BY NGOZI ONYEAKUSI

Heirs Insurance Group has over the past five years, recorded tremendous achievements, industry recognition, thus growing its customer base to over three million policyholders.

The Group within the period has distinguished itself through rapid business growth, improved profitability, digital innovation, enhanced customer service, and prompt claims settlement.

Speaking during a media briefing in Lagos to commemorate its five years anniversary, the Managing Director of Heirs Life Assurance Limited, Mr. Niyi Onifade, reflected on the Group’s journey and the determination that led to its success.

According to him, the company demonstrated patience and resilience in its quest to enter the insurance industry, waited for seven years to obtain regulatory approval from the National Insurance Commission (NAICOM).

“We were very patient from the beginning. We waited for seven whole years before the operational licences came from the regulator. We started with an application for one licence, but due to regulatory changes within those seven years, during which we worked with three different Commissioners for Insurance, we eventually secured two licences,” he said.

Onifade noted that Heirs Insurance Group commenced operations in 2021 at the height of the COVID-19 pandemic, a period many believed was unsuitable for business growth. Despite the challenging environment, the Group defied expectations and has since emerged as a leading insurance brand in Nigeria.

He explained that the Group entered the insurance industry with a clear mission: to change negative perceptions about insurance, simplify insurance products, make them more accessible and affordable, leverage technology, and rebuild public trust through prompt claims settlement.

“We didn’t come into the insurance industry for coming sake, we came to transform the industry.  People have been writing so many about our industry, but we came here and said no, we will change all these and we did so, for us it is the fulfilment of the promise that we made on.June 1st 2021 when the Group was launched. Today, we have come to be recognised as a customercentric organisation”.

He added that the company’s customer base has grown to more than three million, reflecting increasing public confidence in its products and services.

Onifade further highlighted the Group’s growing international recognition, noting that its strong performance recently earned it recognition as  Financial Times’ ranked Heirs Life Assurance seventh among African companies in its category, while Heirs General Insurance was ranked 41st. The Group was also recognised among the leading digital insurance providers, reinforcing its position as a rapidly expanding insurance brand.

According to him, these achievements underscore the company’s strong growth trajectory and its potential for even greater success in the years ahead.

Operating as a paperless and digitally native insurance group, Heirs Insurance has leveraged technology to drive financial inclusion and improve customer experience. This technology-driven strategy earned the company recognition from Nairametrics as one of the top three digital innovators in Nigeria’s insurance industry.

The Group, according to Onifade recently strengthened its digital capabilities with the launch of its proprietary artificial intelligence assistant, Prince AI, designed to enhance customer engagement and service delivery.

As one of Nigeria’s fastest-growing insurance groups, Heirs Insurance  recorded significant financial milestones, including ₦7.5 billion in profit and total assets of ₦136 billion.

On claims settlement, the Group reiterated its commitment to promptly honouring all genuine claims, noting that valid claims are settled within 24 hours, a practice that has helped strengthen customer trust and confidence.

Beyond business growth, Heirs Insurance  continues to make meaningful contributions to society through its corporate social responsibility initiatives. Through programmes such as the Heirs Insurance Essay Championship and various financial literacy campaigns, the Group has supported education and promoted insurance awareness among young Nigerians and communities across the country.

Heirs Insurance is on a mission to dominate the African insurance landscape over the coming decades, expanding its footprint across the continent while redefining insurance through technology and financial inclusion.

“We are not just looking at the present. We have built a framework designed to sustain this leadership, drive industry penetration, and dictate the pace of insurance excellence for the next 50 years,” he assured.