Hiers Insurance, Life Assurance partner UBA on ‘bancassurance’

Heirs Insurance Limited (HIL) and Heirs Life Assurance (HLA) on Wednesday said they have begun a partnership with the United Bank for Africa (UBA) titled ‘Bancassurance’

Mrs Adaobi Nwakuche, Managing Director, Heirs Insurance made the announcement in a statement issued in Lagos.

According to the statement, the partnership will permit the distribution of affordable and dependable insurance products at all UBA branches in Nigeria.

“We are pleased to partner with a trusted and innovative bank such as the UBA and this partnership will offer millions of people nationwide the financial security that is so needed.

“We are committed to our transformative path of improving the lives of Nigerians, while ensuring that insurance is made accessible to all,” she said.

The new bancassurance partnership, according to her, will underlines the mission of the insurance firms in improving lives and transforming Africa, while democratising access to financial services.

Mr Niyi Onifade, the Managing Director, Heirs Life Assurance said the bancassurance partnership was one of the key ways the insurer was fulfilling its promise of accessibility to insurance.

“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 (NAICOM) and of course the Central Bank of Nigeria (CBN)for granting us the necessary approval and placing their confidence in us,” he said.

According to him, the bancassurance partnership offers customers of all three entities an expanded distribution network and the ability to seamlessly transact banking and insurance needs in a single location.

Onifade said Heirs Insurance and Heirs Life have demonstrated their unique approach to insurance and customer experience that emphasises simplicity and accessibility, propelled by their innovative digital insurance processes.

The Group Managing Director, UBA, Mr Oliver Alawuba, said the partnership with Heirs Insurance and Heirs Life Assurance would significantly expand the bank’s branches and advance commitment to drive financial inclusion.

“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,” Alawuba said.

It was reported that bancassurance, regulated by CBN and NAICOM, allows banks to offer insurance products or benefits to the bank’s customers through partnership with insurance companies.

Operating in 20 African countries, the United Kingdom, United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology on the continent.

Heirs insurance and Heirs Life are the insurance subsidiaries of Heirs Holdings, a pan-African investment group, with a portfolio spread across 24 African countries and four continents.

The firms are committed to providing simple, quick, reliable, and accessible service while offering life and general insurance plans that addresses the needs of individuals and organisations.