Heirs Life Assurance Gets NAICOM Approval To Underwrite Annuity

L-R: Executive Director, Technical Heirs Life Wasiu Amao; MD/CEO Heirs Life, Niyi Onifade; Ag MD/CEO Heirs Insurance Adaobi Okpagu and Executive Director Technical Heirs Insurance, Jeff Duru during a media parley in Lagos

The Managing Director, Heirs Life Assurance Limited (HLA), Mr Niyi Onifade said the firm has gotten approval from the industry regulator, the National Insurance Commission (NAICOM) to underwrite annuity.

He also disclosed that Lagos State Government has appointed the firm as one of the key providers of annuity insurance in the state.

Mr. Onifade who disclosed these while speaking to journalists at a media parley in Lagos, said the appointment came to Heirs following excellent performance and achievements, innovation and unique way of service delivery being carried out by the firm.

”We all know annuity is a marathon; it is one of the long term business. And as we speak, I want to confirm to you that we are writing annuity and that we have obtained all necessary approvals from NAICOM, and we are playing big in the business. And because of the confidence the Lagos State Government has in us, it has appointed us as one of the key providers of annuity in the state”, he assured.

Onifade noted that the firm does not woo some of the investors rather they decided to be part of the firm due to its numerous achievements.

“Some these invitations just come, we don’t even ask for them, people call us, come and be part of what we are doing.  And this is part of achievements and messages we are putting out there on social media among others”, he said.

The Acting Managing Director, Heirs Insurance Limited, Adaobi Nwakuche, maintained that the firm which is fully recapitalised, to the tune of N10 billion, has come to bring changes in Insurance offering in Nigeria and provide full satisfaction to policyholders.

“Because we are customer centric company, we want to make sure our customers come first in the business. We treat them like queens and kings, from the point of doing the business and to the point of claims. We will continue to offer simple, accessible and affordable products to satisfy them.

She noted that the firm is leveraging USSD to drive business in a most unique way.

“We want to do things differently, we want to go to places people have not think of, that is why we are coming up with different channels like USSD that even if you don’t have an Internet enabled device you can still access insurance.

On claims settlement, Nwakuche also assured that Heirs is quick and reliable, adding that established claims are settled within 24 hours.

Heirs Insurance Limited (HIL), the general insurer, with the mandate to protect people’s properties, and specialist life insurance company, Heirs Life Assurance Limited (HLA), with a vision to provide financial security and life insurance plans for people, are positioned to become the leading Nigerian insurers leveraging digital to provide simple, quick, reliable, and accessible insurance to individuals and businesses.

With paid-up share capitals of N10billion and N8billion respectively, HIL and HLA commenced full operations with a workforce of astute and experienced professionals, and a robust financial capacity to underwrite all classes of general and life insurance businesses. The companies are supported by top-notch Reinsurers to provide second-layer security for clients’ insurance portfolios.​ Both companies are subsidiaries of Heirs Holdings, a pan-African investment group with presence across twenty-three countries worldwide.

Heirs Life Assurance parades esteemed products such as: My Heirs Plan; Heirs Group Life; Heirs Credit Life; Heirs Term assure; Heirs Save Plan; Heirs Annuity Plan amongst others.