What is your name, role, and the name of your company?
My name is Niyi Onifade. I am the MD/CEO of Heirs Life.
What inspired you to take on this role?
To answer this question, I must take you on a journey back to 2015. One afternoon in June of that year, I got a call from someone who had once worked with me as a junior colleague. At that time, she was working in one of the HH investee companies. After the usual chit chats, she said to me on a very serious note, “Oga, there is something I want to discuss with you.” Well, I least expected what came next.
She wanted me to consider joining HH Group as the CEO of its insurance business. That was how it all started. That was the beginning of series of discussions with different people within the Group. As you can see, I indeed considered her proposal and here I am today (laughs!).
But let me confess, I didn’t make up my mind immediately, not until I met TOE personally for the first time. I remember that day vividly. I was ushered into his office at Heirs Place at about 4.00 PM. He stood up, shook my hand firmly, and made some positive remarks about my dressing. Wow! I felt on top of the world.
While still standing there with TOE holding my hand, Akon (yes, Akon the American singer) entered his office with some guys and, one by one, two by two, some HH staff started coming into TOE’s office. They started taking pictures with the musician and TOE. I was dazed!
Anyway, while all of us were still standing there, TOE said that he needed to depart for France almost immediately. He then asked Adim to set up a proper meeting for him to interact further with me later.
And that was it.
I went home that day wondering what type of organisation HH was. I said to myself that even if I didn’t end up making it to the Group, the experience of that day was great enough for me. I felt extremely honoured by the way that TOE personally received me in his office. I concluded that the Group must be a great place to work.
Anyway, what followed were series of sessions about insurance with TOE present most of the time. I was also learning. I got really inspired by the combination of people gathering inside Suzanne Room to discuss. Many of them were very young, yet everyone’s opinion counted. TOE gave each person the chance to speak – even if you were saying “nonsense” (laughs!).
Anyway, it didn’t stop there. I began to conduct my personal research and what I discovered really got me interested in joining the Heirs Holdings Group. The interactions I had with everyone and all the sessions before my resumption date gave me the comfort that I was coming to the right place.
What were your fears about being involved with a startup business?
To be honest with you, I didn’t entertain any fear before I joined the Group, and I will tell you why. You see, I had been involved in quite a number of startup businesses previously, so I had a very clear idea of what I was going into. I was psychologically prepared.
In 2005, for instance, I became one of the pioneer senior executives of a startup PFA and all of us almost had hypertension before obtaining the operating license from PenCom. The company was one of the first seven (7) PFAs to apply for a license and, goodness me, the process was so draining.
One, the new pension system had just come into effect, so many things were not very clear – even to the regulator itself. Two, I was the number two (2) person in the company and served as the Head of Operations.
You know what that meant? All eyes were on me to get the company set up operation-wise. Three, the shareholders were breathing down on our necks every minute; wondering why the license was not yet out.
Did I ever experience fears after joining Heirs? I surely did. But those fears were not about whether we would deliver as expected or not. Those fears actually came when the regulator, NAICOM, refused to give us the required operating license on time.
You must have heard that we waited for about seven (7) solid years before finally getting our two licenses for Heirs Life and Heirs Insurance in November last year (2020). Just imagine how challenging it must have been for some of us!
But how did I cope? Well, thank God for the resilience mantra of HH. Each day, I used to say to myself that this is a mountain that must be levelled. And thank God for TOE’s leadership. He would say to us continuously that we shouldn’t worry, the license must come. So, with his positive and encouraging words, some of us were determined to “die there” as people would say (laughs!).
But thank God, it’s all history now. Fears defeated!
Did your expectation match the reality when you finally joined?
Absolutely! Otherwise, why would I still be here (laughs!).
Believe me, my expectations have been surpassed. This Group walks the talk. See, as someone who has been in the insurance industry for a very long time, I can tell you almost everything about each player in our industry. That gives me the opportunity to, as they say, “spot the difference” and I can tell you without mincing words that “…the difference is clear!”
I see the practical demonstration of our 3Es core values of Enterprise, Execution, and Excellence, everywhere in the system. Ours is such a great place to work, I tell you.
Tell us about your milestones to date.
As a startup, your main priority should be to build a strong foundation that can withstand the test of time. That was why we had to wait till June 1st of this year before launching the company to the public. I am so happy to note that although we are just about six (6) months old, most people already know who we are. That gives me joy. The reputation is great.
Let me give you an example. I went for a meeting with a prospect sometime last week and the first thing the man said when we entered his office was… “Oh, welcome gentlemen. I like your simplicity!” We all laughed. But for me, that was a good testament. The man identified our “Simplicity” philosophy.
So, in summary, we have achieved quite a lot in terms of what we set out to do. As I said, we are gaining positive publicity (thanks to our indefatigable MCCE team).
We have successfully started our journey as a digital insurance company. Our website is up. In just as little as a few minutes, you can now get insured from your mobile phone!
Our core insurance application is up and running. We have brought the best of brains into the system in line with our people leadership aspiration. We have obtained the necessary regulatory approvals for our products. Our distribution partnership strategy has been activated. Our branch offices will be opening as from this month. Same for our other digital channels like mobile App, USSD, etc.
A lot is happening.
As a new player in your industry, what difference is your company bringing to the market?
A lot of differences. You see, the Nigerian insurance industry is known for several things – many of which are negative. If you go out there to ask people if they have insurance, especially life insurance, they will give you a trailer load of why they do not. They will tell you that insurance people don’t pay. Some will tell you that insurance is not for the poor. Others will say to you that insurance is too difficult to understand, so why should they buy?
Our aim, therefore, is to change the narrative. We are set out to make insurance a lifestyle for people so that they can see life insurance as a must-have. We are leveraging technology to provide life insurance products that are simple to understand. We also make sure that you receive quick service anytime you interact with us.
In addition, we make our products and services easily accessible through different channels such as mobile phone, USSD, website, well-trained agents, branch network, etc. And finally, when you buy our products, we give you the confidence that the contract is reliable in the sense that we will fulfil our promise to pay promptly. And you receive the confidence that the life insurance policy document that we issue to you is not an ordinary paper but a financial asset that you should guide jealously.
Share with us, some career growth tips that have helped you over the years.
I say to my younger colleagues that I have been where they are before. I climbed the ladder, so I know what it takes to achieve a career goal.
The most important requirement is a personal responsibility. You must accept 100% responsibility for your career by doing all that it takes to achieve your goals. Never blame anyone. Never believe that something is impossible. Take charge of your career, remain resolute to get to the top, and be ready to learn.
That’s what I did. I took 100% responsibility. I began to learn from the masters.
When I come across a good idea either in a book, at a seminar, or what have you, I try to test it. I put it into practice. I learn from it. Honestly, one of the greatest things I see happening in our Group is the KSS where different ideas are shared. I enjoy this a lot and encourage those who are just starting off to take it seriously.
Career growth requires hard work. I have since recognised this, so I work hard at everything I set out to achieve. The problem with many people is that they are too lazy so they give up early. Success doesn’t come that way. Imagine how technology – most especially the internet – has made it easier for people to learn and grow, yet a lot of people fail to take advantage of this. Hard work pays.
And in all, pray to the Almighty for His assistance and guidance all the time.
