AIICO Insurance Plc, has emerged as the first Nigerian insurer to be awarded a quality assurance scheme accreditation by the Institute and Faculty of Actuaries (IFoA) of the United Kingdom.
IFoA release said this is in recognition of the company’s commitment to quality assurance at an organisational level, confidence in their actuaries; and demonstrating a commitment to high-quality actuarial work and supporting employees.
Elated Wycliffe Obudu, AIICO’s chief actuary said: “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.”
Next in the line of recognition is the management of the company, with the support of its staff, especially actuarial and HR. Satisfied with the staff commitment, Obudu said they are “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 managing director/chief executive officer, Mr. Babatunde Fajemirokun, (pictured) adds: “We are staying true to the pursuit of our 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.”
Recognising customers and policyholders as the biggest beneficiaries, Fajemirokun promised “to give them the best of experience and protection of their benefits, assets, and insurable interests with us.” The next line of beneficiaries of the company’s UK endorsed top skill he stated, are shareholders, investors, regulators and other stakeholders from the continuous excellent risk management practices, and skills.
The IFoA is the only chartered professional body dedicated to educate, develop and regulate actuaries based in the UK and also internationally. AIICO has joined the list of IFoA’s 44 accredited organisations globally and the third in Africa after two organisations were accredited in Kenya in the last two years. Currently, AIICO has one of the largest actuarial workforce in the insurance industry in Nigeria.