HEIRS GROUP GENERATES 90% OF REVENUE FROM RETAIL BUSINESS, EXPANDS OPERATIONS TO WEST AFRICA
Details:
1. Revenue from Retail Market: Heirs Insurance Group (HIG), which includes Heirs Life Assurance (HLA), Heirs General Insurance (HGI), and Heirs Insurance Brokers (HIB), has announced that over 90% of its revenue in the past three years has come from its retail operations. This milestone reflects the group's focus on transforming insurance practices and reaching individual customers across Nigeria.
2. Expansion Plans: HIG revealed its intention to expand operations to West Africa, driven by its commitment to corporate social responsibility (CSR). This regional expansion aligns with the group's broader goals to increase its footprint and deliver impactful services across the continent.
3. Financial Performance and Growth: HIG posted a remarkable 60% growth in gross written premiums (GWP), jumping from N19.9 billion to N31.7 billion in 2023. Its earned insurance revenue also increased by 80%, moving from N11.3 billion in 2022 to N20.5 billion in 2023. The group’s impressive performance further extended to claims payments, which rose by 161%, demonstrating reliability in settling claims promptly.
4. Commitment to Customer Satisfaction: Managing Director Niyi Onifade emphasized the group's dedication to policyholders, with N5.7 billion already paid out in claims. The goal is to settle claims within five minutes of documentation filing, reflecting HIG's customer-centric approach.
5. Youthful Workforce and Underwriting Achievements: The group has over 200 employees, with 53% of the workforce aged under 35. It underwrites more than 4,000 risks monthly, a feat uncommon in the insurance industry, positioning HIG as an innovator in risk management.
6. Three Years of Impact: HIG recently marked its third anniversary by screening a documentary that highlighted its growth and contributions to the insurance sector. The group's digital presence, rewards programs, and loyalty initiatives have been instrumental in solidifying its market position.
This growth underscores Heirs Group’s robust presence in the retail insurance market and its plans to scale across the region.
Details:
1. Revenue from Retail Market: Heirs Insurance Group (HIG), which includes Heirs Life Assurance (HLA), Heirs General Insurance (HGI), and Heirs Insurance Brokers (HIB), has announced that over 90% of its revenue in the past three years has come from its retail operations. This milestone reflects the group's focus on transforming insurance practices and reaching individual customers across Nigeria.
2. Expansion Plans: HIG revealed its intention to expand operations to West Africa, driven by its commitment to corporate social responsibility (CSR). This regional expansion aligns with the group's broader goals to increase its footprint and deliver impactful services across the continent.
3. Financial Performance and Growth: HIG posted a remarkable 60% growth in gross written premiums (GWP), jumping from N19.9 billion to N31.7 billion in 2023. Its earned insurance revenue also increased by 80%, moving from N11.3 billion in 2022 to N20.5 billion in 2023. The group’s impressive performance further extended to claims payments, which rose by 161%, demonstrating reliability in settling claims promptly.
4. Commitment to Customer Satisfaction: Managing Director Niyi Onifade emphasized the group's dedication to policyholders, with N5.7 billion already paid out in claims. The goal is to settle claims within five minutes of documentation filing, reflecting HIG's customer-centric approach.
5. Youthful Workforce and Underwriting Achievements: The group has over 200 employees, with 53% of the workforce aged under 35. It underwrites more than 4,000 risks monthly, a feat uncommon in the insurance industry, positioning HIG as an innovator in risk management.
6. Three Years of Impact: HIG recently marked its third anniversary by screening a documentary that highlighted its growth and contributions to the insurance sector. The group's digital presence, rewards programs, and loyalty initiatives have been instrumental in solidifying its market position.
This growth underscores Heirs Group’s robust presence in the retail insurance market and its plans to scale across the region.