By Chiamaka Ajeamo
The United Kingdom’s Institute and Faculty of Actuaries (IFoA) has awarded a quality assurance scheme accreditation to AIICO Insurance Plc, making it the first in Nigeria to achieve the feat.
The underwriter disclosed this in a statement made available to Daily Sun.
IFOA is the UK’s only chartered professional body dedicated to educating, developing and regulating actuaries based in the UK and internationally. With this accreditation, AIICO has joined the list of IFoA’s 44 accredited organisations globally and third in Africa after two organisations were accredited in Kenya in the last two years.
Commenting on the accreditation, AIICO’s Chief Actuary, Wycliffe Obutu, said the award was in recognition of the Company’s commitment to providing quality assurance at an organisational level, promoting confidence in her actuaries.
“We are delighted to receive this global accreditation from the institute after a rigorous review process. This is a noteworthy milestone for the company, management and staff, and the actuarial profession in West Africa, especially Nigeria. Management of the company, with the support of its staff, especially Actuarial and HR, is proud to have initiated the process for this accreditation that, in partnership with IFoA, requires actuarial work in the company (and the market) to be undertaken to a high quality that is comparable globally.”
The MD/CEO, Babatunde Fajemirokun, said the firm was staying true to the pursuit of its vision of emerging as the dominant insurer in Sub-Saharan Africa.
“This is one reason we invest substantially in human resources to drive the kind of growth we have in focus. The accreditation by IFoA, is a testament to the fact that we are doing this right. The actuarial profession has been very instrumental in our transformation at AIICO.
“Our customers and policyholders are going to be the biggest beneficiaries as these efforts are in line with our razor-sharp focus to give them the best of experience and protection of their benefits, assets, and insurable interests with us. Our shareholders, investors, regulators, and other stakeholders will benefit from the increased confidence that AIICO continues to strengthen its excellent risk management practices, skills, and experience for the benefit of all.”