By Modupe Gbadeyanka
One of the leading underwriters in the country, AIICO Insurance Plc, has appointed Mr Babatunde Fajemirokun as its Managing Director/Chief Executive Officer.
A statement issued by the insurer disclosed that the appointment of Mr Fajemirokun, approved by the National Insurance Commission (NAICOM), the industry regulator, was with effect from Wednesday, August 14, 2019.
Mr Fajemirokun is taking over the mantle of leadership in the firm from Mr Edwin Igbiti, who retired as the MD/CEO of the firm on July 11, 2019 after 27 years of meritorious and dedicated service.
The new head of the company, according to his profile, 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.) from the University of Strathclyde and a BA (Hons) degree in Business Economics from the Glasgow Caledonian University.
Apart from being a qualified associate (ACII) of the Charted Institute of Insurance (UK and Nigeria) with a Chartered Status (Chartered Insurer), he is also a member of the Institute of sectors.
Mr Fajemirokun started his career in 2001 as a visiting lecturer in the department of Economics & Enterprise at the Glasgow Caledonian University, Scotland. He joined Accenture (Nigeria) Financial Services Unit (Banking and Insurance Groups) in 2003 as an analyst and specialized in Mergers & Acquisitions projects.
In 2008, he joined Capgemini Consulting (UK) Business Information Strategy Unit (cross-industry) in 2008, as a Senior Consultant, and worked on UK government transformation projects.
The next year, Mr Fajemirokun joined the Life Division of AIICO Insurance and was responsible for the delivery of key projects in its maiden transformation initiatives, leading the retail operations function between 2009 and 2013, which encompassed retail processing (underwriting new business & renewals, alterations/ endorsements and policy issuance & delivery), customer services/ retail claims, business process redesign and technology.
In October 2013, he was appointed Chief Operating Officer, which 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, with supervisory responsibility for all 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 strategic growth 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 also has external appointments as a Non-Executive Director in AIICO Pension Managers Limited, Food Concepts Plc and Xerox Corporation Nigeria (XHS).
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