L to R: Dr. Adaobi Nwakuche, MD/CEO, Heirs Insurance Limited; Niyi Onifade, MD/CEO, Heirs Life Assurance Limited
Both Companies Hint at Rapid Expansion Across the Country…
One year following their applauded entrance into the insurance sector, duo insurance companies, Heirs Insurance Limited (HIL) and Heirs Life Assurance (HLA) celebrated their first anniversary recording significant achievements.
Both companies officially opened their doors to the public in June 2021 in a ceremony graced by the Lagos State Governor, H.E. Babajide Sanwo-Olu and the Commissioner for Insurance, Mr. Sunday Thomas.
Since their launch, both companies have achieved the following milestones, among others:
- Procurement of a Bancassurance license and agreement with a tier-one bank
- A phenomenal feat of breaking even
- Fully digitalised websites enabling insurance purchase end-to-end in less than three minutes
- A fast-claims portal that simplifies and facilitates the claims process with a promise of attaining 24 hours claims payment
- Implementation of a core insurance platform and execution of an insurance awareness plan that simplifies the processes, procedures, and communication with clients
In addition, Heirs Life Assurance, the life insurance subsidiary of the Heirs Holdings Group, has fully digitalised its entire processes demonstrating its commitment to providing simple, quick, accessible, and reliable insurance services.
Key milestones include:
- Roll out of various products via a digitalised distribution network
- Registered as one of the few companies providing the pension-regulated Annuity to the Lagos State Government, as well as serving thousands of other retirees from the private and public sectors nationwide
- Extensive agency distribution network across the country
The MD/CEO, Heirs Life Assurance, Niyi Onifade promised that the team is not relenting in the pursuit of its promises.
“We promised that we would partner with our regulators to achieve the vision of democratising insurance, transforming lives and the sector. We are relentless in this pursuit, and we are pleased to share that many more milestones will be achieved this year with the flawless execution of a rapid expansion plan,” he said.
On its part, Heirs Insurance Limited cemented its place as one of the fastest growing general insurance companies in the country within the period under review.
Significant milestones include:
- Achievement of its revenue target, a testament to gaining the trust of publicly listed and private companies nationwide
- Development of gender-diverse insurance products to meet the needs of all customers
- Simplifying the claims process to enable customers file claims within five minutes
Commenting on the company’s aggressive footprint across the industry, MD/CEO, Heirs Insurance Limited, Dr. Adaobi Nwakuche said, “We surpassed our financial expectations bringing value to our customers and shareholders, proving that indeed the Nigerian insurance industry has a lot of untapped potential. We appreciate our clients for the trust placed in us, the dedication of our employees and the support of our Group, Heirs Holdings. We are excited about the next phase of our ambitious journey.”
Heirs Insurance and Heirs Life are both subsidiaries of Heirs Holdings, a pan-African investment company with a portfolio spanning 20 African countries and three continents.