Heirs Insurance Group

What Heirs Insurance Group does

Heirs Insurance Group is a digital-first insurance organisation headquartered in Lagos, Nigeria, operating as the insurance arm of Heirs Holdings (founded by Tony Elumelu). Established in 2021, the group comprises three wholly-owned subsidiaries — Heirs Life Assurance, Heirs General Insurance, and Heirs Insurance Brokers — and serves individual consumers, families, SMEs, and corporate clients across Nigeria with life, health, motor, home, travel, marine, and specialised commercial insurance products. The group is authorised and regulated by the National Insurance Commission (RIC NO. 093) and holds ISO 27001 certification.

The platform architecture is multi-channel: customers transact through the SimpleLife mobile app, a USSD interface (*1100#) that reaches non-smartphone users in rural areas, the Prince AI multi-language generative assistant on WhatsApp and web (supporting nine languages including English, Yoruba, Igbo, and Hausa), and twenty-plus physical branch locations across major Nigerian cities. Prince AI is positioned as Nigeria's first multi-language generative AI insurance assistant and handles policy enquiries, purchases, and claims monitoring. The product portfolio spans mass-market motor plans (Third-Party from ₦15,000/year, Flexi Motor from ₦25,000/year), micro-savings-linked life products (Heirs Save, Salary Plus, MyHeirs), and enterprise offerings (Group Life, Professional Indemnity, Credit Life Assurance).

Revenue is generated almost entirely through recurring insurance premiums across life and general lines, supplemented by commissions from brokerage and partnership arrangements such as the embedded insurance programme with LuxuryByUs and the rewards partner network. The go-to-market combines product-led digital self-service with enterprise field sales to corporates and SMEs. Distribution is augmented through the United Bank for Africa diaspora banking ecosystem and agent/broker portals. FY2024 Gross Written Premium reached ₦61 billion, a 70% year-over-year increase, with Heirs Life Assurance posting a 147.85% CAGR that placed it seventh on the Financial Times/Statista ranking of Africa's fastest-growing companies.

Name

Heirs Insurance Group

Legal name

Heirs General Insurance Limited

Website

https://heirsinsurancegroup.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

101–250 employees

Short description

Heirs Insurance Group is a Lagos-based digital-first insurer, established 2021, offering life, general, and brokerage insurance to Nigerian individuals, SMEs, and corporates via mobile app, USSD, AI chatbot, and twenty-plus branches.

Ownership category

akta.pro rank

Product category

Life and General Insurance

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411), Agencies, Brokerages, and Other Insurance Related Activities (5242), Direct Life Insurance Carriers (524113), Insurance Agencies and Brokerages (524210)

SIC

Life Insurance (6311), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Survivorship / Second-to-Die Life Insurance (FSAIABAE)

akta.pro secondary industries

Non-Participating Whole Life Insurance (FSAIABAJ), Disability Buy-Sell / Business Continuation Insurance (FSAIAIAL), Hybrid Life + LTC (Linked-Benefit) Insurance (FSAIAJAB), Traditional Long-Term Care (LTC) Insurance (FSAIAJAA)

Keywords

• Life insurance services
• General insurance products
• Insurance brokerage services
• Digital insurance platform
• Motor insurance coverage

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices21 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Life Insurance Premiums: Revenue from life insurance products including term life, whole life, savings plans (MyHeirs, Triple Pay, Heirs Save, Salary Plus), and health insurance products (Surgery Care, Hospital Cash). Premiums can be paid monthly, quarterly, or yearly with flexible payment options.
2. General Insurance Premiums: Revenue from non-life insurance products including motor insurance (comprehensive, third-party, Flexi Motor), home insurance, travel insurance, marine cargo/hull, goods-in-transit, shop insurance, professional indemnity, and personal accident coverage.
3. Corporate/SME Insurance: Group life insurance, business insurance, professional liability coverage for enterprises of all sizes with tailored pricing based on employee count and risk profile.
4. Commission from Partnerships: Revenue from partnership arrangements including insurance brokerage services and co-distribution arrangements with partners like LuxuryByUs.

Pricing tiers

Go-to-market motion2 records

Distribution channels8 records

Marketing channels7 records

Core offering

Heirs Insurance Group operates as a digital-first insurance provider in Nigeria, offering life insurance (term life, savings and education plans, group life) and general/non-life insurance (motor, home, travel, marine, professional indemnity, personal accident) through three subsidiaries: Heirs Life Assurance, Heirs General Insurance, and Heirs Insurance Brokers. Products are distributed via a multi-channel digital ecosystem (SimpleLife mobile app, USSD *1100#, Prince AI WhatsApp chatbot, website) supported by 20+ physical branches and partnership networks across Nigeria.

