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Insecurity: Amotekun assures Oyo citizens of protection

The commandant of the Amotekun Corps, in Oyo State, Olayinka Olayanju, has reassured residents of the state that the corps’ commitment to protecting them from external invasions. Olayanju, a retired army colonel, gave the assurance following reports that bandits who were being dislodged from Zamfara State by the ongoing military onslaught are heading southwards. He said the outfit’s well trained personnel were patrolling boundaries of the state aggressively to prevent bandits and criminals in whatever hue from relocating to the state. While commending Governor Seyi Makinde for providing the necessary material and moral support to the corps the commandant said: “We got intelligence reports that bandits and hoodlums maybe heading southward as a result of military activities in Zamfara State. I want to reassure Oyo citizens that we are aware and our men are already on the lookout for the bandits, other criminals and strange faces, especially at our boundaries. Read also: Reps move to remove police from contributory pension scheme “We are at alert and our men are carrying out operations regarding this at Irepo, which is the boundary with Ogun and Kwara States and the Republic of Benin, to make sure that the bandits do not relocate to our state. They will be stopped. Our men will pick them up. We won’t allow criminals to relocate here. We are carrying out confidence-building patrols at Irepo, Olorunsogo, Oorelope, Iwajowa, Ibarapa Central and North LGAs,” he stated. Olayanju also said that the corps was working in tandem with agencies within the state and South-West Amotekun commanders to ensure peace and stability so that citizens can go about their lawful duties According to him, since its establishment last year, Amotekun has brought relative peace and stability to the state compared to the same period the previous year. “There has been a considerable difference with where we are now and where we were two years ago. Through our security strategies, we have been able to bring to the barest minimum incidences of suspected herdsmen attack in Oyo State. I want to commend the people of Oyo for standing behind Amotekun and giving us their unalloyed support. Without their support we wouldn’t have gone this far,” the commandant noted.

Insurers want regulatory integration to optimize benefits of AfCFTA

Insurance industry in Africa believes that integration of regulatory system in the continent will pave way for optimization of the expected benefit of African Continental Free Trade Area (AfCFTA). The AfCFTA will create a single market covering more than 1.2 billion people, with a current gross domestic product of more than $ 2.5 trillion. “The free flow of goods, services, people and capital under the AfCFTA is expected to boost intra-African trade and strengthen the competitiveness of African companies, with insurance as major driver, according Africa Insurance Pulse 1/2021 released during the recently concluded African Insurance Organisation hosted by Nigeria. Pulse report, being market research and in-depth interviews with nearly 30 insurers, reinsurers, intermediaries, regulators and policymakers operating in Africa conducted by Faber Consulting on behalf of the AIO says that the African insurance sector is optimistic about the AfCFTA but wishes to see The African insurance sector is ideally positioned to provide security, economic and financial stability and enable the development of societies and economies in Africa through its risk knowledge and risk transfer solutions. However, to play this important role, African insurers need integration or even harmonisation of insurance regulations, says Jean Baptiste Ntukamazina, secretary general of AIO. Read Also: Insurers mull capacity to explore growth opportunities in AfCFTA Ntukamazina said the AfCFTA has significant potential to serve as a catalyst for transforming the African economy, and for the AfCFTA to succeed, dynamic pan-African trade is required, which only take can root in a stable socio-political environment. The maturity of the insurance market is low in most African countries. Insurance penetration is expected to increase in African markets where insurance growth has been accompanied by structural reforms, such as market liberalisation, compulsory insurance enforcement, wider distribution, public-private partnerships, and a regulatory system promoting innovation and market access. The trend towards tighter capital requirements for insurance companies to ensure their solvency will establish stronger companies and promote job creation and build capacity in the industry. These reforms are crucial to increase the security and performance of the continent’s insurers Regional expansion of re/insurance business lags behind its potential due to trade barriers While intra-African trade agreements have gradually seen a substantial reduction in tariffs on goods, non-tariff barriers, such as infrastructure gaps, the low quality of trade logistics, access to credit, and human capital, remain high for most African countries. Despite these efforts, the intra-African trade remains below its potential. This is also true for the insurance sector, according to the executives interviewed. Most insurers operate in just one or two markets. Even Africa’s reinsurers, acting as a shock absorber for cedants and economies, are challenged to diversify their portfolio because of many barriers and constraints in African insurance markets. Ahead of the implementation of the AfCFTA, a geographic expansion to build scale is the top priority for insurers and reinsurers alike. Corneille Karekezi, group managing director/ CEO, Africa Re, said trade restrictions within Africa are higher than those with the rest of the world. While intra-regional exports amount to roughly 50 percent of trade in Asia and 69 percent in Europe, in Africa only 17 percent of exports remain within the continent. Therefore, it comes as no surprise that large hopes rest on the AfCFTA. According to the UN Economic Commission for Africa (ECA), intra-African trade is expected to experience a boost of 52 percent, encouraging manufacturers and service providers, including re/insurers, to leverage economies of scale.”

