Onifade Expresses Satisfaction over Heirs Insurance Impact on Sector
Ebere Nwoji
The Managing Director Heirs Life Assurance Limited, Mr Niyi Onifade, has expressed satisfaction at the positive impact made by the Heirs Insurance Group within its three years of operation in Nigerian Insurance industry.
Onifade said within three years of operation, the Heirs Insurance Group has been able to fulfill its promise of rebuilding public trust in insurance through redefining of claims payment system, pushing into the market products and services that meet the needs of the people as well as leveraging on technology to democratise insurance by making insurance products available to Nigerians.
He said, “Heirs Insurance group started operation in June 2021 and today prides itself in underwriting N40 billion premium. Heirs Insurance Group(HIG) which comprises of Heirs Life Assurance (HLA) , Heirs General Insurance and Heirs Insurance brokers has been adjudged one of the fast growing insurance firms in the country.”
Speaking during a documentary screening and media parley, tagged, “Three Years of Impact,” organised by the Heirs Insurance, Onifade recalled that the group’s journey into where it is today started way back in 2013 when the Chairman of the parent body, Heirs Holding, Tony Elumelu, carried out a research on insurance to discover that Nigerian insurance industry has the problem of low insurance penetration rate due to lack of trust when it comes to claims payment and the issue of products and services that don’t really meet the needs of the people.
He said the parent company therefore decided to enter into insurance market to make a difference.
Onifade explained that with strong financial capacity, the group has continued to provide succor to policyholders with a payment of N5.7 billion while expressing hope of settling claims within five minutes of filing documentation. Onifade also said the Group has over 200 employees with 53 percent being below 35 years of age.
According to him, Heirs Insurance underwrites over 4000 risks in a month a feat that is uncommon in the insurance industry.
