AIICO settles N200bn insurance claims in 5 years

By Henry Uche

AIICO Insurance has demonstrated its steadfast commitment to policyholders by settling over N200 billion in Claims and Benefits Payments over the past five years. This milestone stands as a testament to AIICO’s role as a leading composite insurer in Nigeria, dedicated to providing financial security and peace of mind.

From 2019 to 2023, AIICO’s robust claims management strategy ensured timely disbursement of claims, totaling: N30.6 billion in 2019, N31.6 billion in 2020, N47.3 billion in 2021, N44.9 billion in 2022, and N46.5 billion in 2023. This comprehensive breakdown underscores AIICO’s consistent commitment to fulfilling its obligations to both retail customers and corporate clients.

Mr. Segun Olalandu, Head of Digital Marketing & Communication, emphasized AIICO’s customer-centric approach and effective claims processing systems that have solidified its reputation as a trusted partner in safeguarding financial well-being.

Babatunde Fajemirokun, Managing Director/CEO of AIICO Insurance, reiterated the company’s unwavering dedication to customer satisfaction and service excellence. He stated, “At AIICO Insurance, our customers are paramount. We are here to serve and protect them, ensuring swift and fair settlement of genuine claims. This five-year profile reflects our commitment to upholding trust and delivering on our promises.”

Fajemirokun highlighted AIICO’s core values of integrity, professionalism, and customer-centricity, emphasizing that timely and fair claims payments are crucial for customers’ financial security, especially during challenging times.

He added, “AIICO Insurance Plc will continue to innovate and leverage advanced technology to enhance our claims processing capabilities. Our goal is to provide an even more seamless and efficient experience, ensuring our customers receive the support they need promptly and effectively.”