African Alliance’s 61 unbroken years deepen delivering efficient insurance services in Nigeria
With the vision to be the most preferred life insurance specialist in Nigeria and 61 unbroken years of efficient services to its credit, African Alliance Insurance Plc is undoubtedly a leading player in the industry. Its MD/CEO, Joyce Ojemudia in this interview says what make African Alliance a leader in the business.
Give us the corporate background of African Alliance Insurance Plc
African Alliance Insurance Plc is widely recognised as the most experienced and strongest Specialist Life Assurance Office in Nigeria, serving thousands of customers with personalised insurance products tailored for each stage of their lives. Formerly African Alliance Insurance Limited, we were incorporated on May 6,1960 by our founders Chief Shafi Lawal Edu (CON), Mr Talabi Braithwaite (CON) and Chief M.E.R. Okorodudu, backed by world class reinsurers and coshareholders, Munich Reinsurance Company. Today, African Alliance Insurance Plc drives innovation in the 21st century and uniquely positions itself to offer premium value to all its stakeholders, from its esteemed customers to its employees, partners and shareholders. Operating a network of 16 branch offices managed by a competent and passionate team, we offer a creative combination of Protection ( Term Assurance and Group Life), Savings and Investments Products. Our clients choose us for our excellent customer service delivery and prompt claims settlement.
In fact, in 2019 financial year alone, we paid an estimated N9 billion in settlement of various claims. African Alliance Insurance currently boasts a Capital Base of N10.29 billion with a Gross Premium Income and Asset Base estimated as N7.3 billion and N37.70 billion respectively (2019 audited results), an evidence of our strength, history and clients’ trust in our brand.
African Alliance Insurance Plc is listed as one of the leading insurance companies in Nigeria today, what makes you
a part of this group?
African Alliance Insurance was established few months to Nigeria’s independence in 1960 and for 61 unbroken years, we have aided and supported the dreams of all classes of Nigerians across generations. We are the first indigenous life insurer and our Founders were pioneers in this industry as well. Chief Talabi Braithwaite, our first MD/CEO is the first chartered insurer in Africa as well as the first/longest serving president of what is today known as the Nigerian Council of Registered Insurance Brokers (NCRIB). Some 18 years ago, we introduced Takaful Insurance, otherwise called ethical insurance, into the Nigerian market. This is in addition to countless alumni of this great institution who have gone on to become MD/CEOS, EDS, Senior Management staff and so on, at other financial services firms including brokerage firms. Putting all these together, you would agree with me that our foremost status is not in doubt.
Give us an overview of your claims payment in the last five years, and what structures you have put in place to ensure that you are able to deliver this promise to your clients seamlessly.
The very essence of insurance is payment of claims as due. To ensure we meet this always, we have consciously built a veritable claims liquidity reserve, that is, enough cash to meet our obligations as due.
We have also adopted the use of technology to speed up the claims process thereby reducing human fatigue and errors, as the case may be. Indeed, we have put plans in place for a digital claims portal which would be launched soon.
What should make a customer want to remain with you and even recommend other customers?
Insurance is a business of trust and trust is a key ingredient of our longevity. We have not remained standing, surviving four republics and various military interregnum by chance. One of our core values is Loyalty: loyalty to our customers, loyalty to our heritage and loyalty to our corporate goals. So if anyone seeks a life insurer that has seen it all, it is African Alliance. If it is about demonstrated commitment and loyalty to policyholders for over six decades, none comes close to African Alliance. Who would you rather trust with securing your immediate and long term future but African Alliance, a company that has been the home of various innovative and people-focused policies for decades? Ours is a heritage that sells itself.
Enlighten us on some of your major products that stand you out in the market?
I’ll list three: Children Education Plan (CEP); pretty much a sincere show of love from parents to their wards/children. It is a plan that helps parents ensure their wards/children get their desired level and quality of education come what may.
Money Appreciation Plan (MAP) is self-explanatory: an investment plan that helps individuals save and grow their money over a specified period of time. The uniqueness of the product is that policyholders need not wait till maturity to get their investments, they can part-withdraw one-third of the way. So this allows for access to much needed funds way ahead of maturity.
Takaful Insurance; this is ethical insurance, different from the usual conventional insurance, steeped in Islam but available for all faiths. It can be called a buddy assurance plan, if you may, with profits shared amongst participants. It is very innovative and satisfies the basics of ethical insurance.
Customers are still complaining of poor service delivery in the industry, particularly the inability to pay claims by certain class of players, which is not helping the brand reputation of the business. What do you think the NIA or NAICOM could do in this regard to redeem the image of the industry?
Many times the claims issues run deeper than even customers are willing to admit. All policies come with their maturity or death or surrender claims process but many times, the documentations are never fully fulfilled by the customers and these sometimes lead to delayed payments. On the flip side too, there is no gainsaying the fact that some insurers do not communicate the appropriate claims process or period for payment to policyholders. We can do better, we should do better. NAICOM is already doing a lot, the bureau established to handle complaints is doing a lot and their effects are being seen and felt in the industry.
What policies and regulations would you like to see in the industry that will reposition it for growth and as a major contributor to the nation’s economy?
We seem to have a lot of policies but not much in terms of enforcement. We need government support for enforcement of compulsory insurance, for example. In developed countries and emerging markets, the government support is very critical in ensuring the uptake of insurance and growth of the industry.