Follow Us on Google
By Henry Uche
Heirs Insurance Limited (HIL) and Heirs Life Assurance (HLA) said their Policy holders received claims payment of N1.611billion in less than two years they kicked off operations.
At a media parley in Lagos, the two companies also told newsmen that they have introduced the Fast Claims Portal to ensure customers make claims seamlessly. According to them, the said amount stretched from the inception of the business on June 1, 2021 to the end of third quarter of 2022.
Addressing newsmen, the Managing Director of HLA, Mr. Niyi Onifade, said the duo are committed to prompt claims settlement as replacement, restatement and cash payment remains a top priority to them.
His words: “We recognised claims payment as a very important responsibility of our two companies and we also understand the importance the National Insurance Commission (NAICOM) places in claims payment.
“We make our claims settlement process as seamless as possible for customers. One of the things we have done is to introduce what we call ‘Fast Claims Portal’ which enables customers to make claims in minutes with the assurance that these claims will be treated quickly.”
Onifade noted that Heirs Insurance paid a total of N303 million as claims in 2021 and N550 million at the end of third quarter 2022 while Heirs Life paid a total of N58 million as claims at the end of 2021 and N700 million at the end of Q3 2022 which brought the grand total to N1.611bn.
The insurance expert further said that the Heirs Insurance and Heirs Life reported an impressive financial performance with the former generating a gross written premium of N3.5bn in 2021 and GWP of N5.8bn as at the end of Q3 2022, while the latter, hit a gross written premium of N2.7bn in 2021 which grew to N9bn as at the end of Q3 2022.
He affirmed that Heirs Insurance recorded a profit of N600million at the close of business in third quarter 2022 while Heirs life on the other hand generated N950 million profit in the same period of third quarter 2022.
For her part, Managing Director, Heirs Insurance, Dr. Adaobi Nwakuche, said the two companies are committed to seamless business, as well as creating products that would deepen their penetration and stand them out in the market.
She said this informs why they provide simple products that could easily be understood. Nwakuche revealed that Heir Insurance introduced 33 new products while Heirs Life introduced 16 new products in the course of the year.
