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Chuks Udo Okonta
On June 1, 2021 when Heirs Insurance Limited and Heirs Life Assurance were unveiled as underwriting firms, expectations were high as the public were anxious to see what they have in their kitties. Four month down the line, the companies have demonstrated that they are in for a serious business as they now stand tall with a robust scorecard.
The duo have really demonstrated that determination begets good results as they have attained enormous feats, of which prominent amongst them is securing Lagos State endorsement to provide retirement life annuity cover for the state’s retirees.
The firms have also within the short period recruited thousands of insurance agents, who have been digitally empowered to harness insurance opportunities across rural and urban settlements in the country.
Poised to capture businesses within the insurance broking space, they played host to brokers fraternity by hosting their esteemed monthly get together, christened Members’ Evening, which had opened an enlarged door for them to harness businesses provided by brokers who control about 60 per cent of insurance business.
Managing Director, Heirs Life Assurance Limited, Niyi Onifade, speaking at a press conference in Lagos, said Heirs Life has gotten an approval from the National Insurance Commission (NAICOM) to underwrite retirement life annuity and is poised to play big in the business having understood the pain point of other underwriters engaged in the business.
He noted that it has being a very good journey since the firms commenced business, stressing that both companies have through their operations informed the public that insurance business has taken a new shape.
“We all know annuity is a marathon, it is one of the long term business. And as we speak, I want to confirm to you that we are writing annuity and that we have obtained all necessary approvals from NAICOM, and we are playing big in the business. And because of the confidence the Lagos State Government has in us, it has appointed us as one of the key providers of annuity in the state,” he posited.
Onifade submitted that the firm is making insurance accessible to the public through it interactions; products; strong capital base; fast/quick response and digitisation of its operations.
The Acting Managing Director, Heirs Insurance Limited, Adaobi Nwakuche, maintained that the firm which is fully recapitalised, to the tune of N10 billion, has come to bring changes in Insurance offering in Nigeria and provide full satisfaction to policyholders.
“Because we are customer centric company, we want to make sure our customers come first in the business. We treat them like queens and kings, from the point of doing the business and to the point of claims. We will continue to offer simple, accessible and affordable products to satisfy them.
She noted that the firm is leveraging USSD to drive business in a most unique way.
“We want to do things differently, we want to go to places people have not think of, that is why we are coming up with different channels like USSD that even if you don’t have an Internet enabled device you can still access insurance.
On claims settlement, Nwakuche also assured that Heirs is quick and reliable, adding that established claims are settled within 24 hours.
Heirs Insurance Limited (HIL), the general insurer, with the mandate to protect people’s properties, and specialist life insurance company, Heirs Life Assurance Limited (HLA), with a vision to provide financial security and life insurance plans for people, are positioned to become the leading Nigerian insurers leveraging digital to provide simple, quick, reliable, and accessible insurance to individuals and businesses.
With paid-up share capitals of N10billion and N8billion respectively, HIL and HLA commenced full operations with a workforce of astute and experienced professionals, and a robust financial capacity to underwrite all classes of general and life insurance businesses. The companies are supported by top-notch Reinsurers to provide second-layer security for clients’ insurance portfolios. Both companies are subsidiaries of Heirs Holdings, a pan-African investment group with presence across twenty-three countries worldwide.
Heirs Life Assurance parades esteemed products such as: My Heirs Plan; Heirs Group Life; Heirs Credit Life; Heirs Term assure; Heirs Save Plan; Heirs Annuity Plan amongst others.
While Heirs Insurance Limited products include; Good-In-Transit; Burglary Insurance; Tenant Protect Plan; Comprehensive Motor Cover; Flexi Motor Cover; Personal Accident Cover; Fire and Special Perils Cover; Bikers Plan; Third Party Motor Cover; Her Motor Cover amongst others.
