How insurers’ N6 billion claims settlement in Q3 raised confidence

The modern insurance claims process is increasingly complex. More variables and data are constantly coming into play, but carriers must determine appropriate settlements and flag potential fraud faster than ever.

At the top of technical challenges, insurers are dealing with their customers during stressful and vulnerable moments- times when the delicate balance of empathy and automation must be struck to give insureds the peace of mind they seek.

The shift to a mostly-automated claims process will likely take a decade, given that the initial steps in the core claims system transformation process are so long.

Determined to regain the confidence back in the nation’s insurance industry, Niger Insurance Plc, among others, has settled claims worth N1. 4 billion to policy-holders in space of nine months in Nigeria.

The Managing Director, Edwin Igbiti, who spoke to The Guardian at a press briefing in Lagos Vowed that other outstanding claims will be paid soonest.

He thanked all of the firm’s customers for their patience, trust and

African Alliance Plc has continued to defy the odds with a string of impressive performances as it paid N6 billion claims as at third quarter of 2019.

The Managing Director and CEO, African Alliance, Funmi Omo, disclosed this today at a press conference at the company’s headquarters in Lagos while listing the giant strides the firm has made in less than two years, she restated the management’s commitment to sustaining the upward growth trajectory across all metrics.

“Ours is a business that has seen it all and survived it all. Our position in just two years compared to now is a testament to the unstinting leadership and guidance of our Board, the relentless drive of the executive management and most committed and flexible staff who never shies away from challenges in any form,” Omo said.

According to her, the firm’s premium income grew by 68 per cent from N3billion at the end of the third quarter 2018 to N5.12 billion at the end of third quarter 2019.

At the end of the third quarter, the company also paid claims of about N6billion to keep up with its promises of maintaining customer amazement.

The Executive Director, Finance, Olabisi Adekola, added that the company’s all-round growth earned it a ‘stable outlook’ and Bb+ by Agusto, the foremost indigenous financial rating agency in Nigeria.

“That Agusto rated us Bbb+ is a win for us, considering where we were. But we are not relenting, all hands are on deck to sustain this growth and earn a most elite rating consistent with the elite investments we have made in the business.

“NAICOM gave a ‘No Objection’ to our plans, which means we are on course. Come June 2020, you will see how far we have come. We do not say we are with you for life for fun; we mean every word,” Omo said.

Meanwhile, in line with her commitment to build a formidable workforce and grow the overall brand image, African Alliance, announced key appointments into its management cadre.

The Managing Director and Chief Executive Officer, announced the appointments of Akinola Akinwole as Head, Human Capital, and Bankole Banjo as Brand, Media and Communications Manager.

“Between Akinola and Bankole, we have two of the brightest minds in their fields. We all know a company is as good as the quality of its staff, we have brought in Akinola to help us reshape our workforce and put in place virile learning and development plans for the company.

Bankole, on the other hand, has been hired to help aggregate and drive our brand to greater heights following the recent rebranding. I am delighted to have them on board, they are confirmations that we are doing many things right in African Alliance at this point,” she said.

Akinola Akinwole is an astute, resourceful human resources professional with demonstrated successes in strategic HR management, organisational capability and change development, Talent Acquisition and Management among others.

An alumnus of KPMG, Akinola joins African Alliance with 16-years’ cognate experience spanning HR consulting and financial services.

Bankole Banjo, on the other hand, is a transmedia brand storyteller with a decade’s experience across advertising, content creation, brand and media management, corporate communications and storytelling.

He has lent his creative expertise either as a copy manager, creative director or brand management executive to a myriad of brands across sectors including Toyota Nigeria, Star Lager beer, Samsung Electronics West Africa and FBNInsurance.

Until recently, he was Communications Specialist at a coalition committed to changing the health narratives of Africa.