In order to increase insurance acceptance in the nation, underwriting companies Heirs Insurance Limited (HIL) and Heirs Life Assurance (HLA) have teamed up with the United Bank for Africa (UBA) to launch a bancassurance company.
The agreement will enable the provision of affordable and dependable insurance products to Nigerians at UBA Nigeria offices, expanding the range of alternatives for personal, family, and company financial protection while promoting financial inclusion, a key strategic goal for both organizations. Yesterday, the rollout started.
Through the bancassurance collaboration, customers of all three companies can conveniently handle their banking and insurance needs in one location and have access to a wider distribution network.
All bank distribution channels, including the branches, will offer insurance to customers.
With the help of their cutting-edge digital insurance procedures, Heirs Insurance and Heirs Life have shown off their distinctive approach to insurance and customer experience, which places a focus on accessibility and simplicity.
The new bancassurance cooperation highlights the partners’ goal of democratizing access to financial services while enhancing lives and reshaping Africa.
Adaobi Nwakuche, the managing director and chief executive officer of Heirs Insurance, said on the collaboration: “We teamed with a reliable and forward-thinking bank like the United Bank for Africa.
This collaboration will provide the much-needed financial security to millions of Americans.
She claims that they are dedicated to a transformative route that would enhance Nigerians’ quality of life while making insurance available to everyone.
Niyi Onifade, the managing director and chief executive officer of Heirs Life Assurance, said: “We promised Nigerians accessibility to insurance, and this bancassurance partnership is one of the key ways we are fulfilling that promise.
The new bancassurance partnership with UBA reaffirms our shared digital-first approach and innovation culture, which inspire us to provide the utmost value to our customers. We appreciate our regulator, the National Insurance Commission, and of course, the Central Bank of Nigeria for granting us the necessary approval and placing their confidence in us”.
Oliver Alawuba, Group Managing Director at UBA, commented on the deployment, he said: “As a financial institution, with a presence in 20 African countries, and the USA, France, UK and the United Arab Emirates, UBA prides itself on being an innovative, one-stop-shop offering financial solutions to its over 35 million customers, from our various touchpoints. This partnership with Heirs Insurance Limited and Heirs Life Assurance helps us once again to significantly expand our branch and digital offering, to the benefit of our customers and advance our commitment to driving financial inclusivity.”
He added, “Our customers and those of Heirs’ insurance families will enjoy a bouquet of innovative and affordable products, through the rich distribution channels provided by UBA”.
