African Alliance Insurance Plc, has released claims payment figures showing it paid N1.3bn within a space of two months, from October 1 till December 2.
The managing director, Mrs Joyce Ojemudia, disclosed this today during a courtesy visit by the executives of the national Association of Insurance and Pension Correspondents (NAIPCO) in Lagos.
Details provided by the company showed that N220.5m was paid for group life; annuity and individual life claims was N1.03bn; esusu, N2.3m was paid and, N73.7m stood for Takaful claims. Defending the claims, Ojemudia said: “The product that we are selling in the insurance sector are intangible and the only way to make them tangible is to pay claims and pay promptly.”
She said the commitment of insurers and the message that insurance companies pay claims should be “very loud through the press, they (Nigerians) will believe the press better,” insisting that this will make Nigerians take up insurance rather than stick with the usual refrain that “God is my insurance.”
African Alliance boss said the long stretch of Covid-19 pandemic up and until now, has disrupted the calculations of new products put on offer before the pandemic; however, she said the company is considering some new products that will fit the proper perspectives in 2021, and the company will partner with press for best outcome..
The general manager/lead business development, Mr. Steve Ajudua, while reckoning with the over N1tr premium potential in the compulsory insurances, said strict enforcement and media assist will create a huge opportunity to increase insurance penetration as well as grow the economy.
Chairman of NAIPCO Mr Chuks Okonta, while explaining the new programme of the association to improve operations and develop the market through collaboration, said the association has “taken up the mandate to add value to our stakeholders in the sectors that we cover.” He said the members of the association perform mutual benefit acts through such platforms as: claims, product and management profiling, to tell claims history, products on offer and the robust integrated management team of the companies on the block to a wider public.