African Alliance Pays N43.4bn Claims

Ebere Nwoji

African Alliance Insurance Plc, said it has paid over N43.4 billion claims under the leadership of the immediate past Managing Director/CEO Dr. (Mrs) Joyce Ojemudia.

Ojemudia, resigned from the underwriting firm since June 7, 2024 having worked there for four years from October 2020.

Ojemudia, the company said, prioritised payment of claims settling about N43.4 billion claims within the period. 

“She also ensured settlement of the PTAD legacy debt of N1.3 billion in 2021 which has been pending for over 5 years while she fully liquidated all outstanding loans and overdraft. Given her solid background in cost management she was able to improve the company’s negative solvency margin by 67 per cent. There was also a consistent 12 per cent year on year reduction in operating cost culminating in a 36 per cent cost reduction in three years.

“This strategy culminated in sterling achievement that was recorded in several aspects of the business. Specifically, the following top six priority areas were her focus: Claims & Legacy debts, Improved Solvency Margin & Cost Management, Deployment of Technology, Marketing & Relationship Management, Technical and Enhanced Manpower Development,” it said.

It added, “In the first full year of her tenure as the helmsman of the underwriting firm, she took giant strides embarking on some strategic and laudable initiatives, which impacted the company positively within 3 years.  Ojemudia believes that technology was the bedrock for success of any modern business in all ramifications. She initiated the deployment of a new core business application software to take the business to the next level. 

She also embarked on website revamp aimed at enabling a seamless digital sales capability. She ingeniously led her team to initiate effective collaboration with Insurance Brokers through their constituent body (the NCRIB) as well as identified individual High net-worth Brokers to curry their patronage leading to 34 per cent growth in GPI.”