By Stephen Ubanna
When Tony Elumelu, a business mogul and Chairman , United Bank For Africa, UBA, plc , ventured into the nation’s Insurance Industry by Launching Heirs Insurance Limited. HIL and Heirs Life Assurance, HLA, was a couple of months ago, nobody gave the Insurance firms any opportunity to meet its promises to Customers. This is because the big time Insurance Companies have already taken over the market and some of them have become household names because of their ability to meet Customers demand withease.
Unknown to many Elmelu, and those engaged to manage the Affairs of the two Insurance firms had done their homework to build on the weaknesses of the existing Insurance Companies in order to make the difference and thus win the win the win the heart of its Customers. Being digital Insurance Companies like UBA plc, the two Insurance firms were said have developed software which could be used by Customers to purchase Insurance Policies from their websites, www.heirsinsurance.com and www.heirslif assurance.com with ease. An official of HIL. Confirmed that in less than five minutes, one can could purchase a policy without any stress from the two insurance firms website.
This is where HIL and HLA, have beaten other insurance Companies to it as some of them were said to have started losing their Customers to the Elumelu founded insurance firms. Many believe that the revolutionary interactive websites which is the first of its kind in the nation’s insurance sector will ‘’ensure that customers have access to quick insurance and completing transactions in minutes wherever they are without any human intervention.
Informed sources told The Value News that the development ‘’signals the kick-off of the two insurance firms ambition to digitalise insurance in Nigeria and thus , provide a viable alternative for Customers ‘’to purcHase products and request claims without delay as well as learn more about insurance’’.
An elated Niyi Onifade, Managing Director, HLA, had told those that cares to listen that that ‘’the insurance websites were designed to remove barriers of accessibility by Customers’’. Note that some of the existing insurance Companies are finding it difficult to meet the demand of their Customers because of lack of accessibility.
This is where HIL and HLA, has beaten them to it, winning more Customers on a daily basis. Onifade, the HLA, Chief Executive Officer, CEO, may have heat the nail on the head when he said that in the Company their business revolves around largely satisfying Customers, noting that that theyunderstand the important role technology plays in making that happen as well as widening the scope of its offering to underserved markets.
Given an insider information of the operation of the Companies websites, he disclosed that ‘’it offer a web app feature that allows Customers to buy and pay for policies in just five minutes and request for claims with 24 hours. He noted that ‘’this is the ease that Customers truly deserve’’. This may have informed why he declared, ‘’we are glad to be pioneering ‘’the digital revolution in the nation’s insurance sector.
Adaobi Wakuche, acting Managing Director, HIL, who could her feelings has confirmed ‘’ the Companies stance on technology offering ease and comfort to Customers’’. We are delighted that our Customers can now purchase products on our websites with ease. She averred that the milestones speaks to the innovation the Companies are making into the nation’s insurance industry and more importantly showing its Commitment to Customers. She may have gladdened the heart of Customers when she explained that ’’its promise from the onset was ‘’simple, quick, accessible and reliable insurance service which has become closer than ever’’.
Note that Onifade and Nakuche, at different times had repeatedly said that the insurance Companies ‘’will constantly be at the intersection of technology and innovation by leveraging on the power of both factors ‘’to provide for Customers, well-tailored , value added products at affordable prices’’.
There is no gain saying the fact that HIL, which is the general insurer has a mandate to protect people’s properties while HLA the vision of HLA, according to the founder is to provide financial security and life Assurance plans for people. It is surprising why HLA, has been positioned to be to be the country’s leading insurers leveraging on its digital facilities to provide simple, quick, reliable an accessible insurance to individual businesses.
With a paid –up share capitals of N10 billion and N8 billion for HIL and HLA, respectively, the Companies were said to have commenced operations in full force with institute and experienced Professionals drawn from the existing insurance Companies and recruitment of professionals from other OArganistations.
An insider told The Magazine that with the fully paid- up Capitals, the Companies could boast of the capacity ‘’to underwrite all classes of general and life insurance businesses.
The Tony Elumelu founded insurance Companies , according to an insider is supported by some top- Notch Insurers overseas in order ‘’to provide second0 layer security for Clients’ insurance portfolios. The two insurance Companies, HIL and HLA, are subsidiaries of Heirs Holdings, a Pan African Investment Group with presence across twenty three countries world-wide.