Finance

AIICO pays N47.3bn claims

AIICO responds to misleading allegation of breach of contract

AIICO Insurance has reported a total of N47.3bn paid as claims to various categories of policyholders in 2021. A statement from the Head, Strategic Marketing & Communications of the company, Segun Olalandu, revealed.

According to Olalandu, about N33 billion in total were paid to individuals, with about 14% (N6.5 billion) going to retirees who have lifetime contracts with the company.

Claims to businesses across the spectrum made up 30 per cent (N14 billion) of total claims were paid to customers. In total, the company paid N47.3 billion in claims and benefits to customers, up 19.1 per cent from N39.7 billion paid in 2020.

AIICO recalled that it paid N29.1billion and N30.6billion in 2018 and 2019 respectively, saying that, its Financial growth along with the growths in its overall position over the years, underscores the company’s incremental capacity to cater for the needs of existing and prospective customers.

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According to the Olalandu, AIICO considers a variety of metrics when assessing the quality of its services, for a lot of its customers, especially retirees, paying claims and benefits as and when due as a key determinant of the quality of  customers’ experience.

“Timely claims settlement hallmarks AIICO’s obsession with customer satisfaction and a key driver for its customer retention. The company currently serves a variety of customer groups, from individuals and small-scale entrepreneurs to the largest businesses in the country, with each segment having its own peculiar needs and requirements,” the statement read. Its MD/CEO, Mr. Babatunde Fajemirokun, stated: “We put the customer first in everything we do. We believe that our customer-centric philosophy is especially crucial today, as customers seek to protect themselves from the volatility of the environment around them,”

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He explained that its customers have been loyal for decades and others will have a relationship with the company for the rest of their lives. He noted that the company understands the risks its customers face, thus, it has made it a priority to continue to adapt to their (customers) changing needs as they go through life, helping them to manage their risks where possible to improve their overall quality of life

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“Our customers trust us to be there for them and we will stop at nothing to continue holding our end of the deal. Today’s insuring public is more discerning and risk-conscious, generally trusting companies with a track record of good service with their hard-earned funds. Insurers are no different in this regard and for customers, promptness in settlement of genuine claims remains a key performance indicator for choosing an insurer.

“In line with our mandate, we shall continue to provide life, health, general and investment management services to create and protect wealth for individuals, families, and corporate customers,” he added.

Sunnews

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