From left: Prince Cookey, Publisher/Editor-in-Chief, Business Journal; Bisi Bamishe, Publisher, Bislad News; Thaibat Adeniran, Managing Director/ Chief Executive Officer, Hilal Takaful Nigeria Limited; Ngozi Onyeakusi, Publisher, SuperNews, and Chuks Udo Okonta, Publisher, Inspenonline, when the EXCO of Insurance & Pension Editors of Nigeria (IPEN) paid a courtesy visit to Hilal Takaful Nigeria Limited in Lagos.

The Managing Director/CEO, Hilal Takaful Nigeria, Mrs. Thaibat Adeniran, has reiterated that Takaful insurance is not solely for Muslims, but designed to cater for needs of the insuring public, regardless of religion.

Speaking when members of the Insurance & Pension Editors of Nigeria (IPEN) paid a courtesy visit to the firm in Lagos, Adeniran assured that Hilal Takaful Nigeria provides robust insurance cover for Muslims and non-Muslims alike.

According to her, the firm at inception had 40 percent of policyholders as non-Muslim, adding that presently, the number has increased tremendously.

She noted that what attracts customers to Takaful products is not religion, but the products because the products meet their needs and more importantly, the cashback system.

“So that is a plus, when you work the talk and realise that non-Muslims also appreciates our products.”

Adeniran hinted that non-Muslims were their first clients at inception, stressing that people from different faiths show interest in Takaful products in as much as it was presented in truth and sincerity.

Speaking on claims payment, she stated that Hilal Takaful Nigeria settled claims worth N220 million in the 2022 financial year, while it paid N50 million in the month of June 2023.

On surplus payment, she assured that Hilal Takaful has been consistent in surplus payment, which according to her is calculated and paid to customers who did not receive claims within the financial year.

She noted that customers of Takaful are always excited to receive the surplus pay at the end of each financial year.

Speaking earlier, Mr. Chuks Udo Okonta, the President of IPEN, expressed delight on the performance of Hilal Takaful Nigeria and pledged that the Group would partner and support the firm in meeting its goal of providing enriched insurance products and services to the insuring public.

He noted that IPEN consists of development-focused journalists, who are committed to the growth of insurance and pension sectors of the Nigerian economy.

The IPEN President added the Group as part of its developmental initiatives, has being engaging stakeholders in the insurance and pension sectors to generate contributions that would sustain the growth of the sectors.

Okonta stated that IPEN as a Group had in the past had engagements with shareholders, insurance brokers, insurance agents and policyholders, adding that there are plans to also engage more insurance consumers to ascertain from them how they feel insurance and pension operators can serve them better.

L-R: Segun Bankole, Deputy General Manager, Corporate Communications & Investor Relations, Sovereign Trust Insurance Plc; Jesutomitope Mala, Route Commander, Youth Safety Education Officer, FRSC, Lagos Sector Command and Akinwunmi Akinrinmade, Assistant General Manager, Oil & Gas Department, Sovereign Trust Insurance Plc during the courtesy visit paid to the Underwriting Firm by the representative of the Federal Road Safety Corps, Lagos Sector Command.

The visit is in connection with the collaboration between FRSC and Sovereign Trust Insurance Plc on “Road Safety Advocacy” to Nigerian Youths and road users in the country.

The Head of Corporate Communications & Investor Relations of the Underwriting Firm, Segun Bankole has also been nominated as an FRSC Celebrity Special Marshal.

As a Celebrity Marshal, the Spokesperson for the organisation is expected amongst other things, monitor road users with a view to providing constructive feedbacks to the Corps, carry out traffic controls and rescue operations in case of emergencies and also engage in advocacy and public enlightenment to road users.

The induction of all the CSMs nominated by the Corps would be done on August 12, 2023 at a ceremony tagged, “Youth Hangout” to commemorate the UN International Youth Day.

The National Insurance Commission (NAICOM) and the Nigerian Content Development & Monitoring Board (NCDMB) are set to collaborate to enhance the participation of insurance firms in local content businesses in the oil and sector of the Nigerian economy.

Mr. Olorundare Thomas, the Commissioner for Insurance/CEO of NAICOM, said at the 2023 Oriental News Summit in Lagos that the drive towards enhancing local content speaks to the long-term plan of the government, borne out of good intention and strategy to grow the nation’s economy, develop Nigerian industries and her human capital.

Thomas said: “It is worthy to note that prior to the Nigeria Oil and Gas Industry Content Development Act of 2010 (NOGICD ACT), the Insurance Act 2003 made far reaching provisions for the domestication and domiciliation of insurance services in Nigeria.  In particular, Section 65(7) made it compulsory for any property located in Nigeria, whether moveable or immovable to be insured with a Nigerian registered insurer. Section 67 requires that insurance of all imports into Nigeria must be insured by insurers registered in Nigeria.”

The NAICOM CEO said the historical relationship between both industries  could be traced to the birth of the latter, following the issuance of the NOGICD ACT, the insurance industry in collaboration with the Board brainstormed leading to issuance of The Guidelines for Oil & Gas Insurance Business issued in 2010, which amongst others, stipulates the roles and responsibilities of insurance institutions in ensuring compliance with local content law, with the primary consideration of ensuring actual exhaustion of available In-Country Insurance Capacity. He added that the overall aim is the development of indigenous content through increased indigenous participation.

