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AIICO

Building trust in Nigeria’s insurance sector

Industry:

Insurance

Region:

Sub-Saharan Africa

88 0 bn

Gross Written Premiums

46 0 bn+

Claims Paid

270 0 bn

Total Assets

AIICO Insurance is a leading composite insurer in Nigeria with 60-year track record of providing affordable, quality life and general insurance products to Nigerians so they are less vulnerable to unexpected events.

Low-income consumers across Africa are particularly vulnerable to financial shocks, for example, unplanned health expenses due to illness or accident, or the death of a family’s breadwinner.

These unexpected misfortunes, combined with exclusion from financial services such as insurance, can push people back into extreme poverty.

Nigeria is no exception. 34% of Nigerian adults are financially vulnerable, and only 2% are insured. To combat this, a range of useful, affordable, and accessible financial services are needed to meet their needs. Insurance is a key piece of the puzzle, as it provides a safety net for emerging consumers in their most difficult moments and empowers them to take worthwhile risks to improve their lives.

AIICO’s goal is to be the insurer of choice and the leading insurance company in Nigeria.

The company provides life insurance and retirement services as well as risk underwriting to a substantial and diversified client base, which includes corporations, financial institutions, governments and individuals in Nigeria.

AIICO is the market leader in Retail Life insurance and retirement services and is a market leader in Non-Life insurance in Nigeria. The core insurance franchise is complemented by our leading insurance asset management, and health management businesses.

The LeapFrog team has worked closely with AIICO since initial investment in 2020, including significant work on the company’s customer experience, via LeapFrog’s CX Launchpad.

As part of the program, AIICO undertook wide scale customer journey mapping for both its life insurance and general insurance products to identify customer pain points and operational challenges. A cross-functional team from various departments diligently mapped the journeys and prioritised interventions for process improvements.

Pain points uncovered included:

• Agents unable to provide pricing or full product details at the time of sale

• Long and complicated onboarding

• No automated process for confirmation of cash or cheque payments

• Cumbersome claims process

Several initiatives were undertaken in response to the insights collected, including back-end IT changes to improve turnaround times, which ultimately led to an increase in the CX Score. Also, changes to client communications and education through digital channels encouraged customers to move their payments online. Importantly, the process led to an overall shift in company culture to become more customer-centric in all aspects of operations.

Last updated March 2021.