Tangerine Life Insurance Limited has announced that it paid over ₦9 billion in claims to policyholders during the 2025 financial year, while sustaining its industry-first 24-hour claims settlement policy for verified claims. The company, a subsidiary of Tangerine Financial Group, disclosed this in a statement signed by its Managing Director, Mr. Ola Oyetayo.
Claims Breakdown and Settlement Efficiency
According to the statement, the total claims paid in 2025 exceeded ₦9 billion, covering life insurance, accident, and health policies. The firm processed over 12,000 claims during the period, with an average settlement time of under 24 hours for fully documented claims. This marks a 15% increase in claims volume compared to 2024, reflecting growing customer trust and policy uptake.
Mr. Oyetayo attributed the achievement to the company's investment in digital infrastructure and a dedicated claims team. “We have automated our claims verification process to ensure that genuine claims are paid within 24 hours. This has been a key differentiator for us in the Nigerian insurance market,” he said.
Customer Impact and Industry Recognition
The insurer noted that the 24-hour settlement policy has significantly improved customer satisfaction, with a 98% claims approval rate in 2025. Tangerine Life also reported a 30% growth in new policies sold during the year, driven largely by word-of-mouth referrals from satisfied claimants.
The company has received several industry accolades for its claims efficiency, including the “Best Claims Service Provider” award at the 2025 Nigeria Insurance Awards. Mr. Oyetayo added that the firm aims to further reduce settlement times to 12 hours for most claims by 2026.
Market Context and Future Outlook
The Nigerian insurance industry has historically faced criticism for slow claims settlement, with some companies taking weeks or months to pay. Tangerine Life’s approach has set a new benchmark, prompting competitors to review their own processes. The firm plans to expand its digital platform to include instant claims tracking and AI-driven fraud detection.
“We are committed to making insurance claims hassle-free. Our goal is to ensure that every valid claim is paid within 24 hours, and we are investing heavily in technology to achieve this,” Oyetayo stated. The company also announced plans to launch new micro-insurance products targeting low-income earners in 2026.
