AIICO MD/CEO Babatunde Fajemirokun, A Most Prominent Insurance CEO

Mr Babatunde Fajemirokun.

There is no doubt that the steady progress and growth recorded by one of the Nigeria’s leading Insurance companies, AIICO Insurance Plc, is made possible because of the quality of leadership provided by the man on the helms of affairs of the Company, Mr Babatunde Fajemirokun.

Mr Babatunde Fajemirokun is a thoroughbred and an experienced Insurance professional. He is the Managing Director and CEO of AIICO Insurance PLC, a position he assumed on August 14th, 2019.

With decades of professional experience cutting across management consulting, insurance, and asset management, he joined AIICO Insurance PLC, Life Insurance Division in May 2009, and was responsible for value-enhancing projects in its maiden growth strategy, business process and technology transformation projects.

Prior to joining AIICO, he worked with Accenture, Lagos (2003 – 2007), and then Capgemini Consulting, UK (2008 – 2009). In both roles, Babatunde provided consulting/advisory services to Financial Services and Government Clients, predominantly in mergers and acquisitions, and then United Kingdom Government transformation programmes. He also has external appointments as a Non-Executive Director in AIICO Pension Managers Limited, Food Concepts Plc and Xerox Corporation Nigeria (XHS).

Babatunde is a Chartered Insurer (ACII UK & ACIIN), and has an MBA from the University of Chicago Booth School of Business (2013), a Business Information Strategy Master’s degree (dist.) from the University of Strathclyde (2002), and a Bachelor’s Degree in Business Economics from Glasgow, UK (2000).

Within the four years of taking over the mantle of leadership in AIICO Insurance PLC, Mr Fajemirokun, apart from winning numerous awards for AIICO, has also been honoured by many organizations, institutions including the Media.

Mr. Babatunde Fajemirokun, In 2020, emerged one of the winners in the prestigious Top CEO Award for 2020 jointly organised by BusinessDay and the Nigerian Stock Exchange .

During the awards which was tagged “Advancing Against All Odds,” the panel of judges awarded AIICO Insurance Plc the recognition for its performance on stock price appreciation, profit after tax (PAT) growth and unblemished regulatory compliance for the 2019 accounting year.

This year 2022, Mr. Babatunde Fajemirokun, was recognised as the most prominent and visible chief executive officer in the insurance industry during the month of August by P± Measurement Services.

He was listed in an independent media performance audit and analysis carried out by P± Measurement Services, a leading media intelligence and public relations agency. The audit is an independent analysis of the media performance and prominence of the CEOs of Nigerian commercial banks and insurance companies for the month of August 2022.

In the insurance sector, the media performance audit report revealed that Fajemirokun had the most media exposure with 45 per cent followed by Eddie Efekoha of Consolidated Hallmark Insurance with 17 per cent, Kunle Ahmed of AXA Mansard with 14 per cent and Tunde Hassan-Odukale of Leadway Assurance scoring 11 per cent media exposure.

In the recent past, Fajemirokun has proven to deserve the recognition following the several income line growth of AIICO Insurance, which today ranks among the topmost underwriting firms in the country.

For instance, the company’s unaudited results for the half year released recently revealed a sustained top line performance and growth. According to the results, the underwriting firm posted a gross written premium (GWP) of N45.5billion in the H1 2022 up by 21.4 per cent compared with N37.481billion recorded within the same of in 2021.

While it posted a growth of 21.4 per cent in 2022, the group grossed N45.5billion year-on-year (y-o-y) in the first half of the year from N37billion or 21.6per cent within the period under review. The company’s unaudited results represent the firm’s performances for the interim period ended June 30, 2022.

AIICO has continued to prioritize timely claims and benefits settlement, and customer satisfaction as key drivers for its customer retention just as it paid out N47.3 billion for claims in 2021.

While AIICO Insurance considers a variety of metrics when assessing the quality of its services for its customers, especially retirees, paying claims and benefits when they are due is often the key determinant of the quality of their experience.

The company currently serves a variety of customer groups, from individuals and small-scale entrepreneurs to the largest businesses in the country, with each segment having its own peculiar needs and requirements.

In 2021, 70% of claims reported, about ₦33 billion in total, were paid to individuals, with about 14% (₦6.5 billion) going to retirees who have lifetime contracts with the company.

Claims to businesses across the spectrum made up 30% (₦14 billion) of total claims paid to customers. In total, the company paid ₦47.3 billion in claims and benefits to customers, up 19.1% from ₦39.7 billion paid in 2020.

It will be recalled that it paid N29.1 billion and N30.6 billion in 2018 and 2019 respectively.

This growth, along with the growth in its overall financial position over the years, underscores its incremental capacity to cater for the needs of existing and prospective customers.

Commenting on the firm’s performance, Mr. Babatunde Fajemirokun, stated that “We put the customer first in everything we do. We believe that our customer-centric philosophy is especially crucial today, as customers seek to protect themselves from the volatility of the environment around them. Many of our customers have been with us for decades and others will have a relationship with the company for the rest of their lives.

“We understand the risks that they face, and we have made it our priority to continue to adapt to their changing needs as they go through life, helping them to manage their risks where possible to improve their overall quality of life. Our customers trust us to be there for them and we will stop at nothing to continue holding our end of the deal.”

“Today’s insuring public is more discerning and risk-conscious, generally trusting companies with a track record of good service with their hard-earned funds.
Insurers are no different in this regard and for customers, promptness in settlement of genuine claims remains a key performance indicator for choosing an insurer.
“One of the AIICO customers, Mr. Monday Abah, recently shared his experience on a radio interview in Lagos. He signed up for one of AIICO’s Savings & Life Assurance Plans and got paid immediately at maturity. He stated “As a matter of fact, before they called me, my account was credited; I just received the alert and then, a call came through to notify me. I am now planning to embark on a 15-year policy for my retirement,” he added.

Speaking on the awards and honours, he said the awards and honours are dedicated to the company’s stakeholders for their support and cooperation.

According to him, “On behalf of the stakeholders in AIICO Insurance Plc, I thank the leadership of BusinessDay Media Limited and the leadership of Nigerian Stock Exchange for this award. We thank our customers, employees, the board and our many shareholders for their enduring support. And personally, I thank my family for the enduring support. We are deeply grateful for the consideration.”

The Top CEOs Awards recognises the CEOs of listed companies who through sound strategy, disciplined execution, world-class governance and indoctrination of a customer-first ethos have delivered alpha, thereby creating competitive shareholder value on the Nigerian Stock Exchange.

AIICO Insurance is a leading composite insurer in Nigeria with a record of accomplishment of serving its clients that dates back over 50 years. Founded in 1963. AIICO provides life and health insurance, general insurance, investment management and pension management services as a means to create and protect wealth for individuals, families and corporate customers.