Ms Swatchet Iliyasu, Head, Brand and Customer Service of the company, said in a statement made available on Thursday in Lagos that both appointments had been approved by the National Insurance Commission (NAICOM).

The statement said Arowojolu succeeded Mr John Ijerheime, who is retiring after over 40years in insurance, as Managing Director of the insurance company.

It noted that Anibaba replaced Mrs Yetunde Adenuga, who previously served in the position but retired to pursue other opportunities.

“In line with the company’s vision, Messrs Arowojolu and Anibaba are bringing on board a wealth of experience to continuously improve service delivery.

“This would be done through differentiated products and proactively managing the risks of our numerous customers and thus, delivering a unique customer experience,” the statement said.

According to the statement, Arowojolu, an expert in Oil and Gas insurance, sales, underwriting, and claims administration was the Managing Director/CEO of Coronation Insurance Ghana Ltd., prior to his appointment.

It said the new managing director was a Fellow of the Chartered Insurance Institute of Ghana (CIIG) and an Associate of the Chartered Insurance Institute of Nigeria (CIIN).

The statement said Arowojolu, who has over 24 years of work experience in the insurance industry, is a graduate of the University of Ibadan, where he obtained his first and second degrees.

For Anibaba, the statement said he started his career with Glanvill Enthoven & Co. Insurance Brokers and has over 25 years of work experience in the insurance industry.

It revealed that prior to Anibaba’s appointment, he was the Chief Marketing Officer of Custodian Insurance Plc with wealth of experience in Oil and Gas insurance, underwriting and claims administration

“Anibaba is a graduate of Lagos State Polytechnic, Lagos and has a Masters in Business Administration from Obafemi Awolowo University, Ife, Osun State,” the said.

Licensed in 1986 in Nigeria to operate as a General/Non-Life insurance company, Unitrust Insurance has a range of insurance products which include but not limited to Oil and Gas, Motor, Marine and Aviation, Engineering, Agriculture, and Travel.

The Company has shareholders’ funds in excess of N15 billion and an Asset base of over N19.6billion as of Dec. 2021 audited financials.

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The partnership will 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, whilst driving financial inclusion, a strategic objective for both groups. The rollout begins today.

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 touch-points.”

Managing Director/CEO, Heirs Insurance, Adaobi Nwakuche, said: “We are pleased to partner with a trusted and innovative bank such as the United Bank for Africa.  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”.

 Managing Director/CEO, Heirs Life Assurance, Niyi Onifade,said:  “We promised Nigerians accessibility to insurance, and this bancassurance partnership is one of the key ways we are fulfilling that promise. 

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.

Alawuba added: “This partnership with Heirs Insurance Limited and Heirs Life Assurance helps us once again to significantly expand our branch and digital offering, to the benefit of our customers and advance our 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”.

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 be able to purchase insurance from all UBA Nigeria distribution channels, including the branches.

Regulated by the Central Bank of Nigeria and NAICOM, bancassurance allows banks to offer insurance products or benefits to the bank’s customers through partnership with insurance companies.

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This is the revelation of the 2022 Global Insurance outlook report released by EY, a leading global professional services firm.

The 2022 edition of EY’s annual Global Insurance Outlook series reflects the dynamic and purpose-driven moment for the industry, focusing on open insurance and ecosystems, workforce transformation and sustainability.

Though these three especially powerful trends are currently shaping the market, there are also other areas where insurers are encountering compelling opportunities and, potentially, severe risks.

According to the report, insurers must continue to address their technology by digitizing core processes, migrating to the cloud and embracing flexible sourcing models. The current landscape is also notable for its fragmentation; convergence and intense competition, including from a mix of non-traditional players; and widespread collaboration.

Carriers will look to partner with or acquire the most promising InsurTechs, and banks and asset managers will offer more protection products and seek to differentiate on holistic financial wellness value propositions, forcing insurers to choose between collaboration and competition.

The report also states that the insurance industry must seek to lead with purpose and live up to its highest aspirations, particularly in the wake of the COVID-19 pandemic. Insurers had to be there for customers and undertook large-scale change quickly to make sure they could serve people in need – and they must continue to do so, particularly if they are to help the world prepare for increasing climate risk.

For Rotimi Okpaise, EY Insurance Leader for West Africa, our Global Market report aligns with expectations in West Africa. Ecosystems(Banks, Telecoms, Insuretecs) are gradually developing in our region, aimed at expanding the Insurance customer base and increase our low insurance penetration levels.

Efforts are being made to engage customers better, know their needs, segment the customer base and, develop, market, and sell affordable relevant products and in the process, increase the sectors Revenue base. There are data-sharing regulatory hurdles to scale, but these are broadly deemed surmountable.

