African Alliance Insurance Plc has said it paid over N43.4 billion in claims under the leadership of the immediate past Managing Director/Chief Executive Officer, Dr.Joyce Ojemudia.
Ojemudia, who has resigned from the underwriting firm since June 7, 2024, has worked there for four years – since October 2020.
She is an astute manager who believes in goal setting as a pivot to success, and instantly drew a road map for the corporate success of the organisation, cutting across the diverse operational aspects of the organisation.
Being an astute insurance professional, Ojemudia prioritised payment of claims settling about N43.4 billion claims within the period.
She also ensured the settlement of the PTAD legacy debt of N1.3 billion in 2021 which has been pending for over five years while she fully liquidated outstanding loans and overdrafts.
Given her solid background in cost management, she was able to improve the company’s negative solvency margin by 67 per cent.
There was also a consistent 12 per cent year-on-year reduction in operating costs culminating in a 36 per cent cost reduction in three years.
This strategy culminated in sterling achievement that was recorded in several aspects of the business.
Specifically, the following top six priority areas were her focus: Claims and Legacy debts, Improved Solvency Margin and Cost Management, Deployment of Technology, Marketing and Relationship Management, and Technical and Enhanced Manpower Development.
In the first full year of being at the helm of affairs, she took giant strides embarking on some strategic and laudable initiatives which impacted the company positively within 3 + years.
Dr. (Mrs.) Joyce Ojemudia believes that technology is the bedrock for the success of any modern business in all ramifications.
She initiated the deployment of a new core business application software to take the business to the next level.
She also embarked on a website revamp aimed at enabling a seamless digital sales capability.
As a seasoned insurance sales professional, Ojemudia knows that the insurance market is Broker-driven.
She ingeniously led her team to initiate effective collaboration with Insurance Brokers through their constituent body (the NCRIB) as well as identified individual High net-worth Brokers to curry their patronage leading to a 34 per cent growth in GPI.
She deployed her risk management expertise to achieve the following enviable outcomes of significant drop in reinsurance expenses saving about N360 million and a 65 per cent drop in corporate claims.
Besides, the introduction of annuity verification led to savings of over N300m for the company.
All these put together contributed to bringing about an improvement in underwriting profit from a previous loss position.
Being a strong believer in human capital development as a basis for organisational growth, Dr. (Mrs) Joyce Ojemudia deployed her leadership to enhance the human capital of the company. She established the first-ever “African Alliance Insurance Learning Academy” which serves as a hub to transform the company into a learning organization. She initiated a reward and recognition system to celebrate deserving employees and gave unparalleled attention to staff welfare compensation and benefits.
