AIICO Insurance Plc becomes first to be awarded IFoA Quality Assurance Scheme accreditation in Nigeria

AIICO Insurance Plc becomes first to be awarded IFoA Quality Assurance Scheme accreditation in Nigeria

AIICO Insurance Plc has become the first Nigerian organization and 44th Worldwide to be awarded the IFoA Quality Assurance Scheme accreditation. This announcement was made by the Chief Actuary, AIICO Insurance Plc, Wycliffe Obutu in a statement on Tuesday.

“We are delighted to receive this global accreditation from the Institute and Faculty of Actuaries (IFoA) after a rigorous review process. This is a noteworthy milestone for the company, Management and its staff, and, the Actuarial profession in West Africa especially Nigeria. Management of the company, with the support of its staff especially Actuarial and HR, are 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. We hope that this accreditation will pave the way for key employers of actuaries in Nigeria and the region to follow suit. Nigeria (and the region by extension) has suffered a significant exodus of Actuarial talent, with a large number of Nigerian actuaries preferring to work outside the country. We hope with time that such accreditations in Nigeria and the region will help attract the significant Actuarial talent in the Diaspora as well as provide assurance to the upcoming actuaries that high-quality actuarial work, that is comparable globally, is available and can be delivered locally.” – Wycliffe Obutu, Chief Actuary, AIICO Insurance Plc

The Managing Director /Chief Executive Officer, AIICO, Mr. Babatunde Fajemirokun, said in the statement that the firm was staying true to the pursuit of its vision of emerging as the dominant insurer in Sub-Saharan Africa.

“The accreditation by IFoA, is a testament to the fact that we are doing this right, as 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.

“This is to give them the best of experience and protection of their benefits, assets, and insurable interests with us.

Established in 1963, AIICO Insurance Plc is a market-leading composite insurance company which also provides Health Maintenance and Asset Management Services.


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