AIICO Insurance has disclosed the payment of over N90 billion to customers as claims and benefits in the last 5 years.
In 2014, AIICO paid out grossed N10.5bn; and it has since continued to rise from N13bn in 2015 to N14.6bn in 2016, N23.3bn in 2017 and N29.1bn in 2018; which represent an average annual growth of 27.7%. This year-on-year increase is an indication that the company has kept its focus on superior service delivery for differentiation.
According to the Executive Director/Chief Operating Officer, Mr. Babatunde Fajemirokun, “As a company, we exist, not just to create wealth but to provide protection for our clients in return for premium payments. In the past 5 years, we executed our transformation plan and within the period, the improvements in our performance has also reflected in the growth of our claims and benefit payments. We are relentless in our resolve to continue to hold up our end of the bargain; through promptness in claims settlement.”
The company is positioned for industry leadership by leveraging on the strength of its salesforce and excellent service delivery.
AIICO Insurance Plc., a leading composite insurer in Nigeria, commenced operations in 1963. AIICO provides life insurance, health insurance, general insurance, wealth management and pension management services as a means to create and protect wealth for individuals, families and corporate customers.