On COVID-19 and its multi-faceted disruptions, Rotimi says: “The Covid 19 triggered new Workforceneeds. The Industry adapted reasonably well through investing in technology and adjusting terms of employment.

Needs are however continuously changing and the dearth of skills across many industries has led to a war-on-talent and more flexible employment terms. The Industry will need to be agile and flexible in these regards if it is to retain and attract good talent. WhilstESGactivities are not dominant in industry deliberations, the Industry was visible at the height of the Covid era leading us to expect some companies to soon develop Purpose led statements”.

The Report further spotlights the below:

Open insurance and ecosystems: a new, customer-driven basis of competition

The rise of open finance, along with the ecosystems of financial solutions that it enables, has emerged as one of the defining financial services trends of the 2020s, primarily in response to changing customer needs and expectations. Across all lines of business, there is increased demand for more affordable, transparent and customized insurance that better suits evolving conditions and can be easily adjusted as the needs change.

Insurers must retool their platforms around APIs and microservices to enable secure and seamless connections among partners. Based upon current trends, we expect ecosystems will become a major business model in the relatively near future. As is often the case, what feels innovative today will soon become a baseline. And rather than waiting for regulators to define the rules, insurers should join the discussions about open insurance to ensure a level playing field as they seek to engage consumers in new ways.

To succeed, ecosystem business models need strong leadership from the top and a clear and executable ecosystem strategy based on their current market position, brand value, business models, talent pool, and level of technology sophistication. Despite the clear upside of ecosystems, most insurers are still working to develop the necessary tech and data capabilities, navigate distribution constraints and address organizational and cultural impacts.

Workforce transformation: the promise of a human-centered, tech-enabled enterprise

Not that long ago, the conventional wisdom in insurance held that workers would lose their jobs as insurers adopted more technology and automated more processes. Yet a profound shift was underway even before the COVID-19 pandemic, with business leaders working to address skills gaps, update their talent practices and instill more dynamic and agile ways of working. Now, competition has intensified for the most talented workers, who are more empowered to work when, where and how they want.

Today, a more nuanced and interdependent human-tech dynamic has emerged. The consensus among forward-looking executives is that human talent is every bit as important to future success as AI, machine learning and modernized processing platforms. Yet the scarcity of key skills and “the Great Resignation” mean that insurers must address the traditional view of the industry as slow-moving and dull if they are to become employers of choice.

Insurers will have to take stronger positions on the social issues that matter most to rising generations of workers (e.g., diversity and inclusion, sustainability) and provide meaningful work, as well as enhance their benefits, performance recognition and compensation models. Younger workers are also looking for more purposeful work, which gives an advantage to insurers that can articulate a clear story about how their products and services benefit society as a whole.

Sustainability: a historical opportunity to lead, innovate and grow purposefully

Climate change and sustainability have re-emerged atop board and C-suite agendas as the direct impacts of the COVID-19 pandemic have receded. Previous discussions about sustainability were largely theoretical and centered on making public pledges of support. Today, however, leading insurers are taking tangible steps and adopting hard metrics to address the full range of environmental, social and governance (ESG) issues and opportunities.

For most insurers, the focus is squarely on the “E” in ESG, as climate change will have the biggest and most immediate impact on the industry’s financial performance. But social issues are now nearly as urgent.

Insurers can take many meaningful steps in the near term to help advance the transition to a greener economy. Mapping action plans to specific targets and establishing quantifiable performance metrics relative to sustainability are two ways insurers can live their purpose. Within a broader ESG strategy, insurers must identify priority focus areas, clarify why they are allocating resources to them, and determine what benefits they expect to achieve.

A clear road map must also reflect the impacts on different parts of the business and how ESG strategies will be executed. In tracking performance against sustainability targets, insurers should monitor risk exposures, value creation and progress toward specific goals. As reporting and disclosures become standardized, the most transparent companies will benefit from easier access to capital, increased customer loyalty and better share price performance.

We believe that sustainability, workforce transformation and open insurance are three of the most powerful forces reshaping the market in the near term. Read the full report to learn how insurance leaders can respond to these megatrends with urgency, creative thinking and bold action.

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The 2022 edition of the annual report provides a comprehensive review of the insurance landscape in Nigeria and the near term expectation for the Industry.

According to Agusto & Co., in the financial year ended 31 December 2020, the Nigerian insurance industry generated an estimated gross premium income (GPI) of ₦520.1 billion ($1.4 billion at ₦380/$), with growth muted by the outbreak of the COVID-19 pandemic. The lockdown following the COVID-19 pandemic negatively impacted insurance products distribution, especially with the inter-state travel bans restricting the movement of people and goods.

