AIICO Insurance pays over N200bn claims in 5years – MD

AIICO Insurance Plc says it has paid over N200 billion as claims and benefits settlements over the past five years.

Mr Babatunde Fajemirokun, Managing Director/CEO of AIICO Insurance Plc, confirmed this in a statement made available to newsmen in Lagos on Wednesday.

Fajemirokun stated that the milestone reflected AIICO’s unwavering commitment to providing financial security and peace of mind to its policyholders.

He said that a comprehensive review of AIICO’s claims and benefits settlements from 2019 to 2023 revealed that the company had consistently prioritised the timely disbursement of claims to both retail customers and corporate clients.

According to him, the breakdown of the claims paid in the years under review reveals that in 2019, the insurer paid N30.6 billion as claims, N31.6 billion in year 2020 and N47.3 billion in year 2021.

The managing director explained that N44.9 billion was paid in year 2022 by the insurance company as claims and in the year 2023, the underwriter disbursed N46.5 billion.

Fajemirokun noted that AIICO’s robust claims management process and customer-centric approach had solidified its position as a trusted partner in safeguarding the financial well-being of individuals and businesses alike.

He emphasised the company’s dedication to customer satisfaction and service excellence.

Fajemirokun said: “At AIICO Insurance, our customers are at the heart of everything we do. We exist to serve and protect them, ensuring that their genuine claims are settled swiftly and fairly.

“This five-year profile is a testament of our commitment to delivering on our promises and maintaining the trust that our customers place in us.

“We remain dedicated to continuously improving our processes and services to meet the evolving needs of our valued policyholders.

According to him, AIICO’s impressive track record in claims settlement underscores its core values of integrity, professionalism, and customer-centricity.

Fajemirokun said the company was of the view that timely and fair claims payments are critical to customers’ financial security, especially during challenging times.

He added that insurance company would continue to leverage advanced technology and innovative solutions to enhance its claims processing capabilities.

The managing director further said that the insurer’s goal was to provide an even more seamless and efficient experience for its customers, ensuring that they received the support they needed when it mattered most.

Founded in 1963, AIICO Insurance Plc has a 60-year record of delivering service to its clients.

The company offers a comprehensive range of products including life and general insurance, health insurance and investment management services, aimed at creating and protecting wealth for individuals, families, and corporate customers.