L-R: Ifesinachi Okpagu, Chief Marketing Officer, Heirs Insurance Group; Tosin Bayo-Yusuf, Executive Director, Heirs Life Assurance; Wole Fayemi, MD/CEO, Heirs General Insurance; Aniema Ekong, Sales, Heirs Insurance Group; Tony O. Elumelu, Chairman, Heirs Holdings; Niyi Onifade, MD/CEO, Heirs Life Assurance and Dupe Olusola, MD/CEO, Transcorp Hotels Plc, at the launch of Heirs Insurance Experience Centre, the first digital insurance experience centre in Nigeria at Transcorp Hilton Hotel Abuja.

Heirs Insurance Group, Nigeria’s fastest-growing insurer, has announced the launch of Nigeria’s first-ever digital insurance space – the Heirs Insurance Experience Centre.

Located on the ground floor of the Transcorp Hilton, Abuja, the experience centre provides a comprehensive one-stop shop for all insurance products and services offered by the Group.

The Heirs Insurance Experience Centre is a digital space, featuring a full-display interactive screen, enabling users to easily view an array of insurance policies to determine the best policy, purchase insurance plans seamlessly and file a claim or chat with the Prince chatbot for faster issue resolution.

Commenting on the launch, Mr. Tony Elumelu, Chairman, Heirs Holdings, underlined the commitment of the Heirs Insurance Group to transform the lives of Nigerians and drive financial inclusion.

He said: “We are redefining the insurance experience, as we believe our customers deserve simple, seamless, and reliable access to financial security anytime, anywhere.  The Heirs Insurance Experience Centre showcases our digital channels and tools, which are transforming the insurance experience, another clear demonstration of our promise of service excellence, accessibility, and innovation.”

Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents, founded and led by Tony Elumelu.  With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs General and Heirs Life serves both corporate and individual customers across Nigeria.

Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.  As part of its unique proposition, the Group rolled out digital and mobile channels to simplify access to insurance and make insurance accessible to everyone.

The Managing Director/CEO, Sovereign Trust Insurance Plc, Olaotan Soyinka, being flanked by members of the Management Team and Staff of the underwriting company, during this year’s edition of the Customer Service Week which held between October 2-6, 2023.

The Firm used the week-long event to thank and appreciate its numerous customers, home and abroad and urged them to continue to patronise Sovereign Trust Insurance Plc for all their general insurance needs in the years ahead.

By Emeka Akwiwu

Executive Director

Continental Reinsurance Plc

At the recent 5th Sharm Rendezvous in Egypt, Mr. Emeka Akwiwu, Executive Director – Technical Operations, Continental Reinsurance Plc shed light on the significance of the Insurance Ecosystem and its role in adapting to today’s changing market dynamics.

In a world where collaboration is king, the Insurance Ecosystem is emerging as a game-changer. This innovative concept involves a network of players, both within and outside the insurance industry, working together to craft ground-breaking solutions for both retail and institutional customers. The goal? A seamless, user-friendly experience that transcends traditional boundaries.

For insurers looking to stay relevant and meet the ever-evolving demands of their customers, developing ecosystem strategies is the name of the game.

Notable success stories include South Africa’s Discovery, which partnered with a variety of entities to create solutions in mobility, health, education, and real estate. Meanwhile, Sanlam’s investment in a digital ecosystem has allowed them to offer a broad spectrum of financial services beyond the confines of traditional insurance.

In this rapidly changing landscape, digital transformation is not just a buzzword; it’s a necessity. Insurers must adapt by developing digital platforms and services to effectively participate in these ecosystems.

With ecosystems projected to encompass 30% of the global economy by 2025, the opportunity for insurers is nothing short of substantial.

Africa’s insurance companies have a golden opportunity to diversify their product offerings across various ecosystem spheres, including mobility, health, social, education, and recreation.

However, they must confront challenges related to capability, culture, technology, and resources to optimise their participation in this exciting shift.

In conclusion, the key to thriving in today’s insurance landscape lies in embracing the Insurance Ecosystem and conquering challenges through digital transformation.

Collaboration and innovation within these ecosystems will not only position insurers as valuable contributors but also offer customers a more integrated and seamless experience.

The future of insurance is indeed evolving, and those who adapt are poised to thrive.

At the CIIN Forum in September 2023, Lawrence Nazare, Group Managing Director of Continental Re, highlighted Africa’s natural disaster insurance gap and the need for climate risk financing reform.

Cyclone Idai in Mozambique, Malawi, and Zimbabwe demonstrated that only 7% of $2 billion in economic losses were insured, exposing a significant gap.

