Mr. Tony Elumelu, the chairman of Heirs Insurance Limited and Heirs Life Assurance Limited, says Heirs insurance conglomerate approach to insurance service is to endorse what Nigerians want the risk protection service to be, “an insurance company with services that can be offered on a platter of excellence and superior service delivery.”
Elumelu who craves to go beyond what customers desire articulates further their position that Nigerians look for, “customer service that is digitally driven and above all they want an insurer at their side, offering affordable but reliable insurance products.”
He established the customers desire at the formal launch of the two insurance firms in Lagos today, Tuesday, promising that both firms will make their mark boosting insurance industry contribution to gross domestic product. He said insurance GDP contribution to the biggest economy in Africa which Nigeria commands is insignificant, and this behoves on the firms to team up with the regulator, the finance minister and all stakeholders “to make sure that insurance contribution to GDP in the country becomes respectable like South Africa and other countries where insurance own banks, here it is not the case, we need to, we can’t remain like this.”
Pledging to make insurance services they offer revolve round Nigerians, Elumelu commended the National Insurance Commission for granting the licences. He said the companies are built on the best traditions of corporate governance, compliance and promised to uplift commitment to these ideals to enviable standards.
Determined on the adhere to the best script he unveils the Heirs pledge, “We come with a strong tradition and track record not just of governance but of business success and business turnaround and most importantly wealth creation for all. We believe that prosperity should be democratised, we believe that success for us in this business will not just be for the profit we make for shareholders, but will be the impact we made, how we helped to develop the community and create jobs for our people, our own role in helping to eradicate poverty, these are things that defines success for us and are things we are used to.”
The Commissioner for Insurance, Sunday Thomas, in his remark commended Elumelu noting that Heirs Insurance companies are coming on the flying seal of resilience and doggedness which will place them as the risk nursing model for others to follow. Thomas pointed out that the companies came at a time NAICOM is rolling out various developmental initiatives aimed to deepen insurance penetration. He also uptick the companies high capital saying that is one of the majors needed to write big ticket risks, reduce foreign cession, and conserve forex.
He admonished them to be compliant as demanded by all guidelines including adequate disclosure and strict compliance with regulatory requirements insisting that “your dashboard with the Commission must be unblemished through strict compliance with regulatory requirements.”
Also applauding the companies take-off is the Governor of Lagos State, Babajide Sanwo-Olu who said the assurance received from NAICOM that the dark days of the sector are over is reassuring. “I think the least we can do is to reposition ourselves as a government and as a people especially in the private sector.. we need to encourage the private sector because they are the real engines of growth.”
Sanwo-Olu called on all stakeholders to join to develop Nigeria’s insurance industry to meet the levels attained in developed economies to ensure significant contribution to the nation’s GDP.