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Tag: Heirs Insurance Group

  • Heirs Insurance Group releases ‘The Underwriters’ on YouTube

    Heirs Insurance Group releases ‘The Underwriters’ on YouTube

    Heirs Insurance Group has released its new web drama entitled: “The Underwriters”, on its YouTube channel—the first insurance in Africa.

    Unveiled in time for the holidays, the web series is part of the Group’s “Unwrapping Smiles” campaign aimed at elevating the holiday experience. In addition, the project aligns with the Group’s goal of demystifying and simplifying insurance.

    Chief Marketing Officer, Heirs Insurance Group, Ifesinachi Okpagu, in a statement said a unique slant for a web series challenges common misconceptions about insurance while driving insurance literacy.

    She said: “Set in an urban corporate environment, the film tells the story of a couple fighting to keep their relationship relevant while handling cases in an insurance company. This initiative marks a significant stride in both African entertainment and the insurance sector, shedding light on the pivotal role insurance plays in safeguarding human lives. The series explores relatable cases in each episode, promising a balance of entertainment and education.

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    “This project, the first of its kind across Africa, stands as a testament to Heirs Insurance Group’s dedication to transforming the insurance landscape through literacy, advocacy, and innovation.”

    We have known that insurance acceptability requires a different approach. We need bold initiatives such as the drama, which can pass across the urgent and bold message that everyone needs insurance. At Heirs Insurance Group, we will continue to keep our promise to make insurance simple, and we hope that this project will not only engage a wide audience but empower people to succeed.”

    Episodes of “The Underwriters” web-series will be released weekly on the group’s YouTube channel, Heirs Insurance TV.

    Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents

  • Heirs Insurance Group launches Unwrapping Smiles for yuletide

    Heirs Insurance Group launches Unwrapping Smiles for yuletide

    Heirs Insurance Group has launched its “Unwrapping Smiles” campaign, a festive initiative designed to bring hope to individuals, families, and communities this holiday season.

    Running from yesterday to December 31, the campaign will feature community-focused outreaches, including Christmas gifts and  rewards to Nigerians.

    The campaign will see Heirs Insurance Group reward individuals and organisations in the communities they operate in, and launch a holiday-watch web film, “The Underwriters”, for all Nigerians to enjoy.

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    During the festive season, the Group will also introduce a low-cost motor insurance, Flexi Comprehensive Motor Insurance Plan, an affordable motor insurance, which provides the benefit of a comprehensive motor insurance plan for a fraction of the cost, addressing the financial realities many Nigerians face today.

    Chief Marketing Officer of Heirs Insurance Group, Ifesinachi Okpagu, said: “At Heirs Insurance Group, we are committed to providing much more than insurance. In a season when many Nigerians seek hope and reasons to smile, we are proud to offer initiatives that inspire and uplift.”

    Details of each initiative under the “Unwrapping Smiles” campaign will be unveiled weekly on the Heirs Insurance Group website and social media platforms.

  • Heirs Insurance Group calls for AI innovation to drive insurance growth in Africa

    Heirs Insurance Group calls for AI innovation to drive insurance growth in Africa

    Heirs Insurance Group has called for the adoption of Artificial Intelligence (AI) to revolutionise insurance in West Africa.

    The Sector Head, Heirs Insurance Group, Niyi Onifade made this call while delivering the keynote address and theme paper at the West African Insurance Companies Association Conference in Accra, Ghana. The conference brought together industry leaders, policymakers, and tech innovators from across Africa to discuss the future of Insurance in West Africa.

    He highlighted the critical role Artificial Intelligence (AI) can play in shaping the future of the insurance sector in West Africa.

    In Onifade’s presentation, titled “Artificial Intelligence and the Future of Insurance in West Africa,” he emphasised the need for insurance companies to embrace AI to stay competitive and meet the demands of the modern consumer.

    He outlined how AI is revolutionising the insurance experience by automating processes such as claims management, enhancing risk assessments, and providing personalised customer service.

    He said: “AI is not just an innovation; it is the gateway to the next generation of insurance.

    In our sub-region, West Africa, the insurance penetration rate is much lower. AI offers an unprecedented opportunity to reach more customers, reduce operational costs, and enhance customer experience. The insurance consumer of today is more digital than before and will become much more digital in future. Our industry has to scale up on digitalisation to meet the needs of today and tomorrow”.

    Onifade further highlighted Heirs Insurance Group’s leadership in integrating technology, particularly AI-driven solutions, to enhance customer experiences, improve risk management, and drive financial inclusion.

