How Heirs Insurance Group became Nigeria’s fastest-growing insurer in 5-years

From an empty office and a seven-year wait for regulatory approval to serving more than three million lives and building an asset base exceeding N136 billion, Heirs Insurance Group’s rise has been one of the most remarkable growth stories in Nigeria’s financial services sector.

Five years after commencing operations, the group, comprising Heirs Life Assurance and Heirs General Insurance has emerged as a disruptive force in an industry long challenged by low penetration, limited public trust, and poor customer engagement. Its rapid expansion, digital-first strategy, commitment to claims payment, and relentless focus on customer experience have earned it recognition as one of Africa’s fastest-growing companies.

The Company Executives who have led the transformation say the journey has been defined by resilience, innovation, people development, and a determination to fundamentally change how Nigerians perceive insurance.

For Niyi Onifade, group sector head/ MD of Heirs Life Assurance, the story of Heirs Insurance Group did not begin five years ago when operations commenced. It began seven years earlier with a long and uncertain wait for regulatory approval.

According to him, obtaining operational licences remains one of the most memorable moments in the company’s history.

“Our journey to this point required patience and resilience,” Onifade recalled. “We waited seven years before receiving our operational licences from the regulator. During that period, regulatory changes resulted in the company eventually obtaining two licences instead of one.”

He described the day the licences were formally presented as a defining milestone.

“One of the most exciting moments of my career was when we finally received our operating licences after a seven-year journey. I vividly remember standing at the headquarters of the regulator as the Commissioner for Insurance handed over our two licences to our chairman. It was a moment of immense satisfaction and relief.”

Yet receiving the licences was only the beginning. Launching operations during the COVID-19 pandemic presented another significant challenge.

“Many people questioned the wisdom of launching an insurance company during such uncertain times,” Onifade said. “However, we remained focused on our mission and stayed true to our promises.”

That mission was ambitious, not merely to participate in Nigeria’s insurance industry but to transform it.

From inception, Heirs Insurance identified three major obstacles facing the industry: low penetration, trust deficits, and limited public understanding of insurance, and rather than accepting those realities, the company built its strategy around addressing them.

“Every decision we make begins with one question: How does this benefit the customer? Onifade explained. “Whether it relates to product development, service delivery, claims settlement, or technology, the customer remains at the centre of everything we do.” That philosophy has translated into measurable growth.

Today, the group says it has impacted more than three million lives through its individual and corporate insurance solutions. “For us, this is not merely a number,” Onifade said. “It represents millions of people and businesses whose futures are protected through insurance.”

The customer-first approach has also helped the company build trust in a market where scepticism about insurance has historically limited growth.

The group’s growth has not gone unnoticed. Among its most notable achievements is its inclusion in the Financial Times ranking of Africa’s fastest-growing companies, a recognition that placed both its life and general insurance businesses among leading growth companies on the continent.

“These recognitions extend beyond the insurance industry and place us among leading companies across all sectors in Africa,” Onifade said. “They reflect the strength of our strategy, the quality of our people, and our commitment to innovation.” The achievement is particularly significant considering that many insurers in Nigeria have operated for decades, while Heirs Insurance has reached industry leadership positions in just five years.

A recurring theme across the group’s leadership is the role of technology in driving growth. Onifade described Heirs Insurance as a digital-first company that has embedded technology into virtually every aspect of its operations. That strategy recently culminated in the launch of Prince AI, an artificial intelligence-powered insurance assistant designed to simplify customer interactions.

According to him, Prince AI allows customers to obtain information, renew policies, receive recommendations, and access insurance services in multiple languages.

“Prince AI reflects our broader vision of making insurance accessible, simple, and convenient for everyone,” he said.

Technology, the executives argue, has enabled the company to break traditional barriers that have prevented millions of Nigerians from accessing insurance products.

For Wole Fayemi, managing director/ CEO, Heirs General Insurance, the company’s success is rooted in a commitment to making insurance available to all segments of society.

“Insurance has often been perceived as an elitist product,” Fayemi said. “That is why we are committed to democratizing insurance in Nigeria.”

He explained that the company’s strategy aligns with the Federal Government’s financial inclusion agenda by ensuring that insurance reaches high-income earners, the middle class, and low-income households alike.

“Technology has been our key enabler in taking insurance to the grassroots while also serving high-value customers across society,” he noted.

Fayemi believes insurance is a critical component of economic development because it provides the security and stability required for businesses to thrive.

“Small and medium-sized enterprises remain the engine of the economy, and insurance plays a vital role in protecting them,” he said.

One of the most significant barriers to insurance growth in Nigeria has been public distrust, often fuelled by poor claims experiences.

Addressing this challenge became a strategic priority for Heirs Insurance from the outset. “Many Nigerians distrusted insurance because of negative experiences,” Fayemi said. “We entered the market with a commitment to changing that perception through prompt and transparent claims settlement.” That commitment translated to the Group’s playouts of N21 billion in 2025, after a record profit of N7.5 billion.

“Since our inception, we have consistently paid billions of naira in claims annually,” he said. “In 2026 alone, claims payments in the general insurance business have already exceeded N4 billion, with additional payments still being processed for genuine and properly substantiated claims.” The emphasis on claims settlement has become one of the pillars upon which the group has built its reputation and customer loyalty.

Executives credit much of the company’s growth to its people. According to Onifade, the organisation deliberately invests in training, learning, and professional development.

“We place a strong emphasis on talent development,” he said. “Our people are among the best in the industry because we invest significantly in training, learning, and professional growth.”

He added that ambitious targets and strong shareholder support have helped create a culture of excellence.

“We set audacious targets for ourselves because we believe challenging goals bring out the best in people.”

What began as an organisation with fewer than 50 employees has evolved into a company that now supports thousands of jobs directly and indirectly through agency networks.

Fayemi described the workforce as one of the group’s greatest strengths.“ We have assembled a highly skilled and dedicated workforce committed to delivering on the group’s vision and corporate objectives,” he said.

Ifesinachi Okoli-Okpagu, head of Marketing at Heirs Insurance Group, believes one of the company’s greatest achievements has been creating a distinctive brand identity in a sector not traditionally associated with innovation or excitement.

“Five years ago, we sat in an empty building. No furniture. No signage. No customers,” she recalled. I was brought in to build the brand and its experience from scratch. Today, she says, the transformation has been extraordinary.

“We have grown to almost 300 employees and have been recognised on the Financial Times list of Africa’s fastest-growing companies.”

According to Okpagu, the brand was built around a simple promise made on June 1, 2021: to make insurance simple, quick, accessible, and reliable, and that promise inspired a series of innovative initiatives that differentiated the company from competitors.

Among them was Africa’s first insurance-themed web series, The Underwriters, created to educate consumers about insurance through storytelling.

The company also launched Heirs Insurance Rewards, giving customers access to discounts and benefits from partner businesses, and introduced the Heirs Insurance Retirees Club to provide wellness and lifestyle support for senior citizens.

Other innovations include insurance experience centres in Abuja and Enugu, digital self-service platforms, the AI-powered Prince AI assistant, community impact programmes under The Good Project, and the Heirs Insurance Travel Festival.

“For us, Heirs Insurance is not just a brand,” Opagu said. “We have built a universe of thriving people getting the right financial security and support they need to reach their next achievement.”

Its journey from an empty office to one of Nigeria’s most dynamic insurance businesses demonstrates what can happen when innovation, purpose, and execution come together.

With more than three million lives impacted, billions of naira paid in claims, a growing digital ecosystem, and a clear ambition to democratise insurance, Heirs Insurance Group appears determined to continue reshaping the future of insurance in Nigeria and across Africa.