AIICO Insurance bags UK’s IFoA Quality Assurance accreditation

The Institute and Faculty of Actuaries (IFoA) has awarded a Quality Assurance Scheme accreditation to AIICO Insurance, making the firm the first in Nigeria to bag such feat.

Mr Wycliffe Obutu, AIICO’s Chief Actuary, announced this in a statement on Tuesday in Lagos.

IFOA is the UK’s only chartered professional body dedicated to educating, developing and regulating actuaries based in the UK and also internationally.

Obutu said that the award was in recognition of the company’s commitment to providing quality assurance at an organisational level, promoting confidence in her actuaries.

Also demonstrating a commitment to high-quality actuarial work and supporting employees carrying out that work.

He explained that following the award, AIICO has joined the list of IFoA’s 44 accredited organisations globally and third in Africa after two organisations were accredited in Kenya in the last two years.

“Currently, AIICO has one of the largest actuarial workforce in the insurance industry in Nigeria.

“We are delighted to receive this global accreditation from the institute after a rigorous review process.

“This is a noteworthy milestone for the company, management, staff, and the actuarial profession in West Africa, especially Nigeria,“ he said.

According to him, the insurer’s management with the support of its staff, especially the Actuarial and Human Resources, is proud to have initiated the process for the accreditation in partnership with IFoA.

The Chief Actuary stated that the process of the accreditation requires work in the company (and the market) to be undertaken to a high quality that is comparable globally.

Mr Babatunde Fajemirokun, Managing Director /Chief Executive Officer, AIICO, said in the statement that the firm was staying true to the pursuit of its vision of emerging as the dominant insurer in Sub-Saharan Africa.

Fajemirokun said this was one of the reasons AIICO invested substantially in human resources to drive the kind of growth it has in focus.

“The accreditation by IFoA, is a testament to the fact that we are doing this right, as the actuarial profession has been very instrumental in our transformation at AIICO.

“Our customers and policyholders are going to be the biggest beneficiaries as these efforts are in line with our razor-sharp focus.

“This is to give them the best of experience and protection of their benefits, assets, and insurable interests with us.

According to him, the firm’s shareholders, investors, regulators, and other stakeholders will benefit from the increased confidence, as it continues to strengthen its excellent risk management practices, skills, and experience for the benefit of all.

AIICO Insurance is a leading composite insurer in Nigeria with a record of serving its customers for over 50 years.

Founded in 1963, AIICO provides life and health insurance, general insurance and investment management services to create and protect wealth for individuals, families and corporate customers.