Article

BAFI AWARDS: AFRICAN ALLIANCE EMERGES WINNER CLAIMS EXCELLENCE INSURANCE COMPANY OF THE YEAR

Posted on: 11th Nov 2022

Foremost Life Insurer, African Alliance Insurance, has emerged as the Claims Excellence Insurance Company of the Year at the recently held Business Day’s Banks and Financial Institutions (BAFI) Awards in Lagos.

A statement by the awards Committee expressed that “The Claims Excellence Insurance Company of the Year Award is given to the life or Non-life insurance company, or broking firm, that has demonstrated unmatched leadership, as far as claim handling/facilitation, is concerned. African Alliance has matched pay-outs with a carefully executed expansion strategy to serve retail clients in geographies where the opportunity exists”.

In her remarks, Joyce Ojemudia, MD/CEO, African Alliance Insurance PLC, dedicated the award to; “Almighty God who has strengthened African Alliance to keep moving forward even after 62 years. I also dedicate this award to my Board of Directors and my amiable team for their continuous support. And finally to our devoted professionals who have continued to work tirelessly to make this process seamless. They dedicate their competent expertise, time, and abilities to the company and ultimately to our customers”.

She further restated the firm’s drive to claims excellence; “African Alliance Insurance PLC takes pride in paying genuine claims as and when due because our customers are our priority. With this award, we reaffirm our promise to our customers that we will be with them for life, as the Life insurer they can always trust”.

African Alliance has been and continues to be a major player in the Nigerian insurance industry for over sixty years, upholding values of paying genuine claims and excellent customer service. This award is proof of the company’s claims of excellence.

Article

CSW2022: African Alliance Insurance excites customers with N6.65bn claims

Posted on: 12th Oct 2022

CSW2022: African Alliance fulfils N6.65bn claims

Foremost Life Insurer, African Alliance Insurance PLC, has demonstrated her commitment to customer satisfaction with the payment of N6.65bn in claims as at the end of the third quarter of the year. This is coming on the heels of this year’s Customer Service Week with the theme ‘Celebrate Service’.

Restating the firm’s relentless devotion to customer satisfaction, the MD/CEO, Joyce Ojemudia, assured the leading insurer’s commitment to prioritizing her esteemed policyholders. “At African Alliance Insurance PLC, paying genuine claims is a trust we do not intend to break. For sixty two years, we have done this without fail and this is exactly why we remain as one of Nigeria’s foremost Life insurers,” she said. “We are not inured from current economic realities. We understand how critical the times are hence our boundless resolve and commitment to fulfilling our mantra of being with them for life. On the occasion of the just concluded Customer Service Week, we would like to reassure our customers that indeed we care and look out for them at all times.”

Furthermore, Ojemudia emphasized the company’s ongoing claims payment process which is backed by year-on-year evidence of fulfilled claims. “We will continue to make sure that our strategies are updated to meet up with the demands of paying claims as due.”

According to the year-to-date break down released to the media, the Life insurer revealed it has paid a whooping N3.13bn to its Annuitants; N1.43bn in Group Life claims; N1.17bn Individual Life; N544m Takaful as well as N298m Esusu pay-outs.

Incorporated in 1960, African Alliance Insurance PLC is widely regarded as the strongest and most experienced life insurance specialist in these climes with its HQ in Lagos and 18 branches nationwide.

Signed

Bankole Banjo

Brand, Media and Communications Manager

Article

African Alliance fulfills N4.08bn claims in 6 months

Posted on: 28th Jul 2022

Foremost life insurer, African Alliance Insurance PLC has revealed that in the first six months of the year 2022, it has paid some ₦4.08bn in claims to its customers spread across its several lines of business.

Speaking on the firm’s claims profile, Joyce Ojemudia, MD/CEO, African Alliance Insurance PLC, reaffirmed the company’s commitment to paying genuine claims as due. “African Alliance Insurance PLC was built on a solid foundation of claims payment. Year in, year out, we do not shy away from fulfilling this critical obligation to our policyholders as due,” she said. Ojemudia restated the company’s unchanging commitment to satisfying her teeming customers. “Our pay-off is not just a pretty statement of fact but indeed an assurance, nay promise, to remain with our policyholders for life, come what may. Sixty-two years on, we have not shirked from that promise,” she concluded.

