Insurer pays N7.5 billion claims

For the insurance industry to contribute significantly to Nigeria’s Gross Domestic Product (GDP), there is a need for operators to pay claims promptly.

Managing Director, African Alliance Insurance Plc, Joyce Ojemudia, who spoke to The Guardian, stated this. She said the company had paid ₦475 million claims to policyholders this month, ahead of yuletide.

According to her, the company paid genuine claims as due, adding that this had become more important as the year rolls to an end with many uncertainties that might affect the festivities.

“For us, we have promised we will be with them for life, this is our ongoing fulfilment of that mantra,” she said.

She restated the company’s long history of claims payment while informing stakeholders that the firm had instituted a seamless claim settlement process, which included “fortifying the claims unit with agile and nimble claims experts enabled by technology.

“This has resulted in a faster processing time for claims. As we end this year on a good note, we are reassuring our customers that we won’t renege on our commitment to paying claims as and when due.”

According to the year-to-date breakdown presented to the media, the life insurer has paid N1.23 billion in individual life claims, N1.36 billion under group life, N626 million under ‘Takaful’, N25.2 million under Esusu and N4.35bn under annuity payments.