Simultaneously, in the financial year 2020, the Industry paid out net claims of circa ₦196 billion, up by 20% year-on-year (representing 37.6% of GPI) and worsened by the violence that trailed the #EndSARS protest in October 2020. Consequently, modest profitability indices are expected in FY 2021 and to a lesser extent in FY 2022 due to higher claims, an aftermath of the protests as well as inflationary pressures on the Industry.

Nevertheless, Agusto & Co. notes that the violence that trailed the #EndSARS protest has also emphasised the importance of insurance products, particularly with the absence of a robust social security system in Nigeria. The violence that trailed the protest could be a catalyst for insurance uptake in the near term, given that the insurance penetration rate has remained less than 1% in Nigeria.

Agusto & Co. also anticipates a resumption of the recapitalisation exercise in the short term. The rating agency notes that the persistent naira devaluation has reduced the financial strength of the Industry’s capital since the last recapitalisation exercise in 2007. Although some insurers have strengthened their capital base through earnings retention, the ability of most Industry operators to solely underwrite large ticket transactions has dwindled based on the lower value of capital in USD terms.

Therefore, Agusto & Co. believes that the recapitalisation exercise could be a watershed in the Industry. In addition to the benefits accruing from a larger capital base from a risk underwriting perspective, improved investment management practices will be upheld by a larger investment portfolio as insurers strive to generate adequate returns.

Overall, Agusto & Co. expects a modest performance by the Industry in the near term. Performance would be supported by enhanced bancassurance which would allow insurance operators to leverage the more structured data and client base of the banking industry to deepen their reach in the retail market. There are also new insurance products, particularly for the agriculture sector that have come on stream to boost GPI.

Furthermore, the sharp switch to virtual channels, one of the many rapid changes witnessed during the pandemic-induced lockdowns in 2020 should be sustained in the near term. With improved digitization, insurance companies can advertise and sell products via various digital platforms and partnership with Fintechs will also galvanise growth. However, digitization presupposes better management of cyber risks.

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Digitisation of insurance operations will go a long way in drawing in the Nigerian youth population to embrace insurance services and promoting economic development.

The Marketing & Customer Experience Executive, Old Mutual Nigeria, Mrs. Alero Ladipo says that besides being the most populous country in Africa, Nigeria’s youth population, described as the largest in the world has come to represent major fascinating fact about the country.

According to her, the United Nations (UN) population projections for 2020, about 43 per cent of the Nigerian population comprised children 14 years and below, 19 per cent fall between ages 15 and 24 years while 62 per cent are younger than 25. 

Less than five per cent of the nation’s population is 60 years and older. This makes Nigeria a youthful population with a median age of about 18 years – lower than Africa, 20 and the world average put at 29.

Also, the Nigerian Communication Commission (NCC), Nigeria has the seventh highest number of mobile phone users in the world; 172 million in 2019. In addition, the country currently has 128 million mobile internet subscriptions.

Ladipo, says this population cluster constitutes a major driver to tech-oriented businesses such as courier services, ride hailing, blogging, content creation, digital banking, and a host of others.

She said that Nigeria’s insurance sector which hangs on frail infrastructural systems is on its way towards reinventing itself in the face of the pandemic. For years, the sector has been guilty of slow digitization thus causing friction between the insurers and the insured. 

“As a result, the youth population-characterized by financial consciousness and tech-savviness is one of the leading considerations for this expansion. Selling the idea of insurance to Nigerian youths is almost like selling snow to Eskimos. The average Nigerian youth is knowledgeable and in need of quick solutions.”

“A typical scenario with a Nigerian youth is one that often plays out with them bombarding you with questions and simultaneously, cross-checking your responses with online search. Nigerian youths are not necessarily interested in too much details or prolonged conversations but how it helps them solve problems with speed and convenience,” she added.

Ladipo said the smartphone is the most valued item for the youth because it has become a tool for self-expression, empowerment, and liberation. The average mobile phone user spends more time with apps than they would likely do with friends and family. Disruptive thinkers in the insurance business can begin to leverage on this behavioral trait to add market value. 

For her, the insurance business is perceived as slow in most climates, but Nigeria has surprisingly advanced mobile financial service delivery than some of the best economies in Europe. Thinkers in the insurance sector can activate digital solutions such as claims management software that can reduce manual workflow and physical interactions. With this, clients spend less time in applying and processing claims. 