Africa faces increasing climate disasters, particularly floods and droughts, and Nazare made urgent recommendations for climate resilience, including stress-testing exposure, portfolio rebalancing, risk mitigation, regulatory collaboration, and innovative risk products.

He called for climate justice, as Africa bears disproportionate impacts despite low greenhouse gas emissions.  The forum stressed the importance of action and collaboration to address Africa’s insurance gap in the face of rising climate risks.

The National Insurance Commission (NAICOM) says President Bola Ahmed Tinubu would be the Special Guest of Honour at the 2023 National Insurance Conference scheduled for October 22-24, 2023 at Abuja Continental Hotel (former Sheraton), Abuja under the theme: Redefining Safety: Insurance Solutions for Public Buildings and Buildings under Construction.

According to the programme, Mr. Olawale Edun, the Hon. Minister of Finance will serve as Chief Host while Mr. O. S. Thomas, Commissioner for Insurance/CEO, NAICOM is the Host.

Mr. Tony Elumelu, Chairman, Heirs Holdings & UBA Group will deliver the theme paper as presenter while His Excellency, Mr. Babajide Sanwa-Olu, Executive Governor of Lagos State would be the Guest Speaker.

The 2023 Almond Insurance Industry Awards Panel of Judges headed by Ms Prisca Soares has officially released the names of Nominees in the various categories.

The very thorough nomination process which lasted for one month had top management staff of insurance and broking firms, corporate and individual clients nominating companies, and individuals based on the criteria provided.

Although some of the nominations were disallowed due to non-compliance with the criteria, over 300 people combined with companies participated in the process.

At the end of the rigorous fine-tuning exercise by the Judges, the following companies and individuals have emerged as nominees in the categories:

LIFE INSURANCE COMPANY OF THE YEAR

Mutual Benefits Life Assurance Ltd

Coronation Life Insurance Company Ltd

AIICO Insurance Plc

Sanlam Life Insurance Nigeria Ltd

African Alliance Insurance Plc

Capital Express Assurance Co. Ltd

Old Mutual Nig. Life Insurance Company Ltd

Custodian Life Assurance Limited

Zenith Prudential Life Insurance Co Ltd

LASACO Assurance Plc

GENERAL INSURANCE COMPANY OF THE YEAR

NEM Insurance Plc

Coronation General Insurance Plc

AXA Mansard Insurance Plc

Custodian & Allied Insurance Plc

Anchor Insurance Company Limited

Leadway Assurance Co. Ltd

Cornerstone Insurance Plc

MICRO/TAKAFUL INSURANCE COMPANY OF THE YEAR

Goxi Microinsurance Limited

Noor Takaful Insurance Limited

Hilal Takaful Nigeria Limited

Salam Takaful Insurance Company Ltd

INSURANCE CEO OF THE YEAR

Mr. Kunle Ahmed – (CEO) AXA Mansard Insurance Plc

Mr. Tope Smart (MD/CEO) NEM Insurance Plc

Mr. Tunde Hassan Odukale (MD/CEO) Leadway Assurance Co. Ltd

Mr. Augustine Osegha Ebose (MD/CEO) Anchor Insurance Company Limited

INSURANCE BROKING COMPANY OF THE YEAR

BOFF & Co. Ins. Brokers Ltd.

Y.O.A Insurance Brokers Ltd

Scib Nigeria & Co Ltd

Golan Heights Ins. Brokers Ltd.

HOGG Robinson Nigeria Ltd

FSL Insurance Brokers Ltd

ATIAT Insurance Brokers Ltd

INSURANCE BROKER OF THE YEAR

Mr. Oreoluwa Ebuoluwa Olarinmoye – (CEO BOFF & Co. Ins. Brokers Ltd)

Mr. Shola Tinubu. – (CEO Scib Nigeria & Co Ltd)

Mrs. Enitan Solarin – (CEO Y.O.A Insurance Brokers Ltd)

REINSURANCE CEO OF THE YEAR

Fola Daniel – (CEO – FBS Reinsurance Ltd)

Lawrence Nazare – (CEO – Continental Reinsurance Plc)

Speaking at a Press Conference in Lagos, the Chairman of the Awards Panel of Judges Ms. Soares, said that Winners in the various categories will be based on the decision of voters forms 60% of the judging process while collated Data from NAICOM will balance it up.

To this end, she implored nominees to encourage their clients and the general public to visit the Awards Website: (www.almondinsuranceindustryawards.com) to cast their votes.

Although voting is FREE, companies as well as individual clients can vote just once in each of the categories.

The voting process will be closed on the 20^th of October to allow for final processing by the Awards Panel of Judges before the Awards Nite on the 3^rd of November at the Queens Park Events Center where WINNERS will be announced.

