The management of AIICO Insurance Plc has suspended and reported one of its agents, Mr. Bode Aladesanmi, to the police over alleged fraudulent practices.
The action of the management of AIICO Insurance followed an exclusive report by The Point newspaper last Friday on multi-million naira insurance scams reportedly perpetrated by agents and suspected staff of top insurance companies.
Managing Director, AIICO Insurance, Mr. Edwin Igbiti, told The Point that the suspect, Aladesanmi, who had been named in the scam as regards AIICO, was being investigated by both the management and the police for alleged fraudulent practices and misrepresentation of the company.
Igbiti said, “Consistent with our practice and in line with the processes in the company, upon receiving reports of the fraud allegedly perpetrated by Mr. Adesanmi, he was immediately placed on suspension, pending the outcome of an investigation that was commenced immediately, which is presently ongoing.
“While we empathise with those who might have fallen victim to this individual’s personal scam, we shall leave no stone unturned in pursuing the case to a logical conclusion and ensuring that all parties get the justice they deserve.”
He added that it was imperative to clarify the position of the company, which had been an underwriter for more than 50 years, and which he said was the largest life insurance underwriter in Nigeria and one of the biggest Insurance underwriters in the West African sub-region.
The AIICO boss said, “AIICO has since put in place a policy against the payment of cash to individuals. This is visibly indicated in our communication materials and policy documents. We have invested in technology and infrastructure to provide multiple payment channels for payment and renewal of insurance policies.
“We encourage our customers to continue utilising channels like Point of Sale terminals at our locations, Quickteller payment platforms, bank branches, AIICO e-Insurance Web Portal, Third Party Scratch Cards, Direct Debit and Cashier Points at our locations among others.”
The Point had reported that the exposed racketeers engaged in such fraudulent activities as non-remittance of insurance premium, forgery of clients’ policy documents to withdraw their savings, sending of fake savings credit alerts to clients, and unnecessary delay of claims, among others, without the knowledge of the top management of the companies.