    He emphasised the Group’s investment in digital platforms that streamline operations and expand access to underserved populations.

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    He stated that West African stakeholders need to collaborate in adopting AI and developing supportive regulatory frameworks to foster innovation and protect consumer interests.

    We must act now to seize this moment and change the landscape of the insurance sector, he posited.

    Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents. With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group serves both corporate and individual customers across Nigeria.

  • Heirs Insurance Group records 60% growth in premium

    Heirs Insurance Group records 60% growth in premium

    Heirs Insurance Group (HIG) has announced a significant growth in its financial performance for last year.

    It stated that the Group’s Gross Written Premium (GWP) grew by 60 per cent from N19.9billion to N31.7 billion.

     Managing Director, Heirs Life Assurance Limited, Mr. Niyi Onifade, announced this during a “Documentary Screening and Media Parley Themed 3 Years of Impact” at the Group’s Headquarters in Lagos.

    He said: “The Group’s Gross Written Premium (GWP) grew by 60 per cent from N19.9billion to N31.7 billion. Earned insurance revenue increased by 80 per cent from N11.3 billion in 2022 to N20.5 billion in 2023.

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    “The Group also paid N4.1 billion in 2023 from N1.6 billion in 2022 claims, representing 161 per cent growth demonstrating its reliability and commitment to upholding customer’s trust.’’

    In the same vein, he said the insurance group has within three years entrenched remarkable results by recording over 90 per cent of life premium from retail operations; promoting Corporate Social Responsibility (CSR) activities with over N100 million and plans to expand operations to West Africa.

    Onifade, who outlined the progress attained by the Group since inception, said the insurance outfit is living up to its promises to transform insurance practice.

    He stated that the performance indicates their dedication to democratising access to insurance and delivering value to our stakeholders.

    He noted that over the past three years, they had achieved year-on-year growth, reflecting their Group’s mission of driving financial inclusion across Nigeria through simple, accessible and affordable insurance solutions.

    He submitted that the firm is the game-changer in the industry, stressing that with robust financial capacity, the group has continued to provide succour to policyholders with payment of N5.7 billion in claims.

    He also said Heirs Assurance Insurance settles claims payments within 24 hours, while expressing hope of settling claims within five minutes very soon.

    Onifade added that the group has over 200 employees of which 53 per cent are below 35 years. According to him, the entity underwrites over 4,000 policies in a month, a feat that is uncommon in the industry.

  • Heirs Insurance Group posts 60% premium increase to N31.7b

    Heirs Insurance Group posts 60% premium increase to N31.7b

    Heirs Insurance Group (HIG), comprising Heirs Life Assurance (HLA) Heirs General Insurance (HGI) and Heirs Insurance Brokers (HIB) has posted a 60 per cent increase in premium payment to N31.7 billion in its 2023 fiscal year.

    The performance represents substantial growth and an impressive performance across all business indicators. The financial performance highlights the Group’s resilience and operational efficiency.

    The Group’s General and Life companies, combined, recorded a 59.30 per cent increase in Gross Written Premium (GWP), rising from N19.9 billion in 2022 to N31.7 billion, for the year ending December 31, 2023, as they both enter their fourth year.

    In addition, the Group’s earned insurance revenue for year 2023 stood at N20.5 billion, a surge of 80 per cent from N11.3 billion in 2022, reaffirming the Group as one of the fastest-growing insurance groups in Nigeria.

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    Breaking the results down further, Heirs General Insurance (HGI), the non-life arm of Heirs Insurance Group, reported a 77 per cent increase in GWP, rising from N8.5 billion in 2022 to N12 billion in 2023.

    Total assets for 2023 stood at N18.1billion, a 27.4 per cent increase from N14.2 billion recorded in 2022.

    Profit Before Tax (PBT) surged from N791 million (restated) in financial year 2022 to N2.4 billion in 2023 financial year, a staggering 203 per cent growth, signaling the company’s effective cost management and strategic growth initiatives.

    Heirs General also reported a net investment income of N1.4 billion for 2023, a 45 per cent increase from the preceding year. This impressive top and bottom-line growth underscores the company’s ongoing development and its unwavering focus on delivering value to clients.

    Demonstrating its commitment to customer satisfaction and upholding customer trust, Heirs General also disbursed N1.6billion to policyholders in claims settlement, up from N471 million in the prior year. This sharp rise in claims settlement emphasizes the company’s commitment to customers and its dedication to keeping service promises, with a strong focus on timely and transparent claims processing.

