… introduce FAST CLAIMS PORTAL

Policy holders with Heirs Insurance Limited (HIL) and Heirs Life Assurance (HLA) have received claims payment of N1.611 just about a year after both companies kicked off operations.

This is just as the two companies introduced the FAST CLAIMS PORTAL to ensure customers make claims in no time.

According to the duo the said amount stretched from the inception of the business on June 1, 2021 to the end of 2022 third quarter.   

Managing Director of HLA, Mr. Niyi Onifade, who announced this to the insurance press in Lagos, recently, said the duo are committed to prompt settlement because it is very important in the business of insurance, hence a priority to them.

His words: “We recognised claims payment as a very important responsibility of our two companies and we also understand the importance the National Insurance Commission (NAICOM) places in claims payment.

“We make our claims settlement process as seamless as possible for customers. One of the things we have done is to introduce what we call FAST CLAIMS PORTAL which enables customers to make claims in minutes with the assurance that these claims will be treated quickly.”

Onifade explained that Heirs Insurance paid a total of N303 million as claims in 2021 and N550 million at the end of third quarter 2022 while Heirs Life paid a total of N58 million as claims at the end of 2021 and N700million at the end of Q3 2022 which brought the grand total to N1.611 billion.

The insurance expert further said that the Heirs Insurance and Heirs Life reported an impressive financial performance with the former generating a gross written premium of N3.5 billion in 2021 and GWP of N5.8 billion as at the end of Q3 2022.

The latter, according to him, had a gross written premium of N2.7billion in 2021 which grew to N9 billion as at the end of Q3 2022.

Continuing, he said Heirs Insurance recorded a profit of N600million at the close of business in third quarter 2022 while Heirs life on the other hand generated N950 million profit in the same period of third quarter 2022.

On her part, Managing Director, Heirs Insurance, Dr. Adaobi Nwakuche, said the two companies are committed to seamless business, as well as creating products that would deepen their penetration and stand them out in the market.

She said this informs why they provide simple products that could easily be understood.

In view of this, Nwakuche announced that Heir Insurance introduced 33 new products while Heirs life introduced 16 new products in the course of the year.