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Insurance industry on roller coaster @ 2022 Champion Newspaper annual awards

…Cyril Ajagu, Heirs Insurance Group lead industry awardees

It was a moment of glory, excitements and fulfillment of dreams at the weekend when galaxy of stars gathered at the Eko Hotel and suits venue of the 2022 annual Champion Newspapers awards in celebration of heroes and heroines of nation building as well as companies, institutes and agencies who have dedicated their services and products towards the making of a better society for Nigeria and indeed Nigerians.

The 2022 Champion Newspapers award was unique in many respects considering the high number of awardees and top notch dignitaries that team efforts to celebrate those deserving of the award.  The event which held under the chairmanship of the Director General of the National Council of Arts and Culture Otunba Olusegun Runsewe saw a total of 34 distinguished awardees taken to the podium for the honour.  These include a chieftain of the Afenifere Pa Ayo Adebanjo who received Life Time Achievement award, governors of Lagos and Osun States, Chairman of the Nigerian Drug Law Enforcement Agency (NDLEA) Brigadier General Buba Maruwa (rtd) and former governor of Cross River State Donald Duke. Parallex Bank, UBA, Fidelity Bank and Chartered Standard Bank were on the roll of honours.

The cheering news is that stakeholders in the nation’s insurance industry were not left out in the awards and recognition as a major investor in the nation’s insurance subsector Chief Engr Dr Cyril Onyekwelu Umunna Ajagu was honoured as the 2022 Most Outstanding Savvy Investor. Heirs General Insurance and Heirs Life Assurance companies received awards as the Digital Hub of Insurance Business in Nigeria in acknowledgement of the companies’ deep sited deployment of technology in driving their business operations thus leading to more efficient ct effective service delivery and customer satisfaction.

Chief Engr Dr Cyril Ajagu is a savvy investor who has, through the dent of hard work amidst high level analytical capacity have been able to decipher ego trip from wealth creation. The submissions of one William Edward Burghard in a letter to his great grandson wherein he declared that “the returns from your work must be the satisfactions which that work brings to you and the world’s need of that work. With this, life is heaven or as near heaven as you can get. Without this–with work which you despise, which bores you, and which the world does not need–this life is hell” can be said to be true for Cyril Ajagu, a man whose considerations at all times is the joy and benefits which his entrepreneurial endevours bring to mankind.

Cyril Ajagu should, with every humility stand tall to be counted and described as one of very few Nigerian  investors who have rescued the nation’s insurance industry from total collapse considering the fact that his objective but strategic  investments in the insurance sector at the time that he did acted as the enabler in encouraging many other discerning investors from pitching their tents with the risk underwriting and management industry to the extent that  insurance profession is no longer been perceived or referred to as the poorer cousin of the banks. Cyril Ajagu is one of those deep pocket investors in the insurance industry to whom the insurance practitioners will forever remain grateful to.

An Engineer by training, Chief Cyril Ajagu is a versatile business mogul with responsibilities as the Group Managing Director of Molit Hotels Ltd, Conau Limited (Nig) and (Uk) Tecu Limited. As a Petroleum Engineer, it is taken for granted that he is deeply involved in the nation’s oil and industry. But what seems to stand him out today is his insistence on helping to build a stronger platform for the insurance industry in Nigeria against the backdrop of his earlier conviction of the roles which insurance plays as an indefatigable risk management and mitigation scheme which encourages the survival and sustenance of most human endevours; businesses and life inclusive.

Take the growth trajectory of Universal Insurance Plc as a case in study. The decision of Chief Cyril Ajagu to invest in and help in the rejuvenation of Universal Insurance Company goes beyond business considerations to include the need to help position the company as a reliable engine of growth with particular emphasis on the eastern region of Nigeria from where Universal Insurance Company sprouted out from.

