Heirs Insurance Group has announced plans to transition from a local Nigerian operator to a regional insurance provider, with a strategic focus on expanding its presence across other African countries.
The move follows what the company describes as significant growth and performance milestones achieved within its five years of operation in Nigeria.
Speaking at a press briefing to review the group’s progress, Managing Director, Niyi Onifade, highlighted the company’s consistent profitability since inception, noting that losses were recorded only in its first year of operation.
“It has been profitable all the way,” Onifade said. “We have democratised insurance operations through digitalisation, enabling customers to conveniently purchase third-party motor insurance and other policies online from the comfort of their homes.”
He emphasised that the company entered the market with a clear vision to transform the insurance industry by placing customers at the centre of its operations. According to him, Heirs Insurance has rapidly built a customer base of over three million within just three years.
“We did not come into the insurance industry for coming’s sake. We are here to transform the sector. Everything we do is about the customer,” he stated. “The customers are duly protected, and our growth has been driven by leveraging technology.”
Onifade further noted that the company commenced operations during the challenging period of the COVID-19 pandemic, yet managed to achieve remarkable growth. He described Heirs Insurance as the fastest-growing digital insurance group in Africa, with a strong emphasis on innovation.
He added that independent financial platform Nairametrics has ranked the company among the top three most digitally innovative firms in the sector.
The Managing Director also underscored the company’s commitment to improving claims processing through digital innovation, stating that its technology-driven model ensures prompt and efficient claims settlement.
With its planned regional expansion, Heirs Insurance Group aims to replicate its digital-first approach and customer-centric model across African markets, positioning itself as a leading force in the continent’s evolving insurance landscape.
