BY NKECHI NAECHE-ESEZOBOR—Heirs Insurance Group has marked its fifth anniversary with a reflection on its growth journey, highlighting the achievement of serving more than three million customers and outlining plans for expansion across Africa.
Speaking during a media parley in Lagos on Monday, the Managing Director and Chief Executive Officer of Heirs Life Assurance and Sector Head of Heirs Insurance Group, Niyi Onifade, said the company entered the insurance industry with a clear mission to transform the sector through innovation, customer-centricity, and technology-driven solutions.
According to Onifade, the Group’s journey began long before it officially commenced operations, with the organisation spending about seven years pursuing regulatory approval. He explained that changes in regulatory leadership and policy direction during the period extended the licensing process, eventually resulting in the issuance of two licences instead of the single licence initially sought.
“We did not come into the industry by chance; we came to transform it,” he said, noting that the company launched operations during the COVID-19 pandemic but remained committed to its long-term vision despite the challenges and uncertainties that characterised the period.
Five years later, Heirs Insurance Group has grown to serve more than three million customers, a milestone Onifade described as particularly significant in an industry that continues to grapple with low insurance penetration and trust concerns among consumers.
He attributed the company’s growth to a customer-focused business model built around convenience, accessibility, and innovation. The strategy includes digital onboarding, automated claims processing, USSD-enabled services, bancassurance partnerships, and the continuous introduction of technology-driven solutions designed to improve customer experience.
The Group has also distinguished itself through several industry-first initiatives. These include the launch of Nigeria’s first digital insurance experience centre, the introduction of “Prince AI,” an artificial intelligence-powered multilingual customer assistant, and the creation of a pioneering insurance-themed web series aimed at increasing public awareness and engagement.
Beyond business growth, the company has continued to invest in sustainability and social impact programmes. Among its flagship initiatives is “The Good Project,” which delivered a solar power installation at the Ikoyi Immigration Office. The Group has also promoted financial literacy through programmes such as the Heirs Insurance Essay Championship, designed to encourage financial education among young Nigerians.
The company’s efforts have earned it a number of recognitions over the past five years, including being listed among Africa’s fastest-growing companies by the Financial Times. It has also received awards for sustainability, technology innovation, and was named MSME Insurance Company of the Year at the Nairametrics Capital Market Awards.
Looking ahead, Onifade said the Group is well-positioned for the next phase of growth. He noted that the company is recapitalisation-ready, continues to invest in digital talent development through initiatives such as AI hackathons, and is actively exploring opportunities for expansion into other African markets.
According to him, the company’s long-term ambition is to deepen insurance penetration, drive innovation, and broaden access to insurance products across the continent while maintaining its focus on delivering value to customers and stakeholders.
