Heirs Insurance; Heirs Life Assurance: Emphasizing efficiency in service delivery

KELVIN EGERUE

There is no denying the fact that the insurance industry in Nigeria is now wearing brighter outlook to the extent that the market is occupying a command height position in the nation’s financial landscape. The market and indeed its practitioners which are populated with new breed professionals who are decorated in multidisciplinary backgrounds are making deliberate efforts in changing the narrative to the extent that the industry is now more hope inspiring in terms of its discharge of statutory responsibilities as amplified in claims payment capacity and capabilities as well as return on investments as a business concern.

There is a consensus among financial analysts that the apparent turn around in the fortunes of the insurance industry in Nigeria should be situated among insurance companies whose activities are precursors in attracting discerning investors, both foreign and indigenous whose involvement as brand ambassadors are making insurance practitioners to walk the talk.

And that is where Heirs Insurance Limited and Heirs Life Assurance, two new breed and purpose driven insurance firms fit in. Sprouting out from the stable of hybrid Heirs Holding, Heirs Insurance and Heirs Life Assurance have done so much in such a short time that they have operated in the market as to point a new way forward for insurance industry, a business which prides itself as the all important catalysts in the growth of virtually all national endevours with particular emphasis on the protection of businesses and strategic national assets.

Right from the time that chairman of the two companies; Mr Tony Elumelu gathered the likes of the Lagos State governor Mr Babajide Sanwo-Olu and Commissioner for Insurance Mr Sunday Thomas to formerly launch the companies, Heirs Insurance Limited and Heirs Life Assurance have not made any miss step in proving that they are part of the insurance firms to beat in terms of product design, product offering and service delivery.

“When Heirs Holdings entered the insurance market – we wanted to disrupt the sector, do what we have done before: democratize; catalyze; and deliver for our customers. Two insurance companies were born – general insurer, Heirs Insurance and life assurer, Heirs Life Assurance.  And we commissioned the iconic Heirs Towers in Victoria Island, Lagos, developed by our real estate arm Afriland Properties, giving staff a great place to do business and a beacon for our brands.

“It has not been a bad start. Congratulations to the entire team Heirs Insurance and Heirs Life for the remarkable milestones recorded in just twelve months, under the capable leadership of Adaobi Nwakuche and Niyi Onifade

“In a truly remarkable way, typical of HH people and HH values, we have brought to life the dream we had in the beginning, of brining insurance to the people.  We know life can be tough, who knows what is round the corner.  Insurance shouldn’t be a privilege – so we developed digital channels, new routes to access, thought what do our clients need and worked to deliver it – and now we are roaring”, chairman of the two companies Mr Tony Elumelu had to say these about the upwardly mobile insurance firms which he midwives.

It is these  twin insurance outfits; Heirs Insurance Limited and Heirs Assurance  that have  ushered in a new phase in conducting insurance business in Nigeria whereof the market now talks about the democratization of insurance services. Yet only Heirs Insurance and Heirs Assurance understand the import, technicalities and application of the concept of ‘democratization’ in insurance offering hence the multiplier effects of this novel approach to their bottom line which come in forms of business expansion, customer satisfaction and efficient return on investment in a manner that stakeholders in the two insurance companies are today  all winners in their respective ways.

Take what used to be a pedestrian insurance product like motor insurance for example;  Heirs Insurance have transformed the package to a scintillating delight to the extent that even the Third Party Motor Insurance from the stable of Heirs Insurance comes with special packages which includes but not limited to car replacement, on-the-sport incidence assessment/reporting  in the manner of real time online short video recording, uploading  and transmission of accident scene all designed to reduce if not eliminate all the bottle necks hitherto associated with claim processing and payment. Always prepared to push the limits, Heirs Insurance have added a clause to its motor insurance by designing a special motor policy for women tagged Her Motor Plan, a policy which provides  a 24-hour road rescue and vehicle repair services, as well as access to an exclusive community of likeminded businesswomen.

Managing Director and Chief Executive Officer of the company Dr. Adaobi Nwakuche said that “Her Motor Insurance Plan is an affordable, yet holistic comprehensive motor insurance plan offering coverage and support involving the mechanical breakdown of vehicles. It provides all-day protection and coverage for vehicles against road accidents, theft, or fire. Other benefits include towing service, free vehicle tracker and medical support in the case of an accident”.

