AIICO Insurance Plc paid about N1.7 billion claims within the first 21 days of the COVID-19 lockdown, the Managing Director of the company, Mr Babatunde Fajemirokun has said.
Fajemirokun, in a statement, stated that the claims payment was in fulfilment of their contractual obligations covering claims, benefits, loans, maturity payments.
According to him, the daily volume of transactions is proof that the company's investment in infrastructure for business continuity is worth every kobo and built for the long term.
He said: '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.
'In addition to this, we are monitoring the COVID-19 situation closely and its effect on consumer behaviour. As a company with a long obsession for excellent customer experience, we are evolving and adapting to changing customer preferences. Our mode of operation is continually evolving to cater to the needs of existing and prospective customers. We have not only been paying out, we have also been attracting and underwriting new businesses within the period.'
The Executive Director Retail Business, Mr Sola Ajayi, further explained that within the first three weeks of the lockdown, the company 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, he asaid.
The Executive Director, Corporate Business Division, Mr. Adewale Kadri, noted that the company, despite the lockdown, is accepting discounted premium from clients.
'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,' he added.
© Pakistan Press International, source Asianet-Pakistan