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AIICO’s claims settlement tops N90b in five years

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AIICO Insurance Plc said its unwavering commitment to fulfilling obligations to customers has resulted in a cumulative claims and benefits pay out of over N90 billion in the past five years.

The company’s Head, Strategic Marketing and Communications Department, Segun Olalandu, who confirmed this to The Guardian at the weekend, said in 2014, AIICO’s pay out grossed N10.5 billion and had since risen from N13 billion in 2015, to N14.6 billion in 2016; N23.3 billion in 2017; and N29.1 billion in 2018, representing an average yearly growth of 27.7 per cent.

The year-on-year increase is an indication that the company has kept its focus on superior service delivery for differentiation.

The Executive Director/Chief Operating Officer, Babatunde Fajemirokun, said: “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 five 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.”

He said the company is positioned for industry leadership by leveraging on the strength of its sales force and excellent service delivery.


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