UBA, Heirs underwriters commence bancassurance partnership

Heirs Insurance Limited and Heirs Life Assurance have commenced a with global banking group, the United Bank for Africa.

The underwriters said the partnership would permit the distribution of affordable and dependable insurance products for all at UBA Nigeria branches, providing a wider range of financial security options for individuals, families, and businesses, while driving financial inclusion, a strategic objective for both groups.

Bancassurance is a relationship between a bank and an insurance company that is aimed at offering insurance products or insurance benefits to the bank’s customers. In this partnership, bank staff and tellers become the point of sale and point of contact for the customer.

A statement from the underwriters said the bancassurance partnership which had commenced offered customers of all three entities an expanded distribution network and the ability to seamlessly transact banking and insurance needs in a single location.

It added that customers would be able to purchase insurance from all UBA Nigeria distribution channels, including the branches.

The statement reads partly,  “Heirs Insurance and Heirs Life have 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.”

The Managing Director/ Chief Executive Officer, Heirs Insurance, Adaobi Nwakuche, said, “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.”

“The Managing Director/Chief Executive Officer, Heirs Life Assurance, NiyiOnifade, said, “We promised Nigerians accessibility to insurance, and this bancassurance partnership is one of the key ways we are fulfilling that promise.”

Speaking on the rollout, the Group Managing Director, UBA, Oliver Alawuba, 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.”