The Annual Almond Insurance Industry Awards and Consumers’ Nite was instituted to reward the “Can Do Spirit”, of the men and women in the various arms of the insurance industry who strive daily to sell insurance products and services in Nigeria despite the myriad of challenges in the business environment and the low acceptability of insurance in Nigeria.

The Awards which started in 2018 has grown to become the biggest night for insurance practitioners, policy makers, entertainers and the general public to have fun in a relaxed atmosphere.

The epoch-making event will feature top rated Nigerian Comedians like Brain-jotter, Mr. Paul, AB Jokes, Akpan Okon, Cartoon Boy, MC Monica and a host of others. Music headliners this year are HarrySong, Skales, Terry G and a host of other new acts and Dancers.

DJ KENTALKY will be on the wheels of steel and show hosts is Godwin Aruwayo (Firstvoice)

VOTE NOW because Voting ends on the 20^th of October

#Almond Insurance Industry Awards

#Insurance Biggest Nite 

#Rewarding Excellence

#insurance Meets Pop Culture

L-R: Tawiah Ben-Ahmed MD CEO Sanlam Ghana, (2nd) Bode Opadokun, MD CEO Sanlam General, (3rd) Tunde Mimiko, MD CEO Sanlam Life (Right) Ajibola Bankole, Deputy Director, NAICOM.

Sanlam Nigeria, a member of the Sanlam Pan African group, officially introduced two new products to the Nigerian market in commemoration of the nation’s 63^rd Independence Anniversary. The new products, Family Love Plan and the Code of Confidence, were launched at a glitzy event in Lagos attended by customers, leading brokers and other stakeholders. The event showcased the features and benefits of the new products, as well as the opportunities and solutions that Sanlam Nigeria provides to its customers.

The Family Love Plan is a funeral plan that helps policyholders honour and celebrate their loved ones who are no more without worrying about the financial burden of funeral expenses. According to Tunde Mimiko, MD/CEO of Sanlam Life Insurance, “Family Love helps you give a memorable farewell to your departed loved ones with love and dignity. At Sanlam Nigeria, we understand the love and care you have for family. This is why we created the Family Love plan. With Family Love, you don’t have to break the bank or compromise on your class, to give your beloved parents, that your favourite uncle or even in-laws, a deserving farewell when the eventuality happens.” He went on to state that the plan was the company’s gift to Nigeria at Independence.

The Code of Confidence is a unique product in Nigeria that enables Sanlam customers to report and settle third party motor insurance claims using a simple USSD code, *1056#. The first-of-its-kind in Nigeria, the product has since gained traction and popularity in the market. Bode Opadokun, MD/CEO of Sanlam General Insurance, expressed his excitement about the official launch of the Code of Confidence. He emphasised the brand’s relentless commitment to stakeholder-friendly ideas and innovations. He said: “We are particularly proud to highlight our USSD Code of Confidence, *1056#, which revolutionises the way our customers report and settle 3^rd party motor insurance claims. With this innovation, our customers can rest assured that they are just a dial away from getting their motor insurance settled on the spot.”

Industry watchers agree that the launch of both products reflect Sanlam’s continuous innovative strategy and commitment to customer satisfaction. To buy the Family Love Plan, visit the Sanlam Nigeria website www.sanlam.com.ng and select your preferred package, and follow the prompts. To use *1056#, Sanlam customers simply need to dial the code on their mobile phones and follow the instructions on the screen. The code works on MTN and Airtel networks on any mobile device. Once the claim is initiated, a Sanlam representative will contact the customer within 24 hours to verify the details and process the payment.

About Sanlam Nigeria

Sanlam Nigeria, formerly FBN Insurance, comprising Sanlam Life Insurance Nigeria Limited and Sanlam General Limited, is Nigeria’s fastest-growing insurance company with multiple awards and recognitions including 4-time World Finance Life Insurance Company of the Year among others. With a presence in over 66 locations, the brand is easily one of the most retail-driven insurer in Nigeria boasting a sales force of over 3000 sales champions and strong user-friendly technological support to ensure on-the-spot policy uptake.

Sanlam Nigeria is a member of the Sanlam Pan Africa (SPA), a truly pan-African brand with a rich history and heritage founded in 1918 as a life insurance company. Headquartered in South Africa, the brand has grown to become Africa’s largest non-banking financial services group, with a strong presence in 33 countries on the African continent including Nigeria, and a niche presence in India, Malaysia, the United Kingdom and Australia. Indeed, Sanlam operates in 8 out of the 10 largest economies in Africa, with over 154,000 employees globally, delivering superior value to customers, shareholders and the broader society.