AIICO boosts agency operations with new mobile app

AIICO Insurance Plc has remained at the forefront of digital innovation with the launch of another solution ‘AIICO Express’, to aid easy distribution of its products and services. AIICO Express’, a one-stop mobile application for agents to serve customers better and faster. Its Agency’s sales force can now leverage the power of the mobile apps to conclude multiple transactions on their phones. In addition, the secure app offers them a significant opportunity to carry out their business in a flexible, efficient, and convenient manner. The mobile app was custom-built for the agents and it has numerous features to support their sales efforts. These features include premium calculations, claims processing, transaction monitoring, policy listing, proposal listing, commission calculations and statements, quote generation, among other exciting and value-adding functionalities. AIICO Expresswas built with the capacity to perform both online and offline functions; a very important feature in a market like ours. Read Also: PTAD clears AIICO Insurance of indebtedness in legacy fund Commenting on the launch, Babatunde Fajemirokun, MD/CEO AIICO Insurance Plc, said, “The launch of AIICO Express is in line with the company’s mission to provide the most compelling customer experience to our fast-growing customer base. Our agents are key stakeholders in reaching these customers and penetrating the complex insurance market terrain in Nigeria. As an agile organization, we are confident that our digital transformation roadmap aligns well with the realities of our market. AIICO Express will boost our agent’s capacity to provide seamless service to both new and existing customers.” He added, “Investing in innovative technologies to better serve our customers is part of our mission. We will continue to deploy technologies that will differentiate us as a business that is committed to delivering superior customer experience. AIICO Express is available on both Android and iOS platforms. AIICO’s vast agent network, with a footprint across the length and breadth of Nigeria, is a force to be reckoned with in the Nigerian insurance industry. This is why more people are signing up yearly for entrepreneurship prospects and taking full advantage of the benefits associated with the leading brand. AIICO Insurance is a leading composite insurer in Nigeria, with over 50 years of delivering quality insurance products and services. Founded in 1963, AIICO provides life and health insurance, general insurance, health insurance and investment management services to create and protect wealth for individuals, families, and corporate customers.

African Alliance targets 50% growth year end, unveils new portal

Foremost life insurer, African Alliance Insurance Plc, has developed an innovative self-service portal to ease seamless transactions with broker clients, targeting 50 percent market growth by year end. This was disclosed at the Members Evening of the Nigerian Council of Registered Insurance Brokers, South-South Area Committee, held in Port Harcourt and hosted by African Alliance Insurance. Joyce Ojemudia, managing director/CEO, African Alliance Insurance Plc, while addressing the body of brokers in the region said, “theself-service policy platform is customized for all brokers to buy end-to-end from the comfort of their offices. This is one of the ways we are embedding technology in our business so we can achieve seamless service delivery and customer satisfaction while speeding up the underwriting process.” Read Also: African Alliance expands retail market, opens new branch in Abeokuta She also reiterated the company’s quest to achieve a minimum of 50 percent growth in its market share by the end of the year. “Progress is what we are all about and as the figures show, we are making lots of progress. She disclosed that the Company paid N3.12 billion in claims, a 29 percent increase from the N2.43b we paid same period last year while Gross Premium Income rose from N1.8b to N3.2B, representing a 66 percent increase year on year. “These figures are the reasons we have embarked on an aggressive market expansion campaign with a view to consolidating our all-round progress across board.” Earlier in her remarks, she thanked the body of brokers for their unstinting support whilst seeking for better relationship and a most mutually beneficial strategic business engagement, “we thank everyone here present who has partnered with us and aided our progress month by month, quarter by quarter. We do not take this for granted,” she added. In his welcome address, Joseph Olaniyan, the chairman of the NCRIB South-South Area Committee, commended the management of African Alliance Insurance for the giant strides they have made especially in the last one year. “We at the South South Area Committee have felt and experienced a major turnaround in African Alliance and I can assure you today, personally and as a group, that we will do more business with African Alliance Insurance in the coming days because for us, we want to do business with the firm that can assure us of their unwavering quality service delivery at all times.” Incorporated in 1960 to transact life businesses in Nigeria, African Alliance Insurance PLC has grown in leaps and bounds providing succour for individuals and aiding businesses across the country for over six decades. Recently, the firm deepened its retail footprints with the opening of two new branches in Abeokuta and Akure in a bid to drive its market expansion strategy whilst bringing insurance closer to the people of the ancient cities.

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