Product overview

Heirs Insurance Group is a digital-first insurance organisation comprising three sub-brands: Heirs Life Assurance (life and health insurance), Heirs General Insurance (non-life/general insurance), and Heirs Insurance Brokers (brokerage). The group distributes insurance through a multi-channel digital ecosystem spanning the SimpleLife Mobile App, USSD (*1100#), Prince AI WhatsApp chatbot, and a website portal, supplemented by physical branch locations across Nigeria. Its portfolio includes motor insurance products (Comprehensive, Flexi Motor, Third-Party, Her Motor), health insurance (Hospital Cash Plan, Surgery Care Plan), life and savings plans (Term Life, Whole Life, MyHeirs, Heirs Save, Heirs Save Extra, Triple Pay Investment, Salary Plus), property insurance (HomeProtect, TenantProtect, Fire & Special Perils), travel and logistics insurance (Travel, Marine Cargo, Marine Hull, Goods-in-Transit), SME and business insurance (Shop/Business Protect, Professional Indemnity, Group Life), and specialised offerings (Credit Life Assurance, rewards programme, LuxuryByUs embedded insurance). The group is the insurance arm of Heirs Holdings, operates under NAICOM regulation, and is headquartered in Lagos, Nigeria.

Differentiator

Problem solved

Functional benefit

Brands

• SimpleLife: Mobile application platform enabling customers to purchase, manage, renew insurance policies and file claims digitally
• Prince AI
• InConnect
• SimpleTV
• Simple Magazine
• The Underwriters
• LuxuryByUs Partnership

