He submitted that the initiative would make insurance companies pay claims willingly or forcefully.

Thomas had at an event early in the year, charged insurance practitioners not to harbour under their roofs, claims defaulters, who are tagged elements of destruction.

He noted that insurance practice in Nigeria in the past has had its good, bad and ugly moments, stressing that one of such bad and ugly moments that have had significant impact on the image and perception of the industry is the issue of claims payment.

He submitted that indeed the records and statistics of unpaid claims associated with some of the members has not been too good and must be overturned to the benefit of all stakeholders.


“I must quickly acknowledge and salute the efforts of those companies that are alert to their responsibility of prompt claims payment and encourage them to sustain the good practice.

“Insurance practitioners must be seen to be fighting this cause genuinely and collectively for the future of insurance to be as bright as we expect it.

“We must not continue to harbour elements of destruction under our roofs,” he said.

Thomas stated that the issue of non-payment of genuine claims has always put the Commission and the entire industry on the defensive when it comes to discussing insurance in every stratum of the economy, stating that the Commission is doing all it could within the ambit of extant laws to see that the non-settlement of genuine claims is eliminated in the sector and I can assure you that we will not relent, he said

He admonished insurance professionals to leverage the positive experiences from the past to build a formidable future for insurance in Nigeria, stressing that the effort must be collective and patriotic.

“We must all see insurance as a profession that should be a buffer for the economy while eliminating the toga of being the weak link within the financial services sector.

“We must practice insurance with passion and resilient not just as a means of livelihood that we have to survive on but, that which every insurance professional should be proud to say “I am a party to this success.” he submitted.

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