Coronation Insurance, Access Bank enter into bancassurance

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Coronation Insurance Plc and Access Bank have signed a deal on bancassurance in pursuit of taking propagating the business more efficiently.

  1. The chairman of board of Coronation Insurance Plc, Mr. Mutiu Sunmonu, has announced the bancassurance deal reached between the insurer and Bank, allowing the banks’ floors to serve as another branch of the insurer with all their underwriting policies on offer, creating a partnership that feeds mutual benefits.

Sunmonu disclosed this at a webinar on “Managing Risks That Keep CEOs Up At Night,” in Lagos, and stated that the partnership will redefine how insurance services are delivered to corporate customers. Besides, he said boosters of the deal are the insurers impressive digital integration, size of investment, financial capacity and talent.

The group managing director/chief executive officer of Access Bank, Herbert Wigwe, said the bank sealed the deal with the expectation that it’s going to be more than a “bank promise” to its customers, where they will “have the best experience in underwriting and claims and we believe that it is possible that with a bancassurance partner with a company like Coronation Insurance, it will be achieved.”

Wigwe said there are several background checks conducted by the bank which showed that Coronation ticked as the fastest-growing corporate risk underwriter in the last decade and, one of the top three most capitalised insurance companies in Nigeria.

He said the partnership with Coronation resonates with big banks across the globe. He explains: “In pursuit of our goal of being more than a bank to our customers, largest banks with similar ambition like ours across the globe have bancassurance partners who offer their services directly or indirectly through the bank.”

The checks made by the bank he stated, had to match a couple of identifiers; “the first among them is the underwriters speed of response to customers, and the second, is the financial strength and capitalisation base of the underwriter.”

Wigwe said the bank went to that length because of its customers interest; he bares his mind: “With the strong interest of our customers in mind, Access Bank considers all of these qualities and found Coronation Insurance to be leading within the various categories.”

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