Aiico recounts success in 50 years of operation in Nigeria

For being able to weather the storm in the last fifty years when many other companies and businesses alike have come and gone, Aiico Insurance plc is excited that it has a left a positive footprint in the nation’s economic history. This the company said its record that will not only encourage it to give more value to its stakeholders, but to give assurance to the insuring public that the insurance company is poised to continue rendering excellent services to its customers.

David Sobanjo, managing director of the company said having commenced operations in 1963 Aiico is now a household name in Nigerian insurance industry with 33 branch network and more than 4,000 agents spread across the country. This has enabled us ensure that people have easy access to insurance services in all parts of the country, he said.

Sobanjo pointed out that the recent call by Aiico, on members of the public who have unclaimed benefits with the insurance company to come and claim their benefits, was in preparation for its 50th anniversary.

In addition to publicising the list of policyholders with unclaimed benefits in major newspapers, he informed that a comprehensive list of the affected policyholders can be viewed on the company’s website: www.aiicoplc.com.

While Aiico’s stability, strength, security and trust over the years have placed the organisation at a better advantage in all classes of life assurance, its global affiliations have also enabled the company to provide the widest range of non-life insurance solutions to its clients, he noted.

To ensure that its customers are not only adequately compensated but to also ensure that claims are paid as promptly as possible, Aiico maintains a first class pool of Reinsurers, Partners and Associate companies such as: Chartis Group, Healthcare International, Multishield Limited, Zurich Insurance, Munich Reinsurance, Swiss Reinsurance, Africa Reinsurance and Continental Reinsurance.

The company’s success has been the result of its ability to evaluate her potentials, by setting realistic goals and taking necessary actions to achieve them.

Despite the global recession witnessed in recent years, Aiico’s operating results have been showing impressive increases in the area of premium income, investment income, the shareholders’ fund and other parameters. Analysts say this is a testament to the company’s ability to anticipate and to manage the risks associated with change.

Sobanjo stated that the management of Aiico believes “it is the stability of our organisation that allows us to withstand the pressures of a turbulent world.” He therefore called on members of the public and corporate bodies who would like a stable partner to help them to do same, to pitch their tenth with Aiico as their insurer.

Besides, he confirmed that the company has consistently being discharging its duties to the policyholders in the area of claims payment during the period under review in keeping faith with its promise to pay all genuine claims promptly.

He further said that the company plans to improve product mix/portfolio to drive and capture growth opportunities, and also leverage on technology to enhance cross selling and product bundling objectives.

He maintained that Aiico will work to achieve an improved customer relationship management system; adequate product pricing based on location, claims history, etc, and create multiple payment options to reduce receivables to single digit.