Adopt Heirs Insurance Group’s Digital Framework As Minimum Industry Standard—Onifade Charges NAICOM

The Managing Director/Chief Executive Officer of Heirs Life Assurance, a member of the Heirs Insurance Group, Niyi Onifade, charged insurance regulators to adopt Heirs Insurance Group’s digital framework as the minimum industry standard to drive insurance accessibility and service quality across the country.

Onifade made this call during the panel discussion at the 2nd edition of the United Capital Securities’ Insurance CEO Breakfast Forum, which was held in Lagos on Thursday, October 26, 2023.   

 While delivering the keynote address, the Commissioner for Insurance, Mr. Sunday Thomas commended Heirs Insurance Group for their immense contributions to the Nigerian insurance industry since entering the market in December 2020.

According to him, NAICOM has no regret granting the operating license to the group companies.  

He said, “the commission is committed to supporting every initiative that will increase insurance adoption in the country, adding that the commission under his watch is focused not just on compliance, but a wider developmental process that will transform the entire insurance market.

Speaking at the event, Niyi Onifade emphasized the important role technology plays in bringing customers closer to insurance.

“We realised that we must be digital from day one and, thus, we embraced digital tools from the start and drove insurance education heavily through our social media platforms and other digital channels,” he added.

He cited the deliberate steps the companies within Heirs Insurance Group have taken to lay a strong digital and technology foundation for its service. Onifade further outlined how the infusion of technology has been pivotal in revolutionising the overall customer experience at Heirs Insurance Group saying, “we have championed digital transformation to ensure our customers not only find insurance accessible but also experience a level of service that aligns with their expectations.”

Themed “Technology as a critical driver of growth and transformation in the Nigerian insurance landscape,” the forum had in attendance the Commissioner for Insurance, Mr. Sunday Thomas; Group MD/CEO, United Capital plc, Peter Ashade; MD/CEO, Heirs General Insurance, Wole Fayemi; Professor Olayinka David-West, and other executives from the Nigerian financial industry.

Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, one of the leading pan-African investment companies, with investments across 24 countries and four continents, founded and led by Tony Elumelu. With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs General and Heirs Life serve both corporate and individual customers across Nigeria.

Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance. As part of its unique proposition, the Group rolled out digital and mobile channels to simplify access to insurance and make insurance accessible to everyone.

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