African Alliance Insurance Plc has announced that it has paid out more than N43.4 billion in claims under the leadership of its immediate past Managing Director and CEO, Dr. (Mrs.) Joyce Ojemudia. Dr. Ojemudia, who resigned from her position on June 7, 2024, served the company from October 2020, demonstrating an unwavering commitment to the company’s growth and sustainability.
During her tenure, Dr. Ojemudia implemented a strategic roadmap that spanned various operational aspects of the organization. Known for her strong belief in goal setting, she prioritized the timely settlement of claims, ensuring that N43.4 billion was paid out. Additionally, she resolved the long-standing PTAD legacy debt of N1.3 billion in 2021, a debt that had been pending for over five years. Her efforts in financial management also saw the liquidation of all outstanding loans and overdrafts.
Under her leadership, the company’s negative solvency margin improved by 67 percent. Through consistent cost management, operating costs were reduced by 12 percent year on year, resulting in a total cost reduction of 36 percent over three years. These achievements were part of her broader strategy focusing on six priority areas: Claims and Legacy Debts, Improved Solvency Margin and Cost Management, Deployment of Technology, Marketing and Relationship Management, Technical Improvements, and Enhanced Manpower Development.
Dr. Ojemudia recognized the importance of technology in modern business. She spearheaded the deployment of a new core business application software and revamped the company’s website to enhance digital sales capabilities. Understanding the broker-driven nature of the insurance market, she fostered effective collaboration with Insurance Brokers through the NCRIB and targeted high-net-worth brokers, contributing to a 34 percent growth in Gross Premium Income (GPI).
Her expertise in risk management led to a significant reduction in reinsurance expenses, saving the company approximately N360 million. Additionally, corporate claims dropped by 65 percent, and the introduction of annuity verification resulted in savings of over N300 million. These measures collectively improved the company’s underwriting profit from a previously negative position.
Dr. Ojemudia also emphasized the importance of human capital development. She established the “African Alliance Insurance Learning Academy,” transforming the company into a learning organization. To motivate and retain talent, she introduced a reward and recognition system, alongside enhanced staff welfare, compensation, and benefits.
Dr. Joyce Ojemudia’s tenure at African Alliance Insurance Plc stands out for her transformative leadership and strategic initiatives, which significantly strengthened the company’s financial health and operational efficiency. Her contributions have left a lasting impact, positioning the company for continued success in the future.