According to the year-to-date breakdown, the life insurer paid N1.81bn in Annuity claims; N857.2mn in Individual Life claims; N765.4m Group Life; N436.3m Takaful as well as N208m Esusu payouts.

Incorporated in 1960, African Alliance Insurance PLC is widely regarded as the strongest and most experienced life insurance specialist in these climes. Operating out of its HQ in Lagos, the ISO-certified firm has continually defied the odds as it continues to service all classes of Nigerians and businesses with best-in-class life insurance products.

Article

PRESS RELEASE: FAILURE TO FILE AFRICAN ALLIANCE INSURANCE PLC’S AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021, Q1 2022 UNAUDITED FINANCIAL STATEMENTS.

Posted on: 8th Jul 2022

African Alliance Insurance Plc – PRESS RELEASE ON LATE FILING OF AFS AND 2022 Q1 UFS – FDC

Article

African Alliance at the 48th AIO Conference in Nairobi.

Posted on: 28th Jun 2022

Snapshots from the African Insurance Organization Conference

 

Article

UN POLAC Honours Ojemudia

Posted on: 12th May 2022

Ojemudia gets UN POLAC Honour

The Managing Director/Chief Executive Officer of African Alliance Insurance PLC, Mrs. Joyce Ojemudia, has been honoured by the United Nations Positive Livelihood and Awards Centre (UN POLAC Foundation) as a Distinguished Woman of Peace and Honour with the conferment of its prestigious Queen Amina Heroine Award. The Distinguished Woman of Peace and Honour Awards (DWOPHA) generally honours the inspiring work of women whose encouragement, leadership, and commitment to peace stand out as beacons of strength and hope while the Queen Amina Heroine category celebrates women who have exhibited uncommon bravery and strength in the face of adversity to achieve success.
Mrs. Joyce Ojemudia is an accomplished insurance professional and astute manager of resources with over twenty years of experience in insurance sales, business development, risk management, claims administration, and reinsurance. She is an alumnus of the prestigious Lagos Business School (SMP 40) and the University of Lagos where she had her first and second degrees in Insurance and Risk Management respectively. Indeed in 2021, she was recognized by Business Day Media as one of 30 Notable Alumni of the prestigious Lagos Business School. She is also a Fellow of the National Institute of Marketing of Nigeria, and an Associate of both the Chartered Insurance Institute of Nigeria and the Institute of Chartered Economists of Nigeria.
In 2020, she was elected the President of the Professional Insurance Ladies Association (PILA), the elite body of professional women in insurance. Under her watch, the professional association successfully hosted her first-ever Africa-wide side event at the continental African Insurance Organisation (AIO) Conference during its 47th edition held in Lagos. Few months after her ascension to the PILA top position, she was appointed the Managing Director/Chief Executive Officer of African Alliance Insurance PLC, Nigeria’s foremost indigenously-owned life insurer with some 50,000 active policyholders spanning over three generations. As head honcho at the legacy insurer, Ojemudia had instituted a virile cost-saving strategy that is driving a top to bottom change within the organization while aggressively growing her market share by making viable and humane life insurance accessible to more Nigerians. Recall that last year, her shrewd management style enabled African Alliance Insurance PLC to clear years-old legacy indebtedness to the Pension Transitional Arrangement Directorate (PTAD); a move that industry watchers consider ‘bold and groundbreaking’ in all ramifications.
According to the Letter of Award signed by the Director-General, UN-POLAC, Prof Halo B. Eton, “United Nations POLAC Foundation was established as an international autonomous institution following the UN General Assembly with its aim and objective to select high profile individuals across the six geopolitical regions in Nigeria as Volunteers to propagate peacebuilding in Nigeria and assist in the implementation of UNDP programmes initiatives.” Going further, the letter informed Ojemudia that “as a Woman of Peace, you may be called upon for peacemaking, conflict resolution and other activities that encourages peace and positive living in line with international best practices.”

Signed
Bankole Banjo
Brand, Media, and Communications Manager, African Alliance Insurance PLC

Article

African Alliance Hosts NCRIB South-South Area Committee

Posted on: 15th Mar 2022

NCRIB

Foremost life insurer, African Alliance Insurance PLC, has restated its commitment to stronger and better business relationships with the Nigerian Council of Registered Insurance Brokers (NCRIB).

