Bancassurance: UBA Partners Heirs Insurance, Life Assurance

Heirs Insurance Limited (HIL) and Heirs Life Assurance (HLA) have commenced a bancassurance partnership with the United Bank for Africa (UBA).  

The partnership aims at providing a wider range of financial security options for individuals, families, and businesses

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

Speaking on the partnership, Adaobi Nwakuche, MD/CEO, Heirs Insurance, 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."

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

"The new bancassurance partnership with UBA reaffirms our shared digital-first approach and innovation culture, which inspire us to provide the utmost value to our customers. 

"We appreciate our regulator, the National Insurance Commission, and of course, the Central Bank of Nigeria for granting us the necessary approval and placing their confidence in us."

Speaking on the rollout, the Group Managing Director, UBA, Oliver Alawuba, noted: “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. 

"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."

Bancassurance is a banking and insurance structure which allows banks to offer insurance products or benefits to the bank’s customers through partnerships with insurance companies.