“Customers do not judge insurance by promises; they judge it by claims. Every claim paid is an opportunity to build trust.”
This piercing statement was delivered by Wole Fayemi, Managing Director/CEO of Heirs General Insurance, challenging insurers to rebuild public confidence and deepen insurance penetration through prompt claims payment, customer-focused innovation and easier access to insurance solutions.
Fayemi joined other leading voices in Nigeria’s insurance industry for the panel session, “Driving Insurance Penetration: Innovation, Distribution & Customer Trust”, at the BusinessDay Insurance Conference held on September 23, where he helped shape the conversation on practical strategies for accelerating insurance adoption across the country.
According to him, the industry’s growth ambitions will depend not only on stronger capital positions but also on its ability to consistently deliver on its promise to customers.
“Customers must be confident that insurers will fulfil their promises when it matters most. Trust is fundamental to the insurance proposition, and it is earned through action, not messaging. Every claim settled promptly, every commitment honoured and every positive customer experience strengthens confidence in the industry”
He cited Heirs Insurance Group’s claims performance as evidence of the role claims fulfilment plays in building credibility and encouraging wider adoption of insurance.
“At Heirs Insurance Group, we have remained committed to delivering on our promise to customers. In 2025 alone, our companies paid ₦19.4 bn in claims, with seven out of every ten claims settled within 48 hours. We believe the most effective way to build confidence in insurance is by ensuring customers experience its value first-hand”.
He also highlighted the Group’s investments in digital innovation as creating moments for customer value. Such initiatives include the SimpleLife App, USSD services for customers without smartphones, and PrinceAI, its multilingual AI-powered assistant that enables customers to interact with the company in their preferred language.
Fayemi further noted that the successful recapitalisation of the insurance industry presents a unique opportunity to translate stronger capital capacity into meaningful value for customers. However, sustainable growth will not be driven by capital alone, but by the industry’s ability to innovate, expand access and develop solutions that address the realities of everyday Nigerians.
The BusinessDay Insurance Conference 2026, themed “From Capital to Capacity: Driving Innovation and Trust in Nigeria’s Insurance Sector,” brought together key stakeholders across the insurance ecosystem to discuss strategies for strengthening customer confidence, broadening distribution and accelerating industry growth.
Featured Picture:L-R: Dr. Abimbola Tiamiyu, Registrar, CIIN; Wole Fayemi, Managing Director/CEO, Heirs General Insurance; Dr. Osinowo Ibrahim, CEO, Moriahrick International & Risk Consulting Limited and Terry Ferdinand, Founder and Managing Partner, Camferd Partners Nigeria Limited during a panel session at the BusinessDay Insurance Conference held at Oriental Hotels, Victoria Island Lagos on Wednesday September 23, 2026.