Products and services

• Heirs Life Assurance Life and health insurance subsidiary of Heirs Insurance Group offering term life, whole life, savings plans, education plans, investment-linked policies, health insurance (Surgery Care, Hospital Cash), and group life insurance for individuals, families, and corporate clients in Nigeria.
• Heirs General Insurance Non-life insurance subsidiary of Heirs Insurance Group providing motor, travel, home, business, marine, professional indemnity, fire and special perils, and personal accident insurance to individuals and businesses in Nigeria.
• Heirs Insurance Brokers Insurance brokerage company within the Heirs Insurance Group that acts as an intermediary between clients and insurance companies, helping clients find suitable policies from multiple insurers and providing independent advice.
• SimpleLife Mobile App Mobile application platform enabling customers to purchase insurance policies, file claims, manage cover, renew policies, and access loyalty rewards. Available on iOS App Store and Google Play Store.
• Prince AI Multi-language generative AI assistant for insurance services responding in nine languages (English, Yoruba, Igbo, Hausa, French, German, Spanish, Portuguese, Chinese), enabling customers to make enquiries, purchase policies, and monitor claims via WhatsApp, the SimpleLife Mobile App, and the company website.
• Flexi Motor Insurance Affordable motor insurance plan offering comprehensive-style coverage at budget-friendly prices, available in Flexi 25 (N25,000/year), Flexi 35 (N35,000/year), and Flexi 70 (N70,000/year) tiers, covering vehicle replacement, third-party property damage, towing, and flood damage.
• Comprehensive Motor Insurance Full-coverage motor insurance for private and commercial vehicles protecting against accident, fire, theft, flood, riot, and civil commotion, including towing services, medical bills payment, vehicle tracker for high-value vehicles, and ECOWAS Brown Card cross-border coverage.
• Third-Party Motor Insurance Mandatory motor insurance covering third-party liability for injury, death, or property damage caused by the insured vehicle, priced from N15,000/year.
• Her Motor Insurance Comprehensive motor insurance specifically designed for female car owners covering vehicle repair or replacement after accident, theft, or fire, with 24-hour road rescue, free excess buy back, vehicle tracker, and medical bill coverage up to N50,000.
• Heirs Triple Pay Investment Plan Strategic investment-linked insurance plan aiming for growth, income, and bonus earnings, allowing customers to save toward a long-term goal while earning along the way by choosing a preferred sum assured and making periodic contributions from N5,000/month.
• Heirs Save Plan Savings plan allowing customers to earn interest while saving monthly toward a specific goal, with optional life insurance benefit, starting from N5,000/month and providing financial support up to N5 million for beneficiaries.
• Salary Plus Plan Savings plan for salary earners to automate deductions from salary, earn interest over a 2-year period, and secure additional life cover for family, with contributions from N5,000/month and life cover up to N2 million plus total savings.
• MyHeirs Plan
• Personal Accident Insurance Insurance covering medical expenses, disability compensation, and life insurance benefit for beneficiaries in the event of an accident, available in Bronze (from N1,000/year), Silver, Gold, and Platinum tiers.
• Hospital Cash Plan Health insurance plan paying a lump sum for hospitalization (minimum 3 days) to cushion loss of income during recovery, available in Basic (from N600/year), Intermediate, and Advanced tiers, with hospital treatment benefits up to N200,000 and life cover up to N1 million.
• Heirs Surgery Care Plan Health insurance covering expenses for unexpected surgeries including cancer, heart failure, kidney failure, stroke, appendicitis, and accident-related surgeries, with cover up to N50 million and cost ranging from 1.87% to 2.33% of chosen cover based on age.
• HomeProtect Insurance Home insurance protecting against fire damage and theft of valuables, covering repair costs or rebuilding for partial or total damage caused by fire, lightning, explosion, thunderstrike, flood, earthquake, tornado, and impact.
• TenantProtect Insurance Insurance for renters protecting personal property inside rented apartments against fire damage, theft, and related incidents, available in Bronze (from N5,000), Gold (N12,500/year), Platinum (N25,000/year), and Plus tiers.
• Travel Insurance Insurance covering medical emergencies, trip cancellations, delays, and lost baggage for international and local trips. Meets embassy and visa requirements and can be purchased online within minutes.
• Marine Cargo Insurance Insurance for cargo owners (manufacturers, importers, exporters, logistics companies) transporting goods by sea or air, covering against maritime perils such as rough weather, sinking, and theft, available as Single Transit Cover or Open Cover (annual).
• Marine Hull Insurance Insurance for owners and hirers of water-faring vessels (boats, ships, tankers, oil tankers, fishing trawlers) covering replacement or repair costs if damaged by fire, accident, or water perils.
• Goods-in-Transit Insurance Insurance for businesses transporting goods by road, covering loss or damage from fire, accident, theft, and civil commotion, available as Single Transit (restricted or all-risks) or Open Cover (restricted or all-risks) options.
• Shop Insurance (Business Protect) Business insurance covering retail stores, salons, pharmacies, and small business outlets against fire, theft, vandalism, and civil unrest. Business Protect plan starts from N7,350/year (for shops up to N3 million); Business Protect Plus covers up to N25 million.
• Professional Indemnity Insurance Insurance for professionals (doctors, engineers, lawyers, consultants, architects) covering the cost of compensation and legal fees for negligent services, errors, or omissions that lead to losses for clients.
• Group Life Insurance Mandatory employer-provided life insurance for employees (minimum 5 employees) under NIIRA 2025, paying a benefit to employee beneficiaries upon death while in service, structured based on employee salary bands and organisational size.
• Credit Life Assurance Reducing-term insurance for short-term borrowers (age 18-64, minimum 1-month duration) covering outstanding loan balances if the borrower dies or becomes permanently disabled, extendable to include critical illness, disability, or job loss.
• Fire and Special Perils Insurance Property insurance for buildings (houses, offices, shops, factories) and contents against fire, lightning, explosion, thunderstrike, flood, earthquake, tornado, impact, and other similar risks, with payment for repair or replacement.
• Heirs Insurance Rewards Programme Loyalty rewards programme for customers with annual cumulative premium of N15,000 and above, offering up to 50% discounts at partner stores including hotels, clinics, gyms, bookstores, spa outlets, and auto garages. Tiers include Regular (N15,000-N499,000), Classic (N500,000-N1.9M), All-stars (N2M-N4.9M), and Prestige (N5M+).

Quantifiable outcome

• 70% revenue growth to ₦61 billion GWP in FY2024
• +2 more outcomes

Named customers6 records

Segments7 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature4 records

Partnerships

19 partnerships are on record, tiered core and minor.

