“Heirs Insurance Brokers Limited (HIB) is one of Nigeria’s leading insurance broking companies, registered and licensed by the National Insurance Commission (NAICOM) to transact all classes of insurance business including Life and Reinsurance”. The MD/CEO, Heirs Insurance Brokers Limited, Mr. Tony Aniemeke shares the achievements of the company over the past 12 years and the vision for the next decade.
Heirs Insurance Brokers is celebrating its 12th anniversary. What would you say are your most significant accomplishments and how have you been able to stay relevant in the industry all these years?
It has been 12 fulfilling years of transforming an idea to reality. We are proud to say that Heirs Insurance Brokers Ltd is currently one of the top ten insurance broking firms in the country with a presence in all six (6) geopolitical zones in the country and qualified professionals in all departments. Apart from our superlative services in all the generic insurance products such as Property/Assets insurance; House owners & Householders risks, Motor, Marine, Money, Burglary, Equipment/Plant & Machinery together with Construction, Accident, and Group Life Assurance, we are one of the major players in Oil & Gas and special risk broking services. We have achieved this by providing world-class insurance broking, risk management, and consultancy services. Our services are continuously and rapidly evolving to match the special needs of our clients as we provide the best customer service at each stage of the customer journey. Recently, we acquired our Reinsurance Broking authorisation license from NAICOM which opens more opportunities to meet the needs of all Insurance Underwriters and Reinsurance Companies. These our counterparties are assured of our superb knowledge of Treaty arrangements, Facultative and retrocession placements to their satisfactory conclusions. Indeed, the past twelve years have been great, but more importantly, we are excited for the next twelve years.
What Role do Insurance Brokers Play in the Insurance Industry?
The role of an insurance broker is crucial especially in the beginning of the insurance buying process. The broker is a trained professional grounded in the business of insurance as clients may not understand the different covers that could seem similar but are actually very different. In fact, clients can save money when working with a broker who has already built relationships with several insurance underwriters and possesses full knowledge of the risks involved. This knowledge equips the broker with better negotiation skills and so can offer multiple cover options from different insurance companies which provide flexibility and benefits, so the client gets the coverage that is important, and they do not need to pay for things they don’t need. Clients need to understand that there is no additional or extra cost in having brokers represent them. Insurance brokers earn commission, also known as brokerage, which is a percentage of the actual premium charged by the insurance company.
There are many insurance brokers out there offering different benefits to customers. What sets Heirs Insurance Brokers apart from them?
At Heirs Insurance Brokers Ltd, we support our clients to mitigate their various risks through our robust risk management frameworks, so that they can focus on their core business. We have developed an array of solution-based risk management tools aimed at meeting clients’ unique needs. We identify business disruptive risks and meticulously articulate cost-effective mitigating solutions, such as hedge products and insurance policies. We also understand the importance of letting customers choose the plans they are most comfortable with, so we help them review coverage from different providers, choose the best provider, and then design a plan that meets their needs and their budget. We work with multiple insurance companies, to guide clients through complex processes making it easier, faster, and less complicated and assist in prompt claim settlements.
Where do you see Heirs Insurance Brokers in the next decade?
These past few years have witnessed a rapid transformation in the way all business sectors do business, especially in the area of digital transformation. At HIB, we are currently improving our business processes. We are in the process of digitalising our services benchmarked against global best practices. As promised, HIB is well on its way to becoming a leader in the insurance broking sector, and thus, our immediate goal is to create an integrated digital ecosystem where insurance processing from customer onboarding, and advising on the quotation to claims settlement would be entirely processed online in record time. We are excited for the next phase of our growth.