    Heirs Life Assurance (HLA), the specialist life insurance arm of Heirs Insurance Group, equally delivered phenomenal results with 71 per cent growth in Gross Written Premium (GWP), rising from N11.5 billion in 2022 to N19.7 billion in 2023. Total assets grew by an extraordinary 98 per cent increase, rising from N19 billion in FY 2022 to N37.7 billion in FY2023.

    The company also demonstrated financial discipline, posting a 143 per cent rise in investment income, from N1.1 billion in 2022 financial year to N2.8 billion in 2023. Profit Before Tax (PBT) increased by 395 per cent from N379 million (restated) in 2022 to N1.8 billion in 2023.

    Furthermore, Heirs Life disbursed N2.5billion in claims in 2023, representing a 119 per cent increase over the previous year’s N1.1billion, reflecting its commitment to delivering timely financial relief to its customers during their times of need.

    Heirs Insurance Brokers (HIB), the broking arm of Heirs Insurance Group, delivered a strong performance with significant growth in income and profit. Profit Before Tax (PBT) rose by an impressive 128 per cent, increasing from N232 million in 2022 to N529 million in 2023. Total revenue grew by 68 per cent, climbing from N760 million in 2022 to N1.275 billion in 2023. HIB maintained a well-structured and efficient balance sheet, showcasing its strong earnings’ capacity and solid financial foundation.

    Commenting on the results, Group Chairman of Heirs Holdings, the Group’s parent company, Tony Elumelu, stated: “These results underscore our unwavering commitment to democratising access to insurance and delivering enduring value for our stakeholders.

    “Heirs Insurance Group has achieved remarkable year-on-year growth in just three years of operations. We set out to transform the insurance industry, and I am pleased to see the remarkable growth the Group has achieved and the innovations it has rolled out. We are optimistic about the future and emphasize our commitment to meeting the evolving needs of our customers while driving financial inclusion for everyone.”

  • Heirs Insurance Group appoints Puri, Iroche EDs

    Heirs Insurance Group appoints Puri, Iroche EDs

    Heirs Insurance Group (HIG) has appointed Ibrahim Puri and Sonny Iroche as Independent Non-Executive Directors of its non-life insurance business, Heirs General.

    The appointments further strengthen HIG’s governance and leadership team.  HIG has enjoyed rapid growth since its launch in 2021, as consumers benefit from the Group’s unique offering of digitally driven insurance products and customer-centric service proposition.

    Puri is an accomplished financial services leader, with over 30 years of experience in banking, fintech, and FMCG industries.  He was Group Executive Director at the United Bank for Africa and serves on the board of RedTech and Nigeria Breweries.  He brings a deep understanding of the African financial industry and the ability to navigate complex market dynamics.

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    Iroche has over four decades of experience in finance, investment promotion, and economic advisory.  He serves as the Executive Chairman of Strategic Alliance Promotion Company and has held leadership positions at the Transmission Company of Nigeria and United Capital Plc.  He also serves as a special advisor to the Board of Governors of the African Leadership Institute (AFLI).

    Commenting, Chairman, Heirs Holdings, Tony O. Elumelu said: “We are pleased to welcome Ibrahim and Sunny to Heirs Insurance Group, and specifically to Heirs General Insurance.  Their exceptional leadership and track record of success will further assist in executing our vision of being Nigeria’s foremost, trusted, and innovative insurance provider.  I know that their expertise will enhance Heirs Insurance Group’s position as an industry leader, delivering exceptional value to all stakeholders.”

    Heirs Insurance Group is the insurance arm of Heirs Holdings, the leading pan-African investment company, 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 Insurance Group, comprising Heirs General Insurance Limited, Heirs Life Assurance Limited and Heirs Insurance Brokers, serves 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

  • Heirs Insurance Group lifts JSS pupils with N9m scholarship

    Heirs Insurance Group lifts JSS pupils with N9m scholarship

    Heirs Insurance Group has called on Junior Secondary School (JSS) pupils to apply for the third edition of its prestigious Heirs Insurance Essay Championship, formerly called Heirs Life Essay Championship.

    The championship promises exceptional prizes and scholarships for the finalists.

    The winning pupil will receive a N5 million scholarship and additional N1 million grants will be given to his/her school as a reward for academic excellence and community support.

    The first and second runners-up are to get N2 million and N1 million scholarships respectively, in addition to being invited for an all-expense paid trip to the iconic Transcorp Hilton, venue of the final presentation.

    The competition, aimed at fostering creativity, critical thinking, and writing skills among pupils, promises to be the most exciting and rewarding yet.

