Two of the leading insurance companies in Nigeria, Heirs Insurance Limited (HIL) and Heirs Life Assurance (HLA) have commenced a bancassurance partnership with global banking group, the United Bank for Africa (UBA).
The partnership will permit the distribution of affordable and dependable insurance products for all, at UBA Nigeria branches, providing a wider range of financial security options for individuals, families, and businesses, whilst driving financial inclusion, a strategic objective for both groups.
The rollout begins September 14, 2022.
The bancassurance partnership offers customers of all three entities an expanded distribution network and the ability to seamlessly transact banking and insurance needs in a single location. Customers will be able to purchase insurance from all UBA Nigeria distribution channels, including the branches.
Heirs Insurance and Heirs Life have demonstrated their unique approach to insurance and customer experience, that emphasises simplicity and accessibility, propelled by their innovative digital insurance processes. The new bancassurance partnership underlines their mission of improving lives and transforming Africa, while democratising access to financial services.
Adaobi Nwakuche, MD/CEO, Heirs Insurance, said: “We are pleased to partner with a trusted and innovative bank such as the United Bank for Africa. This partnership will offer millions of people nationwide the financial security that is so needed. We are committed to our transformative path of improving the lives of Nigerians, while ensuring that insurance is made accessible to all”.
Niyi Onifade, MD/CEO, Heirs Life Assurance, said: “We promised Nigerians accessibility to insurance, and this bancassurance partnership is one of the key ways we are fulfilling that promise. The new bancassurance partnership with UBA reaffirms our shared digital-first approach and innovation culture, which inspire us to provide the utmost value to our customers. We appreciate our regulator, the National Insurance Commission, and of course, the Central Bank of Nigeria for granting us the necessary approval and placing their confidence in us”.
Speaking on the rollout, the Group Managing Director, UBA, Oliver Alawuba, said: “As a financial institution, with a presence in 20 African countries, and the USA, France, UK and the United Arab Emirates, UBA prides itself on being an innovative, one-stop shop offering financial solutions to its over 35 million customers, from our various touchpoints. This partnership with Heirs Insurance Limited and Heirs Life Assurance helps us once again to significantly expand our branch and digital offering, to the benefit of our customers and advance our commitment to driving financial inclusivity.”
He added: “Our customers and those of Heirs’ insurance families will enjoy a bouquet of innovative and affordable products, through the rich distribution channels provided by UBA”.
Regulated by CBN and NAICOM, bancassurance allows banks to offer insurance products or benefits to the bank’s customers through partnership with insurance companies.