Heirs Insurance Group this year clocked five in its operations in Nigerian insurance market, Ebere Nwoji captures the various transformations the company brought to bear in the sector
Over five years ago, the Chairman of Heirs Insurance Group, Mr Tony Elumelu, promised to replicate the milestones recorded by the United Bank for Africa (UBA) in the banking sector by stimulating and deepening insurance penetration in the country. Many, including insurance operators thought his projections were unattainable, given Nigerians’ lackadaisical attitude to insurance.
But five years down the line, Elumelu through the notable activities of Heirs Insurance Group comprising of Heirs General Insurance, Heirs Life Assurance and Heirs Insurance Brokers, has unequivocally achieved his dream through disruption of the market by launching end-to-end digital channels, allowing customers to purchase e policies under three minutes; thus setting an ambitious standard, targeting claim pay-outs in as little as 24 hours and testing 5-minute resolutions for fully documented claims.
By making that promise and followed it with the determination to bring a turnaround in the insurance sector, Elumelu was responding to the charge by the then Commissioner for Insurance, Mr Sunday Thomas on Chairmen of newly licensed Insurance companies of which Heirs Insurance Group was among them, to further uphold corporate governance and proper risk management and commit to market development in a positive manner.