An industrialist per excellence, a professional of impeccable character, a quintessential manager of men and resources and a philanthropist of repute, Chief Cyril Ajagu’s involvement in Universal Insurance marked the beginning of a major turnaround in the fortunes of the first generation insurance company thus leading to the immediate and refreshing transformation of the underwriting company from a regional insurance company to one of a national status according to the ranking of the National Insurance Commission (NAICOM) which is the insurance industry’s regulatory authority. Today, Universal Insurance Plc operates as a hybrid financial institution where all stakeholders especially members of the public are delighted to obtaining insurance protection from considering the company’s efficiency and effectiveness in the areas of claims payment and risk mitigation.

Universal Insurance Plc. is a leading name in the Nigerian insurance and financial services sector with over four decades of experience and operations in many states of the Nigerian Federation including the Federal Capital Territory.

Chief Ajagu was later to extend his investment drive and human kindness to the nation’s insurance to African Alliance, a whole life insurance company which his investment decision has helped in keeping the company alive and in good stead leading to African Alliance’s current expansionist dispositions.

Since the emergency of Heirs Insurance Company and Heirs Life Assurance Company, it can be said that the face of the insurance industry in the country have changed for the better with many more Nigerians expressing greater confidence in the services and products been offered by the industry. The reasons are not farfetched; Heirs Insurance and Heirs Life Assurance are part of the companies which dwell on integrity when it comes to rendering services top of which is in the areas of effective and efficient claim administration, claims processing and claims and payment. This much the two companies have been able to achieve through their adoption of  and deployment of high level technology in their operations to the extent that clients can now start and conclude their business engagements with Heirs Insurance and Heirs Life Assurance online and in real time ranging from business proposal to claims payment.

It is against the backdrop of the adaptation of hybrid technological tools in defining customer satisfaction that the board of Editors of Champion Newspapers Limited in conjunction with the finding of independent assessors recently voted Heirs Insurance and Heirs Life Assurance Company as joint winners of the 2022 insurance company of the year award.

 The uncommon zeal and pragmatism with which Heir Insurance and Heirs Life Assurance have embarked on new product designs and marketing and their continual deployment of heavy dose of technology in the processing, distribution and escalation of the service offering to the extent that insurance in Nigeria is beginning to have a human face. All these have culminated in the wider acceptance of insurance in Nigeria as both a business and profession. Your fleets of new products many of which have won awards are testaments to your successful deployment of technology in achieving mass distribution of insurance products and the quick dispensation of claims payments. These are credit to the vision, tenacity, commitment, dedication, accountability and transparency of business and administration which are at display at Heirs Insurance Company and Heirs Life Assurance.

 Sprouting out from the stable of hybrid Heirs Holding, Heirs Insurance and Heirs Life Assurance have done so much in such a short time that they have operated in the market as to point a new way forward for insurance industry, a business which prides itself as the all important catalysts in the growth of virtually all national endevours with particular emphasis on the protection of businesses and strategic national assets.

Take what used to be a pedestrian insurance product like motor insurance for example;  Heirs Insurance have transformed the package to a scintillating delight to the extent that even the Third Party Motor Insurance from the stable of Heirs Insurance comes with special packages which includes but not limited to car replacement, on-the-sport incidence assessment/reporting  in the manner of real time online short video recording, uploading  and transmission of accident scene all designed to reduce if not eliminate all the bottle necks hitherto associated with claim processing and payment. Always prepared to push the limits, Heirs Insurance have added a clause to its motor insurance by designing a special motor policy for women tagged Her Motor Plan, a policy which provides  a 24-hour road rescue and vehicle repair services, as well as access to an exclusive community of likeminded businesswomen. 

All insurance products and services from Heirs Insurance and Heirs Life Assurance are unique, flexible and elegant in their own ways. There is one of such unique insurance policies that is currently trending among proprietors of schools which is tagged Smart School Plan. This policy was designed to make payment of school fees as flexible as it can be affordable.  Talk about Heirs Kids Investment, Heirs Save, Entrepreneurs Investment, Credit Life, Couples Investment, Whole Life Plan, Salary Plus Plan, Mortgage Protection and Keyman Assurance.  There is also another refreshing insurance product call Tenant Protect plan. This insurance cover is ideal for tenants who want to shield their valuables from loss. This insurance plan saves one from paying the exorbitant costs associated with fire damage, theft and other types of incidents to ones valuables.

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