Heirs Insurance Limited (HIL) and Heirs Life Assurance (HLA), two leading insurance companies in Nigeria, have commenced a bancassurance partnership with global banking group, United Bank for Africa (UBA).
Bancassurance is a relationship between a bank and an insurance company, aimed at offering insurance products or benefits to the bank’s customers.
The partnership, which commences September 14, 2022, will enable the distribution of affordable and dependable insurance products for customers at UBA Nigeria branches, providing a wider range of financial security options for individuals, families, and businesses. It is also expected to drive financial inclusion, while offering a strategic objective for both groups.
In addition, 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 also be able to purchase insurance from all UBA Nigeria distribution channels, including the branches.
Commenting on the partnership, Adaobi Nwakuche, MD/CEO, Heirs Insurance, said the company is pleased to partner with a trusted and innovative bank such as UBA.
“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,” Nwakuche said.
Niyi Onifade, MD/CEO, Heirs Life Assurance, recalled that the company promised Nigerians accessibility to insurance, noting that the bancassurance partnership is one of the key ways the company is fulfilling the 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,” Onifade said.
Speaking on the rollout, Oliver Alawuba, group managing director/CEO, UBA Plc, 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.”
Alawuba emphasised that the partnership with Heirs Insurance Limited and Heirs Life Assurance helps the financial services group to significantly expand its branch and digital offering to the benefit of its customers, thereby advancing its commitment to driving financial inclusivity.
“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,” he added.
Bancassurance, regulated by the CBN and NAICOM, allows banks to offer insurance products or benefits to the bank’s customers through partnership with insurance companies.
Heirs Insurance and Heirs Life have, with the new development, 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 their mission of improving lives and transforming Africa, while democratising access to financial services.