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Heirs Insurance MD Calls for Digital Innovations to Promote Sector

Heirs Insurance MD Calls for Digital Innovations to Promote Sector

The Nigerian Insurance sector is in dire need of digital innovations like USSD codes, online registrations and e-claim processing among others to deepen penetration in the country.

This was disclosed by the Ag. MD/CEO, Heirs Insurance, Dr. Adaobi Nwakuche, recently in Lagos.

Without these innovations, Nwakuche explained that several Nigerians will be either barred from subscribing to insurance policies or frustrated out of the sector due to unnecessary delay in processing claims.

She said, “Digital and product innovation, financial inclusion, and service excellence are the hallmarks of our insurance play, offering value to all stakeholders.

“Rest assured that we are taking insurance across Nigeria to the hinterlands. We are firmly committed to our mission.”

In the area of customer service excellence, Heirs Insurance and Heirs Life Assurance aligned on being customer-centric in their approach, matching global best practices with the needs of Nigerians to guarantee customer satisfaction.

In line with this, both companies recently launched highly optimised websites and through which the insuring public can purchase products in mere minutes.

Claims, which is perhaps the most significant bottleneck in the industry, has also been simplified with the setup of a claims portal through which customers can lodge claims and get their claims settled in 24 hours upon receipt of documentation.

Niyi Onifade, MD, Heirs Life Assurance, said, “We have a couple of announcements we will be making in a few weeks that affirm these positions. We will never disappoint our customers.

“In terms of product innovation, Heirs Insurance and Heirs Life’s products are ingrained in the reality of the insuring public rolling out plans for families, businesses, entrepreneurs, couples and more to add value to the lives of Nigerians.”

Both companies’ MDs spoke about their stance on financial inclusion, committing to actively drive insurance education across a broad audience, as well as introducing affordable products that cost as low as N1,000 per year.

On regulatory expectation, the companies reinforced their commitment to working in accordance with the vision set by the insurance regulatory body, NAICOM. The close association of both companies to Heirs Holdings, a renowned conglomerate with a history of success across various industries, indicates how much priority Heirs Insurance and Heirs Life place is staying in line with regulatory expectations.

With a paid-up share capital of N10 billion and N8 billion, respectively, HIL and HLA commenced full operations with a workforce of astute and experienced professionals and a robust financial capacity.

Both companies are subsidiaries of Heirs Holdings, a pan-African investment group with presence across twenty-three countries worldwide.

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