African Alliance Insurance (AAI) has reiterated its commitment to prompt claims settlement to policyholders, pledging to continually collaborate with the Nigerian Council of Registered Insurance Brokers (NCRIB) to raise business patronage.
Managing Director/CEO, African Alliance, Joyce Ojemudia, gave this assurance recently when the underwriter played host to the “Members’ Evening” of the Council in Lagos.
Ojemudia, while appreciating the brokers for their continued support and patronage noted that in the first 40 days of 2021, (AAI) paid N967 million claims to policyholders.
Breaking down the payment, she said, “we paid N148.2 million to 155 individual life customers, N307.5 million to 141 Group Life claimants, N124.1 million to 168 Takaful claimants; N387.3 million to our annuitants and in the last quarter of 2020, we paid over N2.3 billion claims in line with our continued drive for customer satisfaction. As at today, our gross written premium has increased by 105 per cent compared with the same period last year.”
Speaking on the recapitalisation plans of the company, she said the firm was adopting three strategic directions including: Assets conversion, Rights issue/new investor and business combination.
According to her, the company last year concluded the sale of one of its main assets to raise more funds all of which have been reinvested into the business while its Board of Directors and targeted significant shareholders are on the verge of injecting additional funds into the company through private placement to further improve the capital base of the company ahead of the exercise due to be concluded before the end of Q2 2021.
She however noted that the option of business combination which is the last resort, would be considered in the event that the first two options fail to pull through.
On the company’s focus for 2021 and beyond, she said the firm will continue to excite its customers with stakeholder-focused innovation, constant claims payment whilst using technology to scale up its operations.
“Our strategy is clear and simple: customer satisfaction at all cost. As you may know, we were recently certified by the International Organisation for Standardisation and awarded the ISO 22301, a testimonial to our highly effective competitive advantage with respect to organisational reputation, credibility, process, and resilience to environmental volatility. This is an assurance of our business continuity. “We have also restructured our claims department and customer services unit to give top of the range service to our esteemed customers and shortly we will be launching a claims app to ease filing of claims with quick response.”
She thereafter solicited the support of brokers on all fronts especially, on increased business patronage even as the company remains steadfast to its commitment to becoming a better insurer.