• United Bank for Africa (UBA)coreChannel Partner/ Reseller/ Distributor · 15 February 2026Heirs Insurance Group partnered with UBA's diaspora banking and investment platform launched in Lagos. The platform integrates insurance products alongside banking, asset management, pensions, and real estate services through a single ecosystem. African diaspora remittance flows exceed $100 billion annually, representing a significant capital opportunity.
• United Capital PlccoreStrategic or Co-development Partner · 15 February 2026Partnership with United Capital as part of UBA's diaspora banking ecosystem for integrated financial services including asset management and investment products.
• Africa Prudential PlccoreStrategic or Co-development Partner · 15 February 2026Partnership with Africa Prudential as ecosystem partner for UBA's diaspora investment platform providing registry and investor services.
• UBA PensionscoreChannel Partner/ Reseller/ Distributor · 15 February 2026Partnership with UBA Pensions as part of the integrated diaspora banking and investment ecosystem.
• Afriland PropertiesminorChannel Partner/ Reseller/ Distributor · 15 February 2026Partnership with Afriland Properties as ecosystem partner for real estate services within UBA diaspora platform.
• Avon Healthcare LimitedminorChannel Partner/ Reseller/ Distributor · 15 February 2026Partnership with Avon Healthcare as ecosystem partner for healthcare services within UBA diaspora platform.
• LuxuryByUscoreOEM/ Whitelabel/ Licensing Partner · 1 November 2025Partnership where every item purchased from LuxuryByUs (premier lifestyle brand curating high-end timepieces and accessories) automatically comes insured by Heirs General Insurance. Customers receive added confidence, convenience, and peace of mind with automatic coverage - no forms, no extra steps, just protection that comes standard.
• Heirs Insurance Creators FellowshipcoreGTM or Marketing Partner · 1 August 2025First-of-its-kind social impact initiative to drive insurance education and financial literacy featuring content creators Joseph Onaolapo (Jay On Air) and Oluwadamilola Bello (Dammy B) as Heirs Insurance Fellows.
• Avon MedicalminorGTM or Marketing PartnerRewards partner offering quality healthcare services with up to 10% off on selected medical services for Heirs Insurance customers maintaining N15,000+ annual premium.
• Transcorp Hilton AbujaminorGTM or Marketing PartnerRewards partner offering 10% discount on hotel rooms for qualified Heirs Insurance customers. Awarded Best Luxury Hotel Nigeria and Best Luxury Business Hotel Africa.
• Oriki SpaminorGTM or Marketing PartnerRewards partner - first and only luxury spa brand in Nigeria offering 10% off spa services to Heirs Insurance customers.
• 3AL GarageminorGTM or Marketing PartnerRewards partner - Triple A Auto Garage offering 10% discounts on full bodywork and mechanical/electrical repairs plus 30% off for touch-ups of not more than 2 panels.
• SoFreshminorGTM or Marketing PartnerRewards partner offering up to 10% off on all products (excluding Greek Yoghurt) for loyal Heirs Insurance customers.
• PureFitnessminorGTM or Marketing PartnerRewards partner offering up to 20% off on all gym services for Heirs Insurance customers.
• Roving Heights BookstoreminorGTM or Marketing PartnerRewards partner offering 5% discount at the bookstore for loyal Heirs Insurance customers.
• Emergency Response AfricaminorGTM or Marketing PartnerRewards partner offering up to 15% off on emergency medical services including ambulance support and emergency care plans.
• Happy CoffeeminorGTM or Marketing PartnerRewards partner offering up to 10% off on all products and services for Heirs Insurance customers.
• AA RescueminorGTM or Marketing PartnerRewards partner offering up to 5% off on roadside assistance and vehicle support services.
• AutoFixrminorGTM or Marketing PartnerRewards partner offering up to 10% off on auto repair services for Heirs Insurance customers.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Coronation Insurance Plc: Nigerian life and non-life insurer serving retail and corporate clients. Direct competitor in the same Nigerian market with overlapping general and life offerings.
• Leadway Assurance: Top-tier Nigerian insurer offering life, general, and health insurance with a large agent/broker network. Heirs matches Leadway's multi-line product breadth but competes on digital-first distribution.
• AXA Mansard Insurance: One of Nigeria's largest multi-line insurers offering life and general insurance products with both digital and traditional distribution. Direct competitor to Heirs across motor, life, and corporate lines in the same Nigerian market.
• AIICO Insurance PLC: Nigerian multi-line insurer (life and general) with significant broker-distributed business. Competes with Heirs for SME/corporate and individual life and general insurance customers.
• Custodian Insurance Nigeria: Established Nigerian insurer with life and general insurance lines plus a foreign subsidiary. Comparable business model and target segments to Heirs.

Broad incumbents

• Sanlam Nigeria (FBN Insurance): Part of the pan-African Sanlam Group, providing life and general insurance in Nigeria via FBN Insurance JV with First Bank. Comparable multi-line offering with broader African group backing.
• Old Mutual Nigeria: Subsidiary of pan-African financial services group offering life, general, and asset management in Nigeria. Larger and more diversified player overlapping Heirs' life and savings offerings.

Emerging players

• BIMA (Milvik) Africa: Mobile-first microinsurance provider in Nigeria and other African markets, focused on low-income and emerging-middle-class customers via USSD and mobile. Strong overlap with Heirs' digital-first, USSD-enabled distribution strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/HeirsInsurance_
• Facebookfacebook.com/heirsinsurancegrou
• LinkedInlinkedin.com/company/heirsinsurancegroup

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Heirs Insurance Group