All insurance products and services from Heirs Insurance and Heirs Life Assurance are unique, flexible and elegant in their own ways. There is one of such unique insurance policies that are currently trending among proprietors of schools which is tagged Smart School Plan. This policy was designed to make payment of school fees as flexible as it can be affordable.  Talk about Heirs Kids Investment, Heirs Save, Entrepreneurs Investment, Credit Life, Couples Investment, Whole Life Plan, Salary Plus Plan, Mortgage Protection and Keyman Assurance.  There is also another refreshing insurance product call Tenant Protect plan. This insurance cover is ideal for tenants who want to shield their valuables from loss. This insurance plan saves one from paying the exorbitant costs associated with fire damage, theft and other types of incidents to ones valuables.

 Heirs Life Assurance makes bold to say that “we provide financial, family, and future security to individuals and businesses. Our wide range of personalized investment and pure protection plans assure a dependable safety net and emotional shield to clients and their loved ones during periods of uncertainty or loss”.

Heirs Insurance and Heirs Life Assurance pride themselves as the digital hub of insurance business in Nigeria. This, translated, means that the duo have perfected the act of deploying heavy doses of high caliber technology in the rendition of their products and services to the extent that customers can transact their insurance businesses with the companies on record time end to end.

Acknowledged as high profile insurance institutions which operate in the mould of other firms been moderated by Tony Elumelu, Heirs Insurance and Heirs Life Assurance are not structured as to serve the exclusive interests of corporate clients considering the long rang of tailor-made retail products offered by the companies many of which can now be purchased from every banking hall of the United Bank for African (UBA).

 Heirs Insurance Adaobi says “is a general insurance company challenging traditional insurance by providing simple and accessible protection for vehicles, homes, business and more. We are a team of professionals who believe that there is a simpler and better way to do insurance. At Heirs Insurance, our simple and affordable plans offer comprehensive protection, shielding you from the anxiety associated with risks and the despair from losing cherished assets and property. Our service is built around our promise to you—we promise to always listen, to maintain an exceptional client experience and to act swiftly when you need us”.

Such promises of better product and service offerings are embedded in such tailor made policies such as the Triple Pay Investment

Mr Niyi Onifade who is the Managing Director and Chief Executive Officer of Heirs Life Assurance explained that Heirs Triple Pay Investment plan is for smart people who want to save towards a long-term project while still earning during the period.

“You pick a target bulk amount you want to receive in future and start saving periodically towards it. Heirs Life pays you three bulk payments throughout your saving tenure, with high interests, in this order: 25% of the target amount is paid at one-third of the savings period, another 25% of the target amount is paid at two-third of the savings period, an additional 100% of the target amount plus bonus is paid at the end of the duration. For peace of mind, if the unfortunate happens to you while saving, your beneficiary still earns the complete 100% of the target amount plus bonus”, Onifade explains.

Since their launch, Heirs Insurance and Heirs Life Assurance have achieved numerous milestones not comparable to companies of their age in the market place. They assiduously pursued the procurement of a Bancassurance license and agreement with a tier-one bank, there was a phenomenal feat of breaking even within one year in operation, fully digitalised websites thus enabling insurance purchase end-to-end in less than three minutes, putting in place fast-claims portal that simplifies and facilitates the claims process with a promise of attaining 24 hours claims payment as well as the implementation of a core insurance platform and execution of an insurance awareness plan that simplifies the processes, procedures, and communication with clients. In addition, Heirs Life Assurance, the life insurance subsidiary of the Heirs Holdings Group, has fully digitalised its entire processes demonstrating its commitment to providing simple, quick, accessible and reliable insurance services.

The fact is available among stakeholders in the business of insurance in Nigeria that Heirs Life Assurance has achieved a roll out of various products via a digitalised distribution network, registered as one of the few companies providing the pension-regulated Annuity to the Lagos State Government, as well as serving thousands of other retirees from the private and public sectors nationwide as well as an extensive agency distribution network across the country.

“At Heirs Life, we provide financial, family, and future security to individuals and businesses. Our wide range of personalized investment and pure protection plans assure a dependable safety net and emotional shield to clients and their loved ones during periods of uncertainty or loss”, Onifade added.

Stakeholders in the Nigerian insurance industry acknowledge the fact that Heirs Insurance and Heirs Life Assurance are populated by a team of professionals who believe that there is a simpler, smarter and better ways to do insurance. Backed by top-notch reinsurers to provide second-layer security for their clients’ insurance portfolios, the two firms have the added advantage of operating as a subsidiary of Heirs Holdings, a pan-African investment group with presence across three continents and 20 African countries.