By Olusegun Obisanya
Heirs Insurance Group has marked its fifth anniversary with a renewed commitment to transforming Nigeria’s insurance industry through innovation, technology-driven solutions, and wider access to insurance services.
The Group, at a media parley held in Lagos on Monday, reflected on its journey from inception, highlighting its rapid growth, customer-focused approach, and several industry-first initiatives that have positioned it as one of the country’s leading insurance innovators.
Speaking at the event, the Managing Director/Chief Executive Officer of Heirs Life Assurance and Sector Head of Heirs Insurance Group, Niyi Onifade, said the company’s entry into the insurance market was driven by a clear vision to redefine the industry rather than merely participate in it.
According to him, the Group’s journey began with years of preparation and persistence, as it spent about seven years before it finally secure operational licences from regulators amid changes in leadership and policy direction.
He explained that while the initial plan involved obtaining one licence, developments within the regulatory environment eventually led to the approval of two licences, paving the way for the establishment of the Group’s insurance businesses.
“We did not come into the industry by chance; we came to transform it,” Onifade said, noting that the company launched operations during the COVID-19 pandemic, a period marked by uncertainty across global economies.
Despite the challenging environment, he said the organisation remained focused on its long-term objective of improving insurance accessibility and rebuilding public confidence in the sector.
In just five years, Heirs Insurance Group has grown its customer base to more than three million people, a milestone Onifade described as significant in an industry where low insurance penetration and trust issues have remained major concerns.
He attributed the growth to the company’s customer-centric strategy, which combines digital onboarding, automated claims processing, USSD platforms, bancassurance partnerships, and continuous product innovation.
The Group has introduced several initiatives regarded as industry firsts, including Nigeria’s first digital experience centre, an artificial intelligence-powered multilingual assistant known as “Prince AI,” and a pioneering insurance-focused web series aimed at improving public understanding of insurance.
On sustainability and social impact, Onifade highlighted initiatives under “The Good Project,” including the installation of solar power infrastructure at the Ikoyi Immigration Office, as well as financial literacy efforts such as the Heirs Insurance Essay Championship targeted at young Nigerians.
The company has also received several recognitions, including being listed among Africa’s fastest-growing companies by the Financial Times, alongside other awards for technology innovation, sustainability, and insurance excellence.
Looking ahead, the Heirs Insurance Group CEO said the organisation is prepared for recapitalisation, investing in digital talent development through artificial intelligence hackathons, and exploring expansion opportunities across Africa.
He reaffirmed the Group’s ambition to deepen insurance penetration, drive innovation, and extend financial protection to more individuals and businesses across the continent.