This assurance was delivered by the MD/CEO of the company, Joyce Ojemudia, to the members of the South-South Area Committee of the NCRIB during their Members’ Evening sponsored by African Alliance Insurance PLC in Port Harcourt.

Speaking at the event, Ojemudia said: “We do not take your support for granted, knowing well your critical role in our industry as well as being our longstanding partner in progress. For every business we have gotten from you, we say thank you. But like Oliver Twist, we want more.

Wanting more for us is not just about raking in more premiums, it is also about partnering with you to grow your businesses too while bringing succour to our mutual clients as well as driving the industry’s penetration. We reiterate our unstinting commitment to making you happy; after all, we are all in the business of putting smiles on people’s faces.”
Highlighting the company’s claims profile in the ongoing business year, she said in the first two months of the year, i.e January and February 2022, the firm had already paid a total of N1.42bn in claims.

“Broken down; we paid N268.14m in Group Life claims; N248.79m in Individual Life claims; N165m in Takaful claims; Esusu took N8.77m while Annuity was N726.18m,” she said.
A major attraction at the event was the special lecture titled ‘Solutions Mindset’ was delivered by Mr Kalada Apiafi, Chairman, Wider Perspectives Limited. Apiafi emphasized the place of creativity in coming up with solutions stating that problems are always in abundance whereas very few engage in creative processes that inspire solutions. A raffle draw for all attendees where various prizes were won was the highlight of the evening.

In continuation of its Brokers Roadshow, the company has concluded plans to host Abuja Area Committee on the 24th of March. The Abuja event will include an Insurance Awareness Walk, a collaboration between the NCRIB Abuja Area Committee and African Alliance Insurance PLC.

Incorporated in 1960 to transact life businesses in Nigeria, African Alliance Insurance PLC has grown in leaps and bounds while providing succour for individuals and aiding businesses across the country for over six decades.

Article

REQUEST FOR EXTENSION OF TIME TO FILE AFRICAN ALLIANCE INSURANCE PLC’S AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021 AND Q1 2022 UNAUDITED FINANCIAL STATEMENTS.

Posted on: 3rd Mar 2022

AFRICAN ALLIANCE INSURANCE PLC – PRESS RELEASE ON DELAY OF 2021 AFS AND 2022 Q1 UFS – APPROVED BY NGX

Article

Speech delivered by MD/CEO, Joyce Ojemudia at NCRIB Lagos Members Evening

Posted on: 23rd Feb 2022

NCRIB

The President NCRIB,
Members of the Council of NCRIB,
Distinguished Elders,
All brokers here present,
The Management and Staff of African Alliance Insurance,
Our Guest Speaker,
Members of the Press,
Ladies and gentlemen,

As always, it is my delight to stand here today to share with you, African Alliance Insurance gospel of resilience, strength and perseverance. Despite the global economic uncertainties, the foremost life insurance company has served so many, across generations, having being in the business of insurance for 62 years, we believe it is our duty to intimate our critical stakeholders, the body of brokers, of our strides thus far as well as our plans to be the most agreeable business partner for all of you.
Ladies and gentlemen, I boldly state that we have made progress, there is no better word to define the massive changes, and growth experienced in our business in the past 1 Year+ of my resumption as the MD/ CEO of our great organization. Indeed the grace of God has been sufficient, even amiss the pandemic, we have moved upward and forward.
In the next few minutes, I will be taking us through the progress we have made thus far, as it relates to our mutual interests.

Our Claims Profile
It is paramount to every insurer to pay claims as this is fundamental to our existence as a business. This principle is taken as a responsibility in our company and has inspired us to continually pay claims promptly which is demonstrated in the billions we have paid in claims year in year out.
In 2021 business year, we paid claims exceeding N7.59bn to our customers, a substantial bulk of which were for annuity claims and the Group Life. This shows an increase of over N590m in claims payment in the prior year. As earlier stated, this is a clear confirmation of our unchanging commitment to paying genuine claims.
For proper representation, I will begin to highlight the breakdown of the figures of claims by product line paid for 2021 business year;

CLAIMS JAN- DEC 2021
INDIVIDUAL 1,234,586,643.21
GROUP 1,356,946,902.47
TAKAFUL 626,484,201.07
ESUSU 25,178,089.57
ANNUITY 4,348,670,916.82
TOTAL 7,591,866,753.14

Refocussing our attention to the present, in January 2022, we have paid a total of N723.96m in claims.
Group Life N81.89m
Individual Life N137.96m
Takaful N128m
Esusu N7.3m
Annuity N368.78m

Our claims efforts have been helped by strong reinsurance treaties with top reinsurers as our partners.

