Heirs Insurance Group @5: Celebrating growth, innovation, fast claims payment
Abdullateef Fowewe
Heirs Insurance Group celebrates its fifth anniversary with a reflection on its journey, rapid customer growth, and a series of industry-first innovations that have positioned the company as one of Nigeria’s leading insurance innovators.
Speaking at a media parley in Lagos on Monday, the Managing Director/Chief Executive Officer of Heirs Life Assurance and Sector Head of the Group, Niyi Onifade, said the organisation’s entry into the insurance sector was defined by patience, resilience, and a deliberate ambition to transform the industry.
According to him, the Group waited about seven years to obtain operational licences from the regulator, a period that saw changes in regulatory leadership and policy direction. He noted that although the process began with one licence application, it eventually resulted in two licences due to regulatory developments over time.
“We did not come into the industry by chance; we came to transform it,” he said, adding that the Group entered the market during the COVID-19 pandemic but remained focused on its long-term vision despite uncertainties at the time.
Onifade said Heirs Insurance Group has grown rapidly to serve over three million customers within five years, describing the achievement as a significant milestone in a market often challenged by low penetration and trust deficits.
He highlighted the company’s customer-centric model, which prioritises digital onboarding, automated claims processing, USSD access, bancassurance partnerships, and continuous service innovation.
The Group also listed several industry firsts, including Nigeria’s first digital experience centre, an AI-powered multilingual assistant known as “Prince AI,” and a pioneering insurance-focused web series.
On sustainability, Onifade said the Group’s initiatives include “The Good Project,” a solar power installation at the Ikoyi Immigration Office, and financial literacy programmes such as the Heirs Insurance Essay Championship.
He further noted that the company has received multiple recognitions, including Financial Times listing among Africa’s fastest-growing companies, MSME Insurance Company of the Year at the Nairametrics Awards, and sustainability and technology innovation awards.
Looking ahead, he said the Group is recapitalisation ready, investing in digital talent development through AI hackathons, and exploring pan-African expansion opportunities, reinforcing its ambition to deepen innovation and broaden insurance access across the continent.
