AIICO Insurance drives operations leveraging global ESG goals, other initiatives

Delegates from AIICO Insurance to African Insurance Organisation conference in Nairobi, Kenya.

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Chuks Udo Okonta

AIICO Insurance Plc said its operations are conducted around global Environmental Social and Governance (ESG) goals to impact the environment positively.

The Executive Director, AIICO Insurance, Adewale Kadri, said this in an interview with Inspenonline on the sideline of the just concluded African Insurance Organisation (AIO) Conference held in Nairobi, Kenya.

While speaking on the takeaways for the company from the conference, Kadri said, one of the major issues discussed was sustainability of ESG Goals and so the question for every insurance practitioner should be how to conduct its operations in such a way that they observe ESG.

He stated that the ESG helps an organisation to assess and manage the risks and opportunities created by changing conditions, such as shifts in environmental, economic, and social systems.

He noted that for them at AIICO, they have been thriving on implementation of strategies that meet both global and local standards.

“We have set up a framework to achieve ESG goals. We look at our environment to know what we can do and we conduct our operation around it to impact our environment positively. So, we have instituted some initiatives to support some of the corporates that are environmentally friendly.

“In the area of Social in the ESG, we have our Social Corporate Responsibility (CSR) initiative and have sponsored organisations. We also observe Corporate Governance in line with all laws governing our business.

“We are also looking at how internet change is affecting our business. We support organisations at different levels and also have a good structure to support government at all levels,” he posited.

Kadri emphasized that one of the things that is working for AIICO is its size, governance structure and the vision of the owners of the business.

“If you look at the structure of AIICO, we have internal framework to support whatever initiatives that AIO come up with and same at the local level with our regulators. Just few days ago, we had meeting with our regulators in Lagos on some other areas that we can support. one of the things that is working for AIICO is our size, the governance structure and the vision of the owners of the business.
“We are running our business in such a way that AIICO is not just of today but of the future. This guides the way we conduct our business. We believe that the only way we can achieve this is to be focused and proactive. We have been in existence for a while since 1963. Some of the companies we started with are not in operation anymore. But something must have been working for us and one of them is the initiatives of the owners and ability to comply with all regulatory guidelines”.
He stressed that they follow trends globally and implement some of the ideas even though it can be very expensive.

For instance, when we get back to our office from Kenya, we will discuss some of the takeaways that we got from AIO and see how to implement the initiatives. We believe that the execution of strategies matters a lot, he added.

Head Retail Business Division, AIICO Insurance, Gbenga Ilori added that they understand business is all about customers.

“One of our strategies is also that we made sure we come up with tailor made products that suits our customers. We understand business is all about customers. We are presently trying to get approval from the National Insurance Commission (NAICOM) on a few products which we believe will enable us serve our customers seamlessly.

“We are also proud of our agency network. We have one of the largest agency networks in Nigeria that has continued to drive our products,” he noted.

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