Business

African Alliance settles N967m claims in 40 days

Foremost life insurer, African Alliance Insurance, has fulfilled obligations to its teeming customers with the payment of claims in excess of N967 million in the first 40 days of the 2021 business year. This was revealed in a statement obtained from the firm’s Brand, Media and Communications Manager, Bankole Banjo. In the statement, the Managing Director/Chief Executive Officer of the 61-year-old insurer, Joyce Ojemudia, restated the firm’s claims commitment to its policyholders.

She said: “For us at African Alliance, we are poised to continue our renewed commitment to fulfilling our stated obligations to our stakeholders. Paying claims as due, therefore, is non-negotiable. Indeed, the bedrock of a sustainable insurance business is a mutually beneficial arrangement where the insured and the insurer both stick to their obligations to each other without fail.” Continuing, Ojemudia broke down the payments across the firm’s business lines, saying “between January 1, and now, we have paid about N148.2 million to 155 individual life customers, N307.5 million to 141 Group Life claimants, N124.1 million to 168 Takaful claimant, not forgetting some N387.3 million to our annuitants.

“We won’t shirk our responsibilities; we have promised to remain with our customers for life, we will not relent on our oars as we continue to excite our policyholders.” Recall that in the last quarter of 2020, the firm had announced payments of over N2.3bn in claims in line with their continued drive for customer satisfaction.

Incorporated in 1960, African Alliance Insurance is Nigeria’s oldest and indigenous life insurer. Recently, the company announced the appointment of Joyce Ojemudia, a seasoned manager of resources and outstanding sales/marketing professional who is also a Council Member of the Chartered Insurance Institute of Nigeria and the current President of the Professionmal Insurance Ladies Association (PILA), as its substantive MD/ CEO. As a statement of the legacy firm’s renewed vigor, representation and repositioning for profitability, it is set to host the Members’ Evening of the Nigerian Council of Registered Insurance Brokers (NCRIB) come February 23, 2021.

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