African Alliance Insurance Plc is a leading player in the nation’s insurance industry, providing quality life insurance protection to individual and families, which today distinguishes it as a leader in the business of risk management. JOYCE OJEMUDIA, managing director/CEO in this interview with MODESTUS ANAESORONYE outlines what make the company a leader and its contribution to national economy.
The nation’s insurance industry has played a major role in bringing stability to the Nigerian economy particularly after the EndSARS protest that rocked the country in 2020. As a leading player in the industry, what is your take on this?
Despite the tremendous impact of the ENDSARS protest to the economy, the downturn and problems it created were short-lived as a result of the positive and quick response of the insurance industry in providing relief.
The insurance industry paid over N11 billion in claims and in most cases still paying out even today, to insured individuals on cases of vandalism, looting, theft and loss of cash, malicious damages, business interruption, burglary attacks as well as death which have been significant supports to restoring stability to the economy.
It is vital to highlight that the insured being paid are not the total number of persons who were affected in crises, but the number of persons who had an insurance cover before the crises. Amongst the death recorded, only a few number with a life insurance cover before the crisis had claims payment made to their families.
As a leading life insurer, I take this opportunity to highlight the importance of insurance and urge persons who do not currently have an insurance cover to deliberately seek out options today.
Beyond the above, how has the industry again been able to contribute to economic development looking at infrastructure development as well as job creation?
In regards to infrastructure development, insurance provides confidence for business owners and stakeholders to take chances in floating new businesses as well as confidently taking on employees; thus, influencing job creation. Most new business never come to light because they had no backing or support. Thus, where there exist an insurance cover, new business and infrastructural development thrive.
More so, the need for insurance has continued to thrive as the knowledge of insurance spreads extensively. This has caused many companies to expand and new companies to come up, therefore, increasing job creation.
Also, the industry provides a lot of opportunity for employment of labour and the entry requirement for the industry has been made achievable at any level through a structured process set up by the Chartered Insurance Institute of Insurance (CIIN).
Your Company has been listed as a ‘Leading Player In The Nigerian Insurance Industry’, what makes you a leader looking at your contributions to premium growth, claims payment, achievements and other areas you have influenced the market?
Our leadership status as a foremost life insurer in Nigeria stands. We have influenced the industry by being the pioneer for some of the great features and businesses in our industry today:
• Our founding Managing Director, the late Chief Talabi Braithwaite, who was the first Chartered Insurer in Africa, was a key inspiration behind the establishment of the Chartered Insurance Institute of Nigeria.
• He was also the first President of the Nigerian Council of Registered Insurance Brokers (NCRIB).
• Takaful Insurance was introduced to the Nigerian market by African Alliance Insurance PLC and today, that specialist insurance model has become full-fledged with several Takaful Companies all over the country now.
African Alliance has continued to pay genuine claims. In H1 2022 the company has paid over 4 billion in claims to policy holders. This is a testament of our dedication to policyholders in paying genuine claims.
Read also: ‘Patients without health insurance are 10 times more likely to be hospitalised ’
Why should the insuring public continue to do business with you, looking at service delivery, capacity and operational structure?
Insurance is a business of trust and we build trust through repeat business and management of customer experience. There are a lot of reasons that should make us the most preferred choice to anyone seeking a life insurance cover, but I will name a few for the purpose of this interview;
• Experience: African Alliance has been in this industry since1960, expressing a wealth of experience that comes with good feedback in our stated duties to our stakeholders.
• Claims Payment: African Alliance strives to constantly pay genuine claims. We also strive for a quick response to all claims as soon as they are identified. The company has paid over 4 billion in claims in the first half of 2022.
• Exceptional Customer service Delivery: At African Alliance, we understand the value of exceptional customer service
as all levels of business and therefore, promote the understanding that in the event of an accident or a critical situation that requires our service, a customer does not draw a distinction between an agent, a marketer or a claims adjuster as all represent the insurer to the customer.
• The company strives to be compliant with regulatory policies and enforces such guidelines in the company.
• To reach a wider audience and also grow with the trend, the company promotes digital adoption of insurance in the industry.
What is your growth projection in the next five years, and where do you see this industry at that time?
We see ourselves at the top, to be the leading penetrator of life insurance in the industry with the gospel of our insurance reaching every geopolitical zone of the nation while maintaining our reputation as the foremost life insurer in the country by improving our top line extensively, managing our bottom line aggressively, continuous elevation of our customer service and providing adequate public awareness to insurance.
