AIICO Insurance Plc has emerged the first Nigerian insurance company to be certified with a Quality Assurance Scheme accreditation by the Institute and Faculty of Actuaries (IFoA) UK.
According to a statement by IFoA, this was in recognition of the company’s commitment to providing quality assurance at an organisational level, promoting confidence in their actuaries; and demonstrating a commitment to high-quality actuarial work and supporting employees in carrying out that work.
The IFOA is the UK’s only chartered professional body dedicated to educating, developing and regulating actuaries based in the UK and also internationally.
By this certification, AIICO, has joined the list of IFoA’s 44 accredited organisations globally and third in Africa after two organisations were accredited in Kenya in the last two years. Currently, AIICO has one of the largest actuarial workforce in the insurance industry in Nigeria.
AIICO’s Chief Actuary, Mr Wycliffe Obutu, commenting on the accreditation, stated: “We are delighted to receive this global accreditation from the institute after 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.”
Also speaking, AIICO Managing Director, 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.”