Beneficial General Insurance
In 1974, American International Group (AIG), one of tne biggest american insurance corporation, created in Cameroon its subsidiary specialized in life insurance called «American Life Insurance Company (ALICO)».
In 1995, ALICO CAMEROON became a public limited company called BENEFICIAL LIFE INSURANCE S.A in accordance with Ordinance nº 85/003 of 1st August 1995regarding the exercise of Insurance in Cameroun.
Group ALICO specialized in life insurance in more than 73 countries, was the pioneer and the leading promoter of life insurance in Cameroon. Through a door-to-door sales approach, an extensive network of agencies and dynamic sales agents focused on direct contact with its customers with tailored insurance solutions and especially taking into account the saving capacity of people in low incomes, ALICO strongly contributed to instilling the culture of life insurance in Cameroon.
In doing this, its marketing policy is fundamentally different from other insurance subsidiaries companies based in Cameroon which prefer to rely upon the facility offered by bankers to distribute insurance products. Such an approach justifies our strong business expansion for the last 35 years.
Thanks to our numerous customers and our stable financial situation, BENEFICIAL Life is known as one of the most trusted company in the insurance industry of CIMA sub-region. This was confirmed in 1999 when CIMA approved our accreditation to start a subsidiary in TOGO called Beneficial Life Insurance TOGO and another company in Cameroon specialized in IARDT, Beneficial General Insurance Cameroun. Group Beneficial is composed of 3 companies administrated in compliance with the local legislation, CIMA Code and the treaty of OHADA.
In April 2001, Beneficial Life Insurance S.A. grew by acquiring part of SOCAR portfolio following international competitive bidding of 1st August 1998.
Group BENEFICIAL has technological lead over its competitors. The group to manage its portfolio uses information system (OLAS) which allows real time management. This system developed by ALICO is being used in 73 countries and the most efficient software around the world. More over, BENEFICIAL CAMEROON is the first insurance company in the sub-region which has set up an SMS communication system with its customers.
In partnership with mobile phone companies, Beneficial Life accepts the path of innovation regarding telephone communication and subscribing to special fleets for its executive.
In addition, communication, with its vast customer base of over 70,000 members, is provided automatically by a network SMS service that is installed directly into the Head office computer system: notifying customers about availability of their cheques, the need to pay their premiums, etc. via SMS.
Our mission is the sale of life insurance products and IARDT in CIMA zone,while contributing to the economic development of the countries in which we operate and providing guarantee coverage for various risks of transferring our customeSee more