AIICO Insurance Plc, a leading insurer, has been the first in Nigeria to be accredited by the Institute and Faculty of Actuaries’ Quality Assurance Scheme (IFoA).
This is in recognition of the company’s dedication to providing quality assurance at an organizational level, encouraging trust in their actuaries, and demonstrating a commitment to high-quality actuarial work and supporting employees who carry out that work, according to an IFoA news release.
The IFoA is the United Kingdom’s only chartered professional body dedicated to training, creating, and governing actuaries in the United Kingdom and around the world.
After two organizations were accredited in Kenya in the last two years, AIICO has entered the list of the IFoA’s 44 accredited organizations worldwide, making it the third in Africa. AIICO currently has one of the most actuarial staffs in the insurance industry.
“We are pleased to obtain this global accreditation from the Institute after a thorough examination process,” said Wycliffe Obutu, AIICO’s chief Actuary, in response to the accreditation.
This is a significant achievement for the company, its management and employees, as well as the actuarial profession in West Africa, especially Nigeria, the company’s management, with the help of its employees, especially the Actuarial Department.
AIICO Insurance is a leading composite insurer in Nigeria, with a history of providing excellent service to its customers spanning more than 50 years. AIICO, which was established in 1963, offers life and health insurance, general insurance, and investment management services to individuals, families, and businesses.
The MD/CEO, Mr.Babatude Fajemirokun had this to say
“We are staying true to the pursuit of our vision of emerging as the dominant insurer in Sub-Saharan Africa. This is one reason we invest substantially in human resources to drive the kind of growth we have in focus. The accreditation by IFoA, is a testament to the fact that we are doing this right. The actuarial profession has been very instrumental in our transformation at AIICO.
Our customers and policyholders are going to be the biggest beneficiaries as these efforts are in line with our razor-sharp focus to give them the best of experience and protection of their benefits, assets, and insurable interests with us. Our shareholders, investors, regulators, and other stakeholders will benefit from the increased confidence that AIICO continues to strengthen its excellent risk management practices, skills, and experience for the benefit of all.