Heirs Insurance gets recognition for AI innovation

Heirs Insurance Group has won the Africa Sustainable Futures Award, organised by the Financial Times in partnership with the World Bank Group’s Multilateral Investment Guarantee Agency, for using digital technology and multilingual artificial intelligence to expand insurance access in Nigeria.

 The group received the award in the Critical Infrastructure (Non-Energy) category at the closing ceremony of the 2026 Africa Summit in London on 22 October, it said in a statement on Tuesday.

 The category recognises private-sector initiatives that strengthen essential infrastructure and improve livelihoods through sustainable and scalable solutions.

 The recognition highlights the growing role of digital financial services in addressing barriers to insurance adoption, particularly among underserved populations that have historically had limited access to formal insurance products.

 The group said its Prince AI, which it describes as Nigeria’s first multilingual generative artificial intelligence insurance assistant, uses AI and multilingual capabilities, with a focus on local languages, to help people understand insurance products and make insurance services more accessible.

 The initiative operates alongside the group’s USSD platform, mobile application, digital distribution channels, and bancassurance partnerships, designed to reach customers through different channels, including those who may face barriers to accessing conventional insurance services.

 Heirs Insurance Group said these technology-driven initiatives had extended insurance access to more than three million people, demonstrating the potential of digital distribution to widen participation in Nigeria’s insurance market.

 The company’s strategy also includes a commitment to customer service and claims settlement, with a pledge to settle validated claims within 48 hours. The commitment is intended to provide individuals, families and businesses with financial support when unexpected events disrupt their livelihoods or operations.

 Commenting on the award, Managing Director and Chief Executive Officer of Heirs Life Assurance, Niyi Onifade, said the recognition validated the group’s efforts to make insurance simpler, more accessible and reliable for Nigerians.

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 “This award is a powerful validation of our commitment to making insurance simple, accessible and reliable for every Nigerian. For too long, millions of people have remained outside the formal insurance ecosystem, leaving them vulnerable to financial uncertainty. We are using technology to help change that reality,” he said.

 Onifade added that combining digital innovation, artificial intelligence, multilingual capabilities and customer-focused distribution was helping the group address longstanding barriers to insurance adoption.

 “By combining digital innovation, artificial intelligence, multilingual capabilities and customer-centric distribution, we are addressing traditional barriers to insurance adoption and bringing financial protection closer to the people who need it most. Our mission is to demonstrate that inclusive insurance can be delivered at scale without compromising the quality of the customer experience,” he said.

 Insurance penetration remains an important consideration in Nigeria’s efforts to deepen financial inclusion, as access to appropriate cover can help households and businesses manage unexpected expenses, property losses and other financial shocks.

 Digital channels and simplified product information offer insurers additional ways to reach potential customers, although wider adoption also depends on affordability, trust, product suitability and effective claims settlement.

 The award recognises the potential contribution of technology-enabled insurance services to economic resilience by helping more individuals and businesses access financial protection.

 Heirs Insurance Group is the insurance arm of Heirs Holdings, a pan-African investment company with investments across 24 countries and four continents. Its operations comprise Heirs General Insurance Limited, Heirs Life Assurance Limited and Heirs Insurance Brokers, which serve corporate and individual customers across Nigeria.

 The group said its strategy combines an expanding retail presence with digital channels to broaden access to insurance and increase participation in the formal insurance market.