Two subsidiaries of Heirs Insurance Group have emerged among Africa’s fastest-growing companies in the latest ranking published by the Financial Times, highlighting the growing role of technology and retail-focused strategies in Nigeria’s evolving insurance sector.

The 2026 ranking placed Heirs Life Assurance seventh and Heirs General Insurance 41st among 130 companies across the continent, reflecting rising competition among African financial firms seeking to deepen market penetration through digital services and customer expansion.

The recognition comes at a time when Nigeria’s insurance industry continues to grapple with low penetration levels despite increasing awareness around financial protection, healthcare costs and economic uncertainty. Industry analysts have repeatedly identified limited public trust, poor accessibility and weak consumer education as key barriers slowing insurance adoption across the country.

Against that backdrop, operators have intensified investments in digital infrastructure, simplified products and technology-driven customer engagement in a bid to attract younger consumers and underserved populations.

Speaking on the ranking, Sector Head of Heirs Insurance Group, Niyi Onifade, described the recognition as validation of the company’s technology-led growth strategy and expansion drive across the Nigerian market.

He said the group remained focused on widening access to insurance services while strengthening financial resilience through innovation and customer-focused solutions.

The development also follows the company’s recent introduction of Prince AI, a multilingual generative artificial intelligence assistant designed to simplify insurance enquiries and improve customer interaction through real-time engagement.

According to the company, the AI-powered assistant enables customers to make enquiries about insurance products, purchase and renew policies, as well as initiate and track claims across multiple digital platforms including WhatsApp, the SimpleLife mobile application and the company’s website.

Heirs Insurance said the platform supports several local and international languages, including English, Yoruba, Igbo, Hausa, French, German, Spanish, Portuguese and Chinese, in a move aimed at improving accessibility and reducing language barriers for customers.

Chief Digital Officer of Heirs Insurance Group, Peace Okhianmhense-Philips, said the launch represented a major step in the company’s digital transformation drive and broader efforts to make insurance more accessible and customer-focused.

She said the integration of generative AI into customer service operations would improve response efficiency while enabling more personalised engagement with users seeking insurance guidance and support.

Industry stakeholders say the increasing adoption of artificial intelligence and digital platforms within the insurance sector could help reduce longstanding barriers associated with documentation, delayed claims processing and limited public understanding of insurance products.

Heirs Insurance Group, the insurance subsidiary of Heirs Holdings, operates across life insurance, general insurance and brokerage services, serving retail and corporate customers nationwide through physical and digital channels.