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

As Nigeria’s insurance industry seeks to deepen market penetration and rebuild public confidence following its recently concluded recapitalisation exercise, Wole Fayemi, Managing Director and Chief Executive Officer of Heirs General Insurance, has called for a stronger commitment to prompt claims settlement, customer-focused innovation and accessible insurance solutions.

Fayemi, who made the call at the BusinessDay Insurance Conference 2026 in Lagos, stressed that the industry’s ability to deliver on its promises to policyholders would be critical to winning public trust and encouraging more Nigerians to embrace insurance.

Speaking during a panel session titled “Driving Insurance Penetration: Innovation, Distribution & Customer Trust,” Fayemi joined other industry leaders in examining practical approaches to expanding insurance adoption, strengthening customer relationships and accelerating growth in Nigeria’s insurance sector.

He maintained that while the recapitalisation of the insurance industry has strengthened the financial capacity of operators, the real measure of success would be the value delivered to policyholders, particularly when they need financial protection against unexpected losses.

“Customers do not judge insurance by promises; they judge it by claims. Every claim paid is an opportunity to build trust,” Fayemi said.

According to him, public confidence in insurance is built through consistent service delivery, timely fulfilment of contractual obligations and positive customer experiences rather than promotional campaigns alone.

“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 stated.

Fayemi cited the claims payment performance of Heirs Insurance Group as an example of how prompt claims settlement can improve customer satisfaction and strengthen confidence in insurance products.

He disclosed that the Group’s insurance companies paid a total of ₦19.4 billion in claims in 2025, with seven out of every 10 claims settled within 48 hours.

“At Heirs Insurance Group, we have remained committed to delivering on our promise to customers. In 2025 alone, our companies paid ₦19.4 billion in claims, with seven out of every 10 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 said.

The disclosure underscores the importance of claims settlement as a critical component of customer retention, insurance awareness and market expansion, particularly in a market where concerns about insurers’ willingness and ability to pay claims have historically affected public perception.

Beyond claims payment, Fayemi highlighted digital innovation as another strategic priority for improving insurance accessibility and enhancing customer experience in Nigeria.

He noted that Heirs Insurance Group has invested in technology-driven solutions designed to simplify insurance transactions, improve service delivery and extend insurance access to customers across different segments of the population.

These initiatives include the SimpleLife App, USSD services that enable customers without smartphones to access insurance services, and PrinceAI, a multilingual artificial intelligence-powered assistant that allows customers to interact with the company in their preferred language.

Such digital platforms are designed to reduce barriers to insurance adoption by making products and services more accessible, convenient and responsive to the needs of individuals and businesses.

Fayemi also emphasised that the successful recapitalisation of Nigeria’s insurance industry presents operators with an opportunity to translate stronger capital positions into improved service delivery, innovative products and broader market reach.

He, however, cautioned that increased capital alone would not guarantee sustainable industry growth without corresponding investments in innovation, distribution channels and insurance solutions that reflect the financial realities of ordinary Nigerians.

For an industry seeking to expand beyond its traditional customer base, he noted that simplifying insurance products, improving distribution and delivering tangible value would be essential to attracting new policyholders and strengthening consumer confidence.

The BusinessDay Insurance Conference 2026, themed “From Capital to Capacity: Driving Innovation and Trust in Nigeria’s Insurance Sector,” brought together stakeholders across the insurance ecosystem to deliberate on strategies for improving customer confidence, broadening distribution networks and accelerating the industry’s contribution to economic development.

The discussions highlighted the need for insurance companies to move beyond capital adequacy and focus on operational efficiency, technological advancement, customer engagement and inclusive insurance solutions.

Heirs Insurance Group, the insurance arm of Heirs Holdings, is a pan-African insurance business with operations in Nigeria, comprising Heirs General Insurance Limited, Heirs Life Assurance Limited and Heirs Insurance Brokers.

With investments across 24 countries and four continents through its parent company, Heirs Holdings, the Group serves corporate and individual customers through an expanding retail network and an omnichannel digital presence.

The Group’s strategy is focused on advancing financial inclusion and democratising access to insurance through technology, innovative distribution and customer-centred solutions.

As the Nigerian insurance industry enters a new phase following recapitalisation, Fayemi’s position reinforces the importance of ensuring that stronger financial capacity translates into reliable protection, timely claims payment and meaningful benefits for policyholders.