By Favour Nnabugwu
AIICO Insurance Plc has joined the league of 44 companies internationally and first in Nigeria to be awarded a Quality Assurance Scheme accreditation by the Institute and Faculty of Actuaries (IFoA).
AIICO has joined the list of IFoA’s 44 accredited organisations globally and third in Africa after two organizations were accredited in Kenya in the last two years.
The IFOA is the UK’s only chartered professional body dedicated to educating,developing and regulating actuaries based in the UK and also internationally.
IFoA in a statement released said that the recognition of AiIco’s commitment to providing quality assurance at an organizational level, promoting condence in their actuaries; and demonstrating a commitment to high-quality actuarial work and supporting employees carrying out that work.
Currently, AIICO has one of the largest actuarial workforce in the insurance industry in Nigeria.
The Managing Director of AIICO, Mr. Babatunde Fajemirokun said, “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”.
Fajemirokun further stated, “Our customers and policyholders are going to bethe biggest beneficiaries as these efforts are in line with our razor-sharp focus togive them the best of experience and protection of their benefits, assets, and insurable interests with us”.
He continued, “Our shareholders, investors, regulators, and other stakeholders will benet from the increased confidence that AIICO continues to strengthen its excellent risk management practices, skills, and experience forthe benet of all.
AIICO’s Chief Actuary, Mr. Wycli2e Obutu while commenting on the accreditation, stated, “We are delighted to receive this global accreditation from the Instituteafter a rigorous review process”.
“This is a noteworthy milestone for the Company, Management and staff, and the actuarial profession in West Africa, especially Nigeria. Management of the company, with the support of its staff, especially Actuarial and HR, is proud to have initiated the process for this accreditation that, in partnership with IFoA, requires actuarial work in the company (and the market) to be undertaken to a high quality that is comparable globally.