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NIGERIA
Time for new expectations |
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 Our Vision
"...To continue to be the leading provider of quality insurance and related financial services in Nigeria. Thus ensuring the highest possible return to shareholders and maximum protection for policyholders: to maintain the best welfare of employees and to contribute towards improving the level of social and economic development of the country."
The Company
Aiico was established in 1963 as a collection center and incorporated in 1970; converted to a public liability company in 198g and was listed on the Nigerian Stock Exchange with effect from 3rd December 1990. To date, Aiico has become the largest Life Insurer n Nigeria and a major player in General Insurance business. The company's success has been the result of its ability to evaluate its potentials. set realistic goals and take necessary actions to achieve them. Strategies may change. Objectives and organisational structures of the company can De reviewed from time to time. The end result is to ensure Optimum Performance.
Having the privilege of tapping the experience and expertise of seasoned professionals from multinational insurance companies worldwide, Aiico has repositioned its business. In this regard. there has been an entry into the General Insurance business instead of emphasising Life Insurance as had been the company's tradition. Aiico has also made a shift from concentrating on retail insurance to becoming a provider of wholesale insurance. Its strength lies in its ability to attract corporate clients; an attribute that has been facilitated by its investment in blue-chip companies, debenture stocks and the underwriting of high networth issues. As a result of Aiico's repositioning. its improved investment income and diversity of assets, there has been significant growth in the company's revenue with assets in excess of N3 billion.
This is reflective 0f the trend by insurance brokers and blue chip companies to favor financially strong and well managed insurance companies. Backed by a technically and professionally sound team and the relationship it enjoys with the brokerage community who provide a necessary balance n the industry, the growth trend of Aiico will surely attain greater heights.
The success story of Aiico Insurance Plc lies n the loyalty of its customers. me support of shareholders and the ability of the management to face today's challenges n competitive world insurance. Undoubtedly Aiico has grown to become a sound and prosperous financial institution.
The Major Divisions
Aiico's success is based on its ability to adapt to the many different needs of its various policyholders through the range of services it provides. Aiico has grown along with its clients by adding specialised products targeted at different segments of the society. In addition to its varied services. Aiico offers its clients corporate assistance. specialist advice and prompt claims settlement. Aiico Insurance Plc's Services are planned and executed within three major divisions:
General insurance
Life
Financial Services
The General Insurance Division
The General Insurance division handles ail aspects of non-life insurance - from the proposal stage through to the insurance of policy documents and amendments thereafter during currency of ail policies.
The operations of the division are computerised thus enabling Aiico to give quicker and more accurate services to the insured and brokers.
Because of the company's sound financial base and the security of reinsurance treaties with international and local reinsurers a "Cash-Call" has never been made in the event of a claim. Our portfolio of insured in General Insurance embraces in one form or another almost all the major industrial, commercial and financial concerns within Nigeria.
Each department under this division is staffed by dedicated insurance professionals, many of whom are associates of either the London Chartered Insurance Institute or the Nigerian Chartered Insurance Institute.
The Life Division
Aiico Insurance Plc is the largest provider of Life Insurance coveragein Nigeria with insurance coverage well in excess of N4.4billion. Our Group Life and Pensions business is also second tonone with our client base being made up of multinationals and large indigenous companies.
Aiico's employees are its greatest assets. In a context of increased competition where operations play a crucial role, the company considers itself fortunate to be able to count on the competence and hard work of ifs very experienced personnel who provide consistently high quality service to its various policyholders in this division.
The Life Division is operated along two lines:
The operations Section is responsible for underwriting new individual and group businesses. |
The services section is responsible for handling all enquiries tram policyholders and processing of claims. Our processing systems are fully computerised such that we have now built a reputation for prompt and efficient settlement of claims in the insurance market. To meet with the economic demands from the untimely death or permanent disability of a key person in your company or partnership. Plans/schemes are tailored to your special needs and affordability.
The Financial Division
Aiico's financial activities are managed by highly competent and technically trained professionals to provide financial information to meet the demands 0f its numerous clients, shareholders, statutory organisations and the investing climate. Its expertise is reflected in its ability to perform the financial intermediation roIe through a well-structured investment portfolio management. This Division provides specialised financial services to selected clients and thus confirms ifs presence in the money market as well as local and foreign capital markets. These include investment in Blue-Chip Equities, Fund Placements, Leasing, Policy Loans, Syndicated Lending. Commercial Papers (CPs), Nigerian international debt instruments, Real Estate, etc. Aiico's asset base, which is now over two billion Naira, is a sign 0f its strength and growth.
In order to attain international standards and sustain its extraordinary growth. Aiico has adopted the proactive approach of utilising sophisticated softwares and modem hardwares in its operations. Consequently, it has invested in the latest information technology in the recent past, in line with its mission.
The Marketing Department
Supporting the operations of the General Insurance. Life insurance and Financial Services Divisions is the marketing department. Over the years. Aiico has carved Out an enviable niche for itself as a company that has always made customer satisfaction its foremast concern. With a number of made-to-measure insurance packages for various clients the marketing department ensures the delivery of these products to the insure and potential, clients. In today's fiercely competitive environment. the marketing department has always maintained the culture of delivering Quality Service.
Managed by a team of professionals. the department takes charge of the following responsibilities:
Sustaining Aiico's position as a leader, by providing Superior Quality Service at all times.
Expanding Aiico's market snare in insurance business.
Maintaining a good level of profitability.
Our Products
The fast pace of change in the Financial Services industry means that there are always new strategic decisions to be made. Aiico has, therefore, been monitoring market opportunities and carefully managing its growth in that direction. For Aiico, if is important if is recognised not only for ifs size and delivery network, but also for the range of products/services if offers.
 GENERAL INSURANCE PRODUCTS
Fire and Special Perils
Burglary/House Breaking Insurance
Oil & Gas
Automobile
Workmen's Compensation
Automobile Insurance
Goods-In-Transit
Public Liability
Fidelity Guarantee
Contractor's-All Risk
Cash-in-transit
Personal Accident Individual Group Travel
INDIVIDUAL LIFE PRODUCTS
Endowment Assurance
Aiico Three Payment Plan (3PP)
Term Assurance
INVESTMENT LINKED POLICIES
In recognition of the effect of inflation on Life Assurance proceeds, we have developed products which provide a hedge against inflation.
Executive Personal Pension (EPP)
Flexible lnvestment Plan (FIP)
Premier Personal Pension Plan (PPPP)
GROUP BUSINESS PRODUCTS
The following products are available:
The Aiico Managed Investment Fund (AMIF)
Deposit Administration Schemes
Life Assurance Schemes
Mortgage Assurance Schemes
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© World INvestment NEws, 2000.
This is the electronic edition of the special country report on Nigeria published in Forbes Global.
June 12th 2000 Issue.
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