Heirs Holdings looks to deepen Nigeria’s insurance penetration

Heirs Holdings, a prominent Nigerian conglomerate, is making significant strides to deepen insurance penetration in Nigeria. The group recently announced the establishment of Heirs Insurance and Heirs Life Assurance, aiming to bridge the massive gap in insurance coverage in the country. With insurance penetration in Nigeria currently standing at less than 1% and a per capita spending of only $5, there is a clear need for increased awareness and accessibility to insurance services. Adaobi Nwakuche, Managing Director of Heirs Insurance, and Niyi Onifade, Managing Director of Heirs Life Assurance, recently sat down with CNBC Africa to shed light on their plans for the sector. The key theme that emerged from the interview was the emphasis on making insurance simple, accessible, and trustworthy for the Nigerian population. Both Nwakuche and Onifade reiterated the importance of leveraging technology to enhance the delivery of insurance products and services. By incorporating digital sales channels and ensuring quick, reliable, and transparent services, Heirs Holdings aims to revolutionize the insurance industry in Nigeria. Nwakuche highlighted the significance of building trust with customers and simplifying the insurance process to cater to a broader audience. On the life insurance front, Onifade emphasized the affordability and versatility of life insurance policies, positioning them as tools for financial protection and savings. Additionally, Heirs Life Assurance is looking to provide retirement benefits to ensure financial security for individuals in their old age. The group's mantra 'Simple life is here' encapsulates their vision for uncomplicated and accessible insurance solutions. Heirs Holdings is not only targeting traditional sectors like oil and gas but also focusing on retail insurance to reach a wider demographic, including rural communities. By utilizing technology such as USSD codes for non-internet users, Heirs Holdings aims to penetrate all corners of the Nigerian market with their insurance offerings. Through their strategic approach and commitment to simplicity, reliability, and transparency, Heirs Holdings is poised to bring about a transformative change in Nigeria's insurance landscape.