Business/Finance

Heirs Life Insurance CEO calls for digitisation of insurance sector

Access Bank
The Managing Director of Heirs Life, a digital insurance company, Niyi Onifade, has advocated for transformation of the entire insurance industry in Nigeria into digitised sector.

Onifade made the call at the recent 2021 edition of Insurance Professional Forum organised by the Chartered Insurance Institute of Nigeria (CIIN) in Abeokuta, Ogun State.

At the forum, he joined other eminent Nigerians including the Ogun State Governor, Prince Dapo Abiodun and the Commissioner for Insurance, Sunday Thomas, to advocate for a more digitised industry insisting that this stands as the way forward for deep penetration of insurance services across the country.

Insurance sector operators have since the advent of its medium term plan, in 2009 the Market Development and Restructuring Initiative (MDRI) been crusading for insurance penetration in the country.

The initiative, which was planned in three phases, was targeted at transforming the insurance industry into trillion-naira market from its present level of less that N600 billion annual premium through deep insurance penetration.

Onifade, during his panel discussion, at the forum, corroborated Abiodun and Thomas, and analysed the differences between digital, digitalisation and digital transformation, and charged the industry to embrace digitalisation because of the sensitive role it plays in enhancing the much talked about insurance penetration in the country.

According to Onifade, the insurance industry serves as an insulator to every other industry and as such, must work in the pace that others are, if not ahead.

“The insurance industry plays a significant role in the economic development of Nigeria, providing support and back up for people and businesses. This means that we must be at the forefront of digitalisation and be better positioned to help them achieve their goals and aspirations continuously.”

He further highlighted many benefits that the industry stands to gain if digitalisation is embraced quickly.
These benefits according to him include product innovation, customer satisfaction, service excellence, fraud detection, cost efficiency and talent retention, insisting that they were capable of boosting the industry’s relevance, increasing penetration and ultimately contributing to the GDP like its counterpart in the advanced countries.

Onifade, said this is why his firm, Heirs Life Insurance has continued to be at the vanguard of digital insurance, actively pushing the campaign for digital-first approach not only with its products, but also with service.

Earlier in the year, the company had announced that customers could purchase insurance products via its website www.heirslifeassurance.com, in less than five minutes, a feat that was initially deemed impossible.
This was followed by the launch of a claims portal that allows customers to register claims in less than three minutes and get it settled in 24 hours.

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