NCRIB

Our Recapitalisation Plans
• The company injected about N14.4B through assets conversion as at December 2020, this has indeed improved our shareholders fund considerably and increased our asset base.
• Furthermore, the company will be increasing its capital base through right issues targeted at significant shareholders in addition to getting new investors to buy into the company.
• Business combination which is our last resort in the event that the above plans are not adequate.

Market Expansion
The key strategic goal in 2021 was to grow our premium income via deliberate market expansion into untapped regions with good prospects for life insurance. To that effect, we have launched the retail marketing expansion strategy which led to the opening of offices in Abeokuta and Akure. In 2022, we are moving northwards as we look to reestablish presence in Ilorin and Jos as well as other prospective locations.

Product Development
In 2021 in a quest for customer satisfaction, we revamped our Esusu plus in response to our customers’ yearnings to have both a year-long plan as well as a two-year option. We also launched our innovative Term Assurance plan in the market, a product that has excited the market with its short-term focus and value addition. In 2022, we look forward to actively engage in customer surveys to further develop our products and increase customer satisfaction.

Adoption of Technology
Our self-service policy platform specifically for brokers as it concerns our Term Assurance product is up and running. We have also commissioned the design of a new core business application which comes with a wealth of benefits.
• We will be able to speed up our efficiency and effectiveness in terms of service delivery to you our dear partners;
• It will enhance collaboration with our stakeholders.
• It will significantly aid our digital footprints and support various remote policy buying capabilities.
We are also working on having a claims portal where all claims can be lodged from the comfort of your homes and treated in a timely manner.

Closing
In the previous year, your support and trust in us contributed immensely to what we have built and the capacity on which we stand today. I am confident that the God who has started this great work in our company will see it to perfection. He will continue to order our steps and lead us to an expected end.
I thank you for believing in us and buying into our vision. Esteemed gentlemen and ladies, another great season is upon us, we call you forth to join us as we sour even higher.
Thank you for your attention.
Long live NCRIB.
Long live African Alliance Insurance PLC.
Good Evening All.

Article

African Alliance Insurance excites customers with N7.5B claims

Posted on: 29th Dec 2021

Joyce Ojemudia

Foremost life insurer, African Alliance Insurance PLC has revealed that in the month of December 2021, it has paid ₦475M claims to its customers ahead of the yuletide season. This is part of a larger N7.5bn claims paid thus far in the year.

Speaking on the firm’s claims profile, Joyce Ojemudia, MD/CEO, African Alliance Insurance PLC, reaffirmed the company’s commitment to satisfying her teeming policyholders. “At African Alliance Insurance PLC, we are in the business of paying genuine claims as due. This is more important as the year rolls to an end with many uncertainties that may affect the festivities. For us, we have promised we will be with them for life, this is our ongoing fulfilment of that mantra,” the MD/CEO said.

Going further, she restated the company’s long history of claims payment while informing stakeholder that the firm has instituted a seamless claims process which included “fortifying the claims unit with agile and nimble claims experts enabled by technology to join the team on ground. This has resulted in a faster processing time for claims. As we end this year on a good note, we are reassuring our customers that we won’t renege on our commitment to paying claims as due.”

According to the year-to-date break down presented to the media, the life insurer has paid N1.23bn in Individual Life claims; N1.36bn Group Life; N626m Takaful; N25.2m Esusu payouts as well as N4.35bn in Annuity payments.

Incorporated in 1960, African Alliance Insurance PLC is widely regarded as the strongest and most experienced life insurance specialist in these climes. Operating out of its HQ in Lagos and 18 branches nationwide, the ISO certified firm recently demonstrated its ambitions in the retail space with the opening of two new branches to aid penetration.

Bankole Banjo
Brand, Media and Communications Manager

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