African Alliance Insurance paid claims of more than N7.59 billion to its customers in 2021, an increase of over N590 million in 2020.
Mrs Joyce Ojemudia , Managing Director of the firm stated this at the Nigerian Council of Registered Insurance Brokers (NCRIB ), Members ‘ Evening it hosted on Tuesday in Lagos .
Ojemudia said that substantial claims payment were for Annuity and Group Life.
“This is a confirmation of the insurer’s unchanging commitment to pay genuine claims.
” For proper representation, I will begin to highlight the breakdown of the figures of claims by product line paid for 2021 business year between January to December 2021 .
” For individuals , a total of 1,234,586,643.21 was paid , for Group – 1,356,946,902.47, for Takaful – 626,484,201.07 , for Esusu – 25,178,089.57 and for annuity , we paid 4,348,670,916.82.”
Ojemudia noted that the insurance company also paid N723. 96 million in January.
She said the firm paid N81.89 million for Group Life , N137.96 million for Individual Life, 128 million for Takaful, N7.3 million for Esusu and N368.78 million for Annuity .
According to her , the underwriter’s claims efforts have been helped by strong reinsurance treaties with top re-insurers as its partners.
She said the insurance company is working on having a claims portal where all claims can be lodged from the comfort of your homes and treated in a timely manner.”
On its recapitalisation plans , the managing director said that the company injected about N14.4 billion through assets conversion as at Dec. 2020 and, ” this has indeed improved its shareholders fund and increased assets base considerably .”
Ojemudia explained that the company will further increase its capital base through right issues , targeted at significant shareholders .
She said the insurance firm is also planning to get new investors buy into the company and consider business combination which is its last resort in the event that other plans are not adequate.
The managing director explained that its key strategic goal in 2021 was to grow its premium income via deliberate market expansion into untapped regions with good prospects for life insurance.
” To this effect, we launched the retail marketing expansion strategy which led to the opening of offices in Abeokuta and Akure.
” In 2022, we are moving northwards as we look to re-establish presence in Ilorin and Jos, as well as other prospective locations .
” In 2021, in a quest for customer satisfaction, we revamped our Esusu plus in response to our customers’ yearnings to have both a year-long plan, as well as a two-year option.
” We also launched our innovative Term Assurance plan in the market, a product that has excited the market with its short-term focus and value addition .
” In 2022, we look forward to actively engage in customer surveys to further develop our products and increase customer satisfaction ,” she said.
On adoption of technology , Ojemudia stated that insurers ‘ self-service policy platform specifically for brokers as it concerns its Term Assurance product is up and running.
” We will be able to speed up our efficiency and effectiveness in terms of service delivery to you our dear partners.
” This will enhance collaboration with our stakeholders and significantly aid our digital footprints and support various remote policy buying capabilities , ” she said.
According to Ojemudia , the support and trust of the brokers in the insurance firm, contributed immensely to its capacity and what it has been able to build .
She noted that the continuous collaboration of the brokers , would empower the insurer to do even more.
In his welcome address , NCRIB’s President, Mr Rotimi Edu appreciated the company for hosting the event and for its unrelenting determination to further deepen relationship with the registered brokers.
Edu said that the insurer had etched its name as one of the most brokers’-friendly underwriters in the market and would always enjoy their support .
He noted that his leadership team is committed to the development of the
noble profession and would not stop until ”all stones are turned.
” On this note , I crave more of our members ‘ cooperation, suggestions and participation, as together we shall continue to stand , ” Edu said.
