Tony Elumelu, the Chairman of Heirs Holdings, and the United Bank of Africa (UBA) Plc has recommended that insurance firms should be vibrant, and must possess capital, professionalism, and democratisation.
Delivering his keynote address at the 60th anniversary of the Nigerian Council of Registered Insurance Brokers Conference in Lagos, Elumelu expressed an opinion that democratisation, professionalism, and capital are fundamental.
“Not least in these testing times, our people need financial security, secure savings and protection against uncertainty. Our industry needs to offer simple, smart products that give value and deliver. We need an industry that is professional and can catalyse investment in key sectors such as power, infrastructure, and housing,” he stated.
Speaking on the commitment of Heirs Holdings to the insurance industry, he said, “Our two insurance companies, Heirs Life Assurance and Heirs Insurance Limited, are both leading democratisation of access to insurance – which is a tool for financial inclusion, employment creation, poverty eradication and female advancement.
“In a country of 200 million, we can, should and must be more relevant than we are today. I am an optimist, not a pessimist. I know that times are tough, but together we can, and we will transform our industry, create value, and provide solutions that demonstrate the value of insurance to our people.”
