BY NKECHI NAECHE-ESEZOBOR– Committed to prompt claims settlement to policyholders, Heirs Insurance Limited (HIL) and Heirs Life Assurance (HLA), paid a total of N1.611 billion as claims to policyholders from June 1, 2021 they commenced business to the end of third quarter 2022.
Given the breakdown, the Managing Director of Heirs Life Limited, Mr. Niyi Onifade said Heirs Insurance paid a total of N303 million as claims in 2021 and N550 million at the end of Q3 2022,
While Heirs Life paid a total of N58 million as claims at the end of 2021 and N700million at the end of Q3 2022, bringing the total claims paid by both companies to N1.611billion till date.
Speaking to insurance journalists in Lagos Onifade said “we recognized claims payment as a very important responsibility of our two companies and we also understand the importance the National insurance Commission (NAICOM), places in claims payment.”
He noted that both Heirs life and Heirs Insurance both prioritize claims settlement and always look for reasons to pay, and not reasons not to pay claims.
To ensure that is implemented appropriately , he said “we make our claims settlement process as seamless as possible for customers. One of the things we have done is to introduce what we call FAST CLAIMS PORTAL which enables customers to make claims in minutes with the assurance that these claims will be treated quickly.”
On financial performance, he said both companies recorded impressive performance in their key financial metrics,
According to him Heirs Insurance generated a gross written premium of N3.5 billion in 2021 and went further to grow its GWP to N5.8 billion as at the end of Q3 2022.
Heirs Life gross written premium stood at N2.7billion at in 2021 to N9 billion as at the end of Q3 2022.
In terms of profitability, he said Heirs Insurance recorded a profit of N600million at the close of business in Q3 quarter 2022 while Heirs life on the other hand generated N950 million profit in same period of third quarter 2022.
Also, Managing Director, Heirs Insurance, Dr. Adaobi Nwakuche, noted that the company during the year introduced 33 new products while Heirs life introduced 16 new products, aimed at deepening penetration.
Speaking further on the product development she said: “We are very deliberate about creating new products in the market that will differentiate us from what other people are doing. We provide simple and easy to understand insurance products.”
