A huge Internet paradise for the retail distribution of life insurance products – Onifade

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Onifade

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Chuks Udo Okonta

At the recently concluded Annual Retreat of the Life Offices Committee of the Nigerian Association of Insurers (NIA), Managing Director/CEO of Heirs Life Assurance (HLA), Niyi Onifade, cited the growing number of users of the Internet as an Opportunity to Leverage Technology for the Retail Distribution of Life Insurance Policies.

He said this during a conference to key stakeholders in the life insurance industry on “ICT tools as distribution and service channels of life insurance products in the digital age”, where he encouraged life insurance practitioners to embrace technology tools and automation to facilitate accessibility and improve customer experience.

A Fellow of the Chartered Insurance Institute of London and Nigeria respectively and an alumnus of the renowned Lagos Business School, Onifade reiterated the power of the internet in today’s business world. He spoke about customer preferences, advocating for the creation of life insurance products that are simple and understandable, noting that the attention span of today’s policyholders is short.

According to him, “Old-school physical distribution methods through brokers and agents are still going strong, but our process can be greatly improved digitally. Predictive and behavioral analytics could help clients offer customers the relevant life insurance policies suitable for their stage of life even before they realize they need life insurance.

Concluding his presentation, Onifade instructed professionals to embrace an open, digital-first insurance distribution and service system, highlighting the progress Heirs Life Assurance has made in digitally serving its retail customers who constitute approximately 70% of its portfolio.

Heirs Life Assurance (HLA) is a specialty life insurance company offering life insurance, retirement and child education protection plans that are simple, fast, accessible and reliable. HLA offers a wide range of personalized life insurance protection and investment plans that provide financial security for individuals and businesses. Heirs Life is a subsidiary of Heirs Holdings, a pan-African investment group present on 4 continents and 23 African countries.

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