AIICO deepens insurance penetration with new All-in-One protection solution

[By VICTOR NZE]

Top underwiter, AIICO Plc has moved to deepen insurance penetration of the market to reach the underserved population across the country with the official launch of its groundbreaking product, the insurer’s All-in-One Insurance Protection.

According to the foremost insurer, the AIICO All-in-One bundled insurance solution is effectively designed to address the longstanding financial vulnerabilities faced by Nigeria’s smallholder farmers, rural families, and underserved populations.

The product unveiling which held in Lagos, last month, followed an extensive nationwide engagement tour across Ibadan, Kano, and Calabar.

According to the insurance firm, in a statement signed by its Head of Digital Marketing & Communication, Mr Segun Olalandu, the product is a direct response to some of the socio-economic realities arising from situations whereby for decades millions of hardworking Nigerians in the informal sector; including market traders, smallholder farmers, artisans, transporters, and micro-entrepreneurs have remained exposed to huge financial shocks.

“A single illness, accident or emergency can erode years of savings, destabilize households, and push families deeper into poverty. Without structured retirement support, many also face the risk of hardship after their active working years,” the company stressed.

It would be recalled that ahead of the product launch, AIICO undertook market engagements and awareness campaigns across key agricultural regions – Ibadan (South-West), Kano (North-Central), and Calabar (South-South).

The company met with traditional rulers, community leaders, farmer associations, aggregators, cooperatives, and rural households, introducing the product and capturing real-time feedback.

The underwriter described the reception as overwhelmingly positive, with stakeholders expressing admiration for AIICO’s deliberate effort to bring insurance education and financial protection closer to the people, just as they also highlighted the importance of simple, affordable solutions, especially offerings that cover health emergencies, accidents, and provide a pathway to retirement security.

Speaking at the launch, AIICO’s Managing Director/CEO, Mr. Babatunde Fajemirokun, reaffirmed the company’s commitment to expanding insurance penetration and strengthening financial inclusion across Nigeria.

“We have adopted a grassroots strategy, conducting enlightenment campaigns in Ibadan, Kano, and Calabar, and our interactions with these communities have provided valuable insights into their challenges and aspirations.

‘The AIICO All-in-One Financial Protection is our promise of support to Nigeria’s smallholder farmers and informal workforce, ensuring that illness, accident, or emergency does not erode years of hard work.

“This innovation brings security and peace of mind to the hardworking individuals who form the backbone of our economy,” Mr Fajemirokun said.

Continuing, the AIICO boss described the product as a reflection of its six-decade long commitment to creating solutions.

“As a company with a history spanning over 60 years, our mission continues to be about creating solutions that enable Nigerians to thrive. This product is a reflection of that commitment; simple, accessible, and designed for everyday people who deserve peace of mind,” he stressed.

Also speaking at the unveiling, Mr. Adewale Kadri, Executive Director, Technical, expressed gratitude to the leaders, associations, and farmers who warmly welcomed the product during the engagement tours.

“We are deeply appreciative of the traditional leaders, community heads, farmer groups, and value-chain players who received us across Ibadan, Kano, and Calabar. Their encouragement, insights, and enthusiasm reaffirmed that this product is timely and truly needed,” he noted.

In emphasizing the universal relevance of the solution, Mr Kadri noted that the All-in-One Financial Protection is not just for farmers.

“It is suitable for nearly everyone, regardless of social or economic standing. It provides meaningful coverage that shields families from financial shocks while also supporting long-term financial stability,” he said.

Kadri further highlighted the insurance firm’s track record, saying: “Our industry leadership is built on trust, strengthened by consistent claims payment over the decades. This legacy drives us every day to innovate and design products that reflect the real needs of Nigerians. We are committed to ensuring that financial protection is not a privilege, but something accessible to all.”

Supported by its international partners such as; LeapFrog Investments (UK) and the European Investment Bank (EIB), the AIICO All-in-One solution brings together three essential covers in one accessible, affordable package to include the following:
Personal Accident Insurance, which provides compensation for accidental injury, permanent disability, or death.
Hospital Encashment – Offers cash benefits during hospital admission to help families manage medical and daily living expenses.
Deferred Annuity – A long-term retirement savings plan enabling low-income earners to build a financial cushion for the future.
Premiums have been intentionally structured to be affordable for low-income earners, with annual rates starting from N800 for Personal Accident and N5,000 for Hospital Encashment.
Deferred Annuity contributions remain flexible and are determined by the customer’s age, selected annuity level, gender, and preferred commencement date.

The new product is expected to serve as a significant catalyst in closing Nigeria’s protection gap and driving insurance adoption, especially in rural and semi-urban communities where penetration remains low.

By bundling three essential covers into one package at price points that align with the realities of low-income earners, the solution is poised to impact millions of families.

AIICO’s expanded distribution efforts, partnerships with community structures, and engagements across the agricultural value chain reinforce the company’s commitment to taking insurance beyond urban centers and embedding it in communities where vulnerabilities are highest.