AIICO Insurance said it paid out about N1.7 billion to its customers in fulfilment of contractual obligations covering claims, benefits, loans and maturity payments within the first 21 days of COVID-19 lockdown.
A statement by the firm’s Head, Strategic Marketing & Communications Department, Segun Olalandu, has revealed.
“Within the first three weeks of the lockdown, we have paid N907 million in life insurance benefits to 1,441 individual customers and over N480 million to 10,275 annuitants who are on our life annuity plan. For us, commitment is an act, not a word. These are extraordinary times, and we have evolved; we keep producing great results. This is part of the AIICO culture, and it has accounted for our high customer retention rate. We are poised to do even more,” said the Executive Director Retail Business, Sola Ajayi.
Speaking also, the Executive Director, Corporate Business Division, Adewale Kadri, said: “We are operational despite the lockdown and we are accepting discounted premium from our clients as palliatives to our loyal customers during this trying period. We deliver insurance certificates including policy documents within minutes.
“Over 250 valued brokers have had their claims of over N300 million settled within 48 hours. Our online real-time platform has delighted all our brokers in this regard, and we receive compliments almost daily on our service delivery.”
On his part, the Managing Director/CEO, Babatunde Fajemirokun, said; “The daily volume of transactions is proof that our investment in infrastructure for business continuity is worth every penny and built for the long term. AIICO’s Business Continuity Management System (BCMS) is certified using standards set by the British Standard Institute. Our well-motivated employees, who are working remotely, have played a significant role in making things happen.
Fajemirokun added the firm is monitoring the COVID-19 situation closely and its effect on consumer behaviour; and as a company with a long obsession for excellent customer experience, it is evolving and adapting to changing customer preferences.