As one of Africa’s fastest-growing economies, Nigeria has made remarkable progress across numerous sectors.
However, the insurance industry continues to lag, constrained by a lack of financial literacy, deeply ingrained misconceptions about insurance products, cultural and religious beliefs and economic instability that limits both individual and business capacity to afford insurance premiums. These challenges have resulted in persistently low penetration rates, preventing many Nigerians from accessing crucial financial protection.
In this context, the Heirs Insurance Group (HIG), a subsidiary of the esteemed Heirs Holdings, a pan-African investment company with a footprint across 24 countries and four continents, has emerged as a catalyst for change.
Founded and led by Mr. Tony Elumelu, HIG has dedicated itself to transforming the insurance landscape since its establishment three years ago.
Recognising that a robust insurance sector is vital for economic resilience, Heirs Insurance Group is committed to providing a safety net against unforeseen events, ranging from accidents and illnesses to property damage. By doing so, it aims to shield individuals and businesses from financial losses while also promoting economic stability through effective risk management. Increased insurance penetration not only safeguards assets but also creates jobs within the insurance sector and related industries, fostering a more secure economic environment.
HIG has rapidly positioned itself as a significant player in Nigeria’s insurance market, changing the narrative through a dedication to exceptional service and innovative solutions. The company’s growing retail presence and its omnichannel digital strategy enable it to cater to both corporate and individual clients across the nation. Through its initiatives, Heirs Insurance is championing financial inclusion, demonstrating a commitment to democratizing access to insurance for all Nigerians.
The Group’s mission is clear: to improve lives and transform Africa. In a world increasingly driven by technology, Heirs Insurance has emerged as a trailblazer, utilizing AI-driven digital tools, user-friendly apps, and seamless connectivity to make insurance simple and accessible for everyone. The company firmly believes that insurance should not be perceived as a luxury but rather as a fundamental necessity, asserting that every Nigerian deserves access to essential financial services for a more prosperous life.
A customer-centric approach
At the core of HIG’s philosophy is a deep understanding of its customers’ needs. The company offers an extensive range of insurance products tailored to address the diverse requirements of individuals and businesses. From life and health insurance to property and casualty coverage, Heirs Insurance delivers comprehensive solutions that prioritize what matters most to its clients.
Backed by the financial strength of Heirs Holdings, Heirs Insurance possesses a solid foundation for growth and stability. This robust financial backing ensures the company can meet its obligations to policyholders while maintaining a high level of solvency, thereby reinforcing trust and reliability in its services.
The journey
Reflecting on the inception of Heirs Insurance, Niyi Onifade, Managing Director/CEO of Heirs Life Assurance, notes, “Our journey began in 2013 when Heirs Holdings conducted a thorough research study on the Nigerian insurance industry. We discovered that the penetration rate was alarmingly low, at less than one percent.” This sobering revelation prompted the parent company to seek operational licensing from the National Insurance Commission, aiming to make a meaningful difference in the industry.
“After seven years of perseverance, on November 27, 2020, our chairman, Mr. Tony Elumelu, led our team to NAICOM’s headquarters in Abuja, where we received licenses for Heirs Life Assurance Limited and Health General Insurance Limited. We officially launched to the public on June 1, 2021, marking a significant milestone in our mission,” Onifade recalls.
Chief Marketing Officer Ifesinachi Okpagu shares the early days of the company: “In 2015, we were just a small team, filled with excitement and ambition. We began with nothing—an empty building, no furniture, and no branding. Today, it is gratifying to see our team grow to over 200 individuals spread across Nigeria, evolving from a handful of people to a thriving organization.”
Blessing Ezemelue, Head of Legal Services and Company Secretary, emphasizes the familial atmosphere within the company: “For us, this is more than just a workplace; it’s a family. We view ourselves as partners in this journey, deeply connected to the company’s vision and proud of our achievements.”
In an inspiring testament to the company’s growth, Wole Fayemi, MD/CEO of Heirs General Insurance, notes, “It’s incredible to think that we started from ground zero in 2021 and have accomplished so much in such a short time. In just three years, both Heirs Life Assurance and Health General Insurance have collectively generated nearly N40 billion in business. This achievement is unprecedented in Nigeria’s insurance market.”
Check for part 2
HIG: Building trust, driving innovation in Nigeria’s insurance market (2)