Underwriting firms, Heirs Insurance Limited (HIL) and Heirs Life Assurance (HLA) have partnered with the United Bank for Africa (UBA) to commence bancassurance business to increase insurance acceptance in the country.
The partnership will allow the distribution of cheap and dependable insurance products for Nigerians, at UBA Nigeria branches, providing a wider range of financial security options for individuals, families, and businesses, whilst driving financial inclusion, a strategic objective for both groups. The rollout began yesterday.
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.
Customers will be able to purchase insurance from all the bank distribution channels, including the branches.
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 new bancassurance partnership underlines the partners’ mission of improving lives and transforming Africa while democratising access to financial services.
Speaking on the partnership, the Managing Director/Chief Executive Officer, Heirs Insurance, Adaobi Nwakuche, said: “We partnered with a trusted and innovative bank such as the United Bank for Africa.
This partnership will offer millions of people nationwide the financial security that is so needed. “
According to her, they are committed to a transformative path of improving the lives of Nigerians, while ensuring that insurance is made accessible to all.
The Managing Director/Chief Executive Officer, Heirs Life Assurance, Niyi Onifade, 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”.
Speaking on the rollout, the Group Managing Director, UBA, Oliver Alawuba, 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”.