AIICO Insurance Plc’s operations are based on global Environmental Social and Governance (ESG) goals to impact its environment positively, the Executive Director, AIICO Insurance, Adewale Kadri has said.
Kadri said one of the major issues discussed at the African Insurance Organisation (AIO) Conference in Nairobi, Kenya was the sustainability of ESG Goals and that practitioners should make them part of their operations.
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 at AIICO has been thriving on the implementation of strategies that meet global and local standards.
He said: “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 environmental-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 the laws governing our business.
“We are also looking at how internet is affecting our business. We support organisations at different levels and also have a good structure to support government at all levels.”
Kadri emphasised 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. Few days ago, we held a meeting with our regulators in Lagos on some other areas that we can support.
“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 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 added.
He stressed that they follow trends globally and implement some of the ideas even though it could be expensive.
Head Retail Business Division, AIICO Insurance, Gbenga Ilori added: “One of our strategies is also that we made sure we come up with tailor- made products that suit our customers. We understand business is about customers. We are 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.