Paying claims and benefits takes the spotlight when AIICO Insurance considers a variety of metrics when assessing the quality of its services for a lot of its customers, especially retirees. This hallmark the company’s statement underscored, is directed at customer satisfaction and retention.
Timely claims settlement was woven round its claims paid transactions to a variety of customers groups, from individuals ans small-scale entrepreneurs to the largest businesses in 2021 AIICO stated, with each segment having its own peculiar needs and requirements.
In 2021, 70% of claims reported, about ₦33 bn in total, were paid to individuals, with about 14% (₦6.5 bn) going to retirees who have lifetime contracts with the company. Claims to businesses across the spectrum made up 30% (₦14 bn) of total claims paid to customers. In total, the company paid ₦47.3 bn in claims and benefits to customers, up 19.1% from ₦39.7 bn paid in 2020. It will be recalled that it paid N29.1bn and N30.6bn in 2018 and 2019 respectively. This growth, along with the growth in its overall financial position over the years, underscores its incremental capacity to cater for the needs of existing and prospective customers.
Commenting on this, the MD/CEO, Mr. Babatunde Fajemirokun (pictured) stated, “We put the customer first in everything we do. We believe that our customer-centric philosophy is especially crucial today, as customers seek to protect themselves from the volatility of the environment around them. Many of our customers have been with us for decades and others will have a relationship with the company for the rest of their lives. We understand the risks that they face, and we have made it our priority to continue to adapt to their changing needs as they go through life, helping them to manage their risks where possible to improve their overall quality of life. Our customers trust us to be there for them and we will stop at nothing to continue holding our end of the deal.”
Today’s insuring public is more discerning and risk-conscious, generally trusting companies with a track record of good service with their hard-earned funds. Insurers are no different in this regard and for customers, promptness in settlement of genuine claims remains a key performance indicator for choosing an insurer. An AIICO customer, Mr. Monday Abah, recently shared his experience on a radio interview in Lagos. He signed up for one of AIICO’s Savings & Life Assurance Plans and got paid immediately at maturity. He stated “As a matter of fact, before they called me, my account was credited; I just received the alert and then, a call came through to notify me. I am now planning to embark on a 15-year policy for my retirement”.
AIICO Insurance is a leading composite insurer in Nigeria with a record of accomplishment of serving its clients that dates back over 50 years. Founded in 1963, AIICO provides life, health, general and investment management services to create and protect wealth for individuals, families, and corporate customers.