AIICO Insurance pays N200.9bn claims, benefits

AIICO Insurance Plc has paid N200.9 billion in claims over the past five years to meet its obligations to the teeming policyholders.

In insurance, prompt payment of claims and benefits is very important, and this milestone has reflected the underwriter’s unwavering commitment to providing financial security and peace of mind to its policyholders.

A look at AIICO’s claims and benefits settlements patterns from 2019 to 2023 shows N200.9 billion had been paid out in claims, showing that the firm had consistently prioritise the timely disbursement of claims to both retail customers and corporate clients.

Detail review of the breakdown of the claims paid over the period shows N30.6 billion in 2019, N31.6 billion in 2020, and N47.3 billion in 2021.

Also, N44.9 billion was paid in 2022 and N46.5 billion in 2023, indicating a robust claims management process and customer-centric approach that has solidified AllCO’s position as a trusted partner in safeguarding the financial well-being of individuals and businesses alike.

Managing Director of AIICO Insurance Plc, BabatundeFajemirokun stressed the firm’s dedication to customer satisfaction and service excellence noting that “At AIICO Insurance, our customers are at the heart of everything we do. We exist to serve and protect them, ensuring that their genuine claims are settled swiftly and fairly,”

According to him, the five-year profile is a testament to the company’s commitment to deliver on promises and maintain customers’ trust, addong that “We remain dedicated to continuously improving our processes and services to meet the evolving needs of our valued policyholders”.

AIICO understands that timely and fair claims payments are critical to customers’ financial security, especially during challenging times, and its impressive track record in claims settlement underscores its core values of integrity, professionalism, and customer-centricity.

The Managing Director of AIICO Insurance Plc, further said, “AIICO Insurance Plc will continue to leverage advanced technology and innovative solutions to enhance its claims processing capabilities. Our goal is providing a more seamless and efficient experience for our customers, and ensuring that they receive the support they need when it matters most.”

AIICO Insurance Plc was founded in 1963, and has a 60-year record of delivering quality service to its clients.

The company offers a comprehensive range of products including life and general insurance, health insurance, and investment management services, aimed at creating and protecting wealth for individuals, families, and corporate customers.

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