Allianz Nigeria settles motor insurance claims in 60 minutes

Allianz Nigeria, local operating entity of global insurance giant, Allianz has again strengthened its position as a game changer in the Nigeria insurance industry. The company has disclosed that since July 2019, it has been settling retail motor insurance claims in 60 minutes, on the average.

Tunji Oshiyoye, retail operations boss,  highlighted that retail claims team had successfully paid claims to the tune of N150, 000 and below to customers in less than 24 hours, year to date.

In a bid to optimize the speed of settlement for small ticket retail claims, the company processed a total of 187 claims within an average period of 3hours and 55minutes. This number represents all retail motor claims reported to the company with individual pay-outs of N150, 000 and below. In total, the sum of N10.5million naira was paid out to settle 187 claims in the last 5months.

Still in line with process improvement, 71 claims received in September 2019 were settled in 60mins on the average, setting a new standard that represents global best practices in retail insurance delivery.

“Allianz recently emerged as the number 1 insurer in the world following the 2019 InterbrandBest Global Brands Ranking”, enthused Walter Bossman, marketing director at Allianz Nigeria. “This is a serious responsibility”, Walter continued. “We are determined to continue to optimize our service delivery to prove worthy of this enviable position”, concluded Walter.

The Allianz Group is one of the world’s leading insurers and asset managers with more than 92 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance.

Allianz is one of the world’s largest investors, managing around 764 billion euros on behalf of its insurance customers. Furthermore, their asset managers PIMCO and Allianz Global Investors manage more than 1.6 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in their business processes and investment decisions, Allianz holds the leading position for insurers in the Dow Jones Sustainability Index. In 2018, over 142,000 employees in more than 80 countries achieved total revenues of 132 billion euros and an operating profit of 11.5 billion euros for the Group.