    All secondary school pupils across the country in JSS1 – JSS3 are invited to write a 500-word essay titled: “If I Could Invent Something New” and submit the essays through a website.

    The submission period is from May 27 to July 7, 2024. Entries will be judged based on originality, depth of analysis, clarity of expression, and adherence to competition guidelines. Schools and parents are invited to encourage their students and children respectively, to apply.

    Commenting on the commencement of the 3rd edition of the essay championship, Chief Marketing Officer, Heirs Insurance Group, Ifesinachi Okpagu, said: “We are excited to review all the brilliant ideas and inspiring stories that will emerge from this year’s competition.

    “The last two editions were a resounding success, with last year’s winner, Kentimfon Ndanyongmong from Akwa Ibom State earning recognition from his state Governor.

    ‘We look forward to celebrating the outstanding achievements of our young children and contributing to their academic growth.”

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    All essays will be graded by distinguished judges, comprising educators, industry experts, and literary figures. The judging process will be thorough and transparent, ensuring that only the most deserving essays are selected. The winners will be announced on the Heirs Insurance website and social media platforms in August 2024.

    Heirs Insurance Group is the insurance arm of Heirs Holdings, the leading pan-African investment company, 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 Insurance Group, comprising Heirs General Insurance Limited, Heirs Life Assurance Limited and Heirs Insurance Brokers, serves 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.

  • Heirs Insurance Group unveils new website

    Heirs Insurance Group unveils new website

    Heirs Insurance Group has launched a new website that delivers the user-friendly insurance experience in the insurance industry.

    In a statement, the company stated that in addition to its features that aid simple navigation, the website also personalises the insurance experience taking customers through a short journey that enables them to make decisions quickly on the best insurance plan to support their personal and business success, or access competent insurance advisors to speak with. 

    According to the group’s Chief Marketing Officer, Ifesinachi Okpagu, the website embodies the ethos of the brand: the delivery of simple, quick, and accessible insurance service that delights customers and brings the uninsured much closer to taking up insurance plans.

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    She said: “Customers want simplicity and this new website delivers on that request, ensuring that people find the right insurance solutions for their needs in a few minutes. We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.

    “Heirs Insurance Group has been at the forefront of pioneering a new era of insurance solutions since its launch with the roll-out of various initiatives including a seamless mobile app, USSD; Prince, its intuitive chatbot; InConnect, its partnership portal Digital Experience Centre; and more.

    “With the launch of this website, Heirs Insurance Group solidifies its position as the leading digital insurance company in Nigeria, democratising access to insurance for all. Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment group, with investments across 24 countries and four continents, founded and chaired by Tony O. Elumelu,” she added.

  • Heirs Insurance Group donates solar power station to Lagos Passport Office

    Heirs Insurance Group donates solar power station to Lagos Passport Office

    Heirs Insurance Group has donated a 30KVA solar power station to the Ikoyi Passport Office of the Nigeria Immigration Service (NIS), to facilitate 24-hour passport production, a major challenge of the Service.

    Through this project, Heirs Insurance Group demonstrates its commitment to sustainability and community development with a focus on impacting the lives of Nigerians.

    Non-Executive Director, Heirs Holdings, the parent company of the Heirs Insurance Group, Dr. Awele Elumelu, led the delegation for the ribbon-cutting ceremony, alongside the Comptroller General of the Nigeria Immigration Service, Mrs. Caroline Wura-ola Adepoju.

    Dr. Elumelu expressed her enthusiasm for the positive impact of the project, also drew attention to the deliberate use of solar power which aligns with the group’s commitment to clean energy solutions, a facet of its long-term sustainability goals.

    She said: “As a group, we continue to take pride in proactively creating value that impacts our community positively. This solar power initiative reiterates our commitment to improve lives and transform our country, and by extension, our continent.”

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    She also commended the Nigeria Immigration Service for its collaborative approach to tackling the harrowing challenge of delays during passport production and issuance, faced by millions of Nigerians.

     She stated that this partnership aligns with the Heirs Holdings Group’s philosophy of Africapitalism – a private-public handshake to accelerate economic development.

    Speaking on the impact of the project initiative, Mrs. Caroline Wura-Ola Adepoju, Comptroller General of the Nigeria Immigration Service appreciated the donation from the Heirs Insurance Group, confirming that the project will significantly improve service delivery.

    “We would like to thank Heirs Insurance Group and its parent company, Heirs Holdings, for this support. It is a game-changer for us, and with this solar power station, our team will be able to work effectively with round-the-clock power capacity, which will help to reduce the duration for passport production.”