She said claims management software can fast track fraud detection, payment calculations, information exchange between insurance and healthcare provider systems. Other disruptive models include Peer-to-Peer (P2P) insurance which does not require the conventional middleman function of the insurance companies. With an actuarial software, claims can be assessed by group insurers on a risk-sharing platform. 

Across the globe, the introduction of digital concepts to insurance has impacted greatly on economies such as Germany is, rated as one of the largest markets for insurance products. The country has been a hub for insurance technology due to the common knowledge that the Germans love being insured for almost anything. 

According to Finance Magnates, the average household in Germany has at least six insurance plans. The insurance market in Germany is worth $205 billion. Some of the factors responsible for this market value is the existence of innovative platform architecture, strong regulatory framework, and public awareness.

Social media engagement is another way of drawing in the youth population in Nigeria to the insurance culture. To do this effectively, insurance companies need to identify potential digital followers and influencers to push its digital agenda. In addition, the insurance companies need to adopt a self-service outlook to make it easy and fast for customers to independently report a claim and manage the policy. With a more aggressive digital marketing, these digital paths to insurance will be made attractive to new customers and inspire trust between customers and insurance providers.

Ladipo explained that insurance providers can also invest in digital literacy as part of their corporate social responsibility efforts to help traditional customers scale up on their digital skills. Through training workshops, more customers will learn crucial digital skills such as how to navigate online platforms, access an online agent who takes enquiries, answer questions and collect data. User-friendly websites that prompt feedback from the customers are also very efficient in developing the appropriate business models and strategy to attract and retain the insured.

For the sake of sustainable development for the insurance industry, an updated legal framework will have to tackle issues of cybercrime, low internet penetration and financial inclusion to make the industry safe and more attractive for millennials. 

Insurers and Brokers need to upgrade their technology savvy by adopting cutting-edge technologies through strategic collaboration with tech companies. In that way, they can avoid losing their market share or even becoming extinct. Technology also has the intrinsic potential to make insurance transparent, flexible, and affordable. Digital solutions can include an on-demand product that allows small businesses to pay premiums on a monthly basis that is, a pay-as-you-go model.

“Digital solutions aimed at reforming the insurance culture in Nigeria should include user-friendly sites that offer automatic renewal reminders, integration with leading insurance partners, real-time client advisory provisions on claims and inspection, insurance verification, promotion code integration as well as an automated claims process.  Since all the information can be saved on the mobile platform, customers can easily have a back-up when they lose their printed copy of car insurance policy,” she said. 

Ladipo stated that with the digital revolution, the Nigerian insurance sector has been able to curb the menace of fake motor certificates and some insurance technology companies are generating accurate data for the National Insurance Commission (NAICOM) because products purchased from the platform are immediately uploaded to the Nigerian Insurance Industry Database (NIID). Surely, deeper insurance penetration will not be just another pipe dream with digitalisation.

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Onigbogi spoke at the just concluded meeting of the Nigerian Council of Registered Brokers (NCRIB) held in Lagos.

She said this while welcoming the hosts of the event, Dr. Adaobi Nwakuche, Ag. CEO, Heirs Insurance Limited and Niyi Onifade, CEO, Heirs Life Assurance as well as the over 300 insurance brokers present at the NCRIB secretariat in Lagos.

In her words: “I have no iota of doubt in my mind that Heirs Insurance and Heirs Life are companies to watch out for in the market. A critical examination of your workforce and your enthusiasm to host this members’ evening at a time like this is a pointer to a greater business exploit you are poised to accomplish”.

She further described the companies as broker friendly, endorsing the companies as partners for brokers to collaborate with. “I guarantee you for your endorsement by my professional colleagues”, she added.

Nwakuche, during her address, acknowledged NCRIB as an important stakeholder in the business of insurance, liaising between customers and insurance firms. She emphasised the mission of Heirs Insurance while introducing the company to the brokers present:

“We are on a mission to democratise insurance and make it accessible to any and everyone. To achieve this, we paid careful attention to the needs of every customer across all the social circles, while building our products. We are pleased to say that we have simple and affordable insurance plans for everyone and we are confident that with the support from NCRIB, we will deliver on our promise of excellent service delivery to the public, she said.

 Onifade introduced some of the affordable products specialist life insurance company, Heirs Life, is bringing to the market, including its savings and investment products, term life and group life plans for employees. He noted that collaboration with NCRIB will advance both companies’ ambition of providing customers with insurance service that is simple, quick, accessible, and reliable.

He stated: “Our mandate is to provide excellent service to customers which is priority for us, and we understand that to achieve it, we need to collaborate with bodies that believe in similar vision of always putting the customers first. The NCRIB represents this and with them as partners, we can jointly move the business of insurance forward”.

The event was well attended by brokers from across the country.

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