Baton change at AIICO Insurance Plc
Leading risk management company, AIICO Insurance Plc, has appointed Mr. Babatunde Fajemirokun as its Managing Director in a strategic management repositioning efforts. The company in a notice to the Nigerian Stock Exchange (NSE) and the investing public at large, hinted that the appointment takes immediate effect.
Established in 1963, AIICO is the market leader in the life insurance and retirement services and is a market leader (top 3) in Non-Life insurance in Nigeria. The core insurance franchise is complemented by our leading insurance asset management, pension, and health management businesses. Overall, AIICO is currently the 2nd largest insurance company in Nigeria (by gross premiums).
Fajemirokun who comes into his new job on the back of an impressive CV in financial services and management consulting is expecting to help boost growth for insurance company by exploring market opportunities for the company, especially in the retail segment where AIICO has been making impact in the last couple of years.
Last year, the Insurance brand signed a partnership with Wema Bank Plc to increase access to retail insurance products leveraging the bank’s robust and efficient retail distribution network. The company noted that the initiative was another move by AIICO to demonstrate its commitment to increase awareness, access and deepen insurance penetration in Nigeria.
Fajemirokun started his career in 2001 as a visiting lecturer in the Division of Economics and Enterprise in Glasgow Caledonian University. He joined Accenture (Nigeria) Financial Services Unit (Banking and Insurance Groups) in 2003, as an analyst and specialized in Mergers and Acquisitions projects. He later joined Capgemini Consulting (UK) Business Information Strategy Unit (cross-industry) in 2008, as a Senior Consultant, and worked on UK government transformation projects.
Fajemirokun joined AllCO Insurance Plc, Life Division, in 2009 and was responsible for key company projects in its maiden transformation projects. He led retail operations between 2009 and 2013, which encompassed retail processing (underwriting new business and renewals, alterations/ endorsements and policy issuance & delivery), customer services/ retail claims, business process projects and technology. In October 2013, he was appointed Chief Operating Officer. This position required him to oversee all strategic functions, retail processing/ operations, actuarial functions, enterprise risk management and shared services (finance, human resources, information technology, procurement and estate management) operations in the company.
In 2017, he was appointed Group Chief Business Officer, a position which encompassed the subsidiary businesses, especially the asset management business. He is also responsible for raising additional capital at appropriate valuations for Group companies to meet solvency and/or growth strategic objectives. He has deep experience in life assurance/ insurance business operations, strategy for life and non-life businesses, retail operations, business process reengineering, actuarial, financial reporting, corporate finance and risk management fields including economic capital, life embedded value, ORSA, risk appetite, and ERM. He is also the Non-Executive Director of AllCO Pension Managers Limited, Food Concepts Pic and Xerox Corporation Nigeria (XHS).
Fajemirokun holds an MBA from University of Chicago Booth School of Business with a concentration in Finance, a Master’s Degree in Business Information Technology Systems (with dist.) and a BA (Hons) degree in Business Economics. He is qualified as an ACI (UK and Nigeria) and holds a Chartered Status (Chartered Insurer). He is also a member of the Institute of Directors.
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