“The synergy between both industries was renewed when both agencies identified the need for a veritable platform for inter-agency collaboration in order to give effect to the requirements of Sections 49 and 50 of the NOGICD Act 2010 by providing guidance to Operators in the Oil and Gas necessary for satisfying the provisions of the law in relation to insurance transactions. The Jointly issued Guidelines portend to satisfy the intent and provision of the laws: thereby enabling the NCDMB monitor utilisation of in-country insurance capacity which is a road to increased retention, growth in in-country technical capacity, Job creation, increased penetration and GDP growth, human capacity development, and many others.”

He listed the Benefits of the Guidelines to the insurance and oil/gas sectors, and the nation in general to include:

• The intention is more tilted towards encouraging preventive, detective; as well as corrective and compensatory regulatory controls.
• It is beneficial, to also state, that necessity is on us to ensure that risks are accurately priced and professional advice is given to insuring entities, especially in the Oil and Gas space, as it poses vantage position to avoiding overpricing of products, underrating of risks, negligent omission of necessary covers and its consequential effect on avoidable pressure and burden on finances.
• The Company’s exposures where not accurately reviewed could deter incentivisation from the regulator that could be provided in future to compensate for risk improvements deployed to reduce potential environmental liabilities, or the advantages enjoyable by deploying capital on transition from high based carbon energy and its environmental impacts. This is in contemplation with the pressure to reduce Green-House Gas (GHG) emission and transition to Clean and Renewable Energy.
• A platform that aid juxtaposition of Company’s operations with the obtained Insurance coverages would enhance the pace of the Regulators’ oversight on the appropriateness of products offering to the Market. Proper profiling of the entities’ coverages will compel joint collaboration and facilitation of knowledge sharing in ways optimally beneficial to both Industries.
• The Disclosure and Reporting requirement of Section 49 of the NOGICD ACT is to ultimately enhance regulatory decisions that will benefit the Oil and Gas Industry and the Nation at large.
• Another merit of the collaboration as highlighted in the blueprint between the Board and the Commission is to bridge the identified knowledge gap in the demand and supply sides of the oil and gas insurance value chain. This would not have been possible where there is no special vehicle of research and development which engine is the access to information and data from both the suppliers and consumers.

The Executive Secretary of NCDMB, Engineer Simbi Wabote, who was represented by Mr. Daziba, Patrick Obah, Director, Corporate Services, emphasised that collaboration and stakeholder engagement remains the way forward for effective synergy between the oil/gas sector, NCDMB and operators in the insurance sector.

Obah maintained that the insurance sector in Nigeria has a fertile ground to grow with the NCDMB Act.

He lamented however that Nigerian-owned companies are the greatest challenge in promoting local content in the nation’s oil and gas sector.

Leading insurance companies, Heirs General Insurance (HGI) and Heirs Life Assurance (HLA), subsidiaries of Heirs Holdings, launched multiple digital channels, making insurance transactions easier for customers, simplifying access to insurance for all Nigerians.

The mobile and digital channels include a chatbot named Prince, which instantly resolves customer’s inquiries, a USSD channel *1100# for Heirs Life, and mobile apps – Simple Life by Heirs Life Assurance and Simple Protect by Heirs General Insurance, both also available on the web.

Living up to the Group’s ‘Simple Life’ promise, the products demonstrate the companies’ promise of superior value to customers, quick and accessible service, while driving financial inclusion for everyone. These channels directly tackle the challenge of low insurance penetration across Nigeria, opening the industry to new customers, who require protection for their assets and financial security for their loved ones.

Using mobile and web apps called Simple Life and Simple Protect respectively, customers can open new policies, manage existing policies, file claims, and get instant support, right from their phones at any time of the day, without visiting an office or speaking to an agent.

With the chatbot, Prince, customers get instant, personalised insurance service virtually, twenty-four hours a day. In today’s fast-paced world, Prince enables seamless and effortless service for existing and potential customers of Heirs General Insurance and Heirs Life.

Heirs Life unveiled its USSD code *1100# to deepen insurance penetration. The USSD will allow Heirs Life to reach millions of customers in need of savings and life insurance plans, expanding its reach to remote areas traditionally excluded from financial services.  The USSD code also provides faster access for existing customers to manage their policies.

Speaking on the launch, Ifesinachi Okpagu, Chief Marketing Officer, Heirs Insurance Group, said: “Our customers are at the heart of our business. At Heirs General Insurance and Heirs Life, we are committed to driving inclusion across the country. We believe every Nigerian deserves a backup in times of need and with these new channels, we are assuring customers of coverage as they go about their daily lives. The simple life is here.”

Heirs General Insurance (non-life insurer) and Heirs Life Assurance (specialist life office) are the insurance subsidiaries of Heirs Holdings, a pan-African investment group, with a portfolio in 24 countries and four continents.

Both companies serve hundreds of thousands of customers in the retail and corporate segments across Nigeria through a hybrid approach – a rapidly expanding physical footprint and an omnichannel digital presence.

Heirs Insurance Group is leading the digital insurance play in Nigeria through their platform for partnership and insurance re-distribution, InConnect, amongst other insurtech-driven initiatives.

On a mission to democratise access to insurance by providing simple, quick, reliable, and accessible insurance to individuals and organisations, Heirs General Insurance and Heirs Life Assurance are championing financial inclusion across the country, partnering with global organisations, including the United Bank for Africa Plc, to make insurance accessible to everyone.