Yemisi Izuora
Coronation Insurance, formerly Wapic Insurance and Access Bank have entered a strong partnership that will deliver strong marketing strategy toward enhancing financial inclusion in Nigeria via bancassurance initiative.
Both partners are anticipating a stronger market share of the insurance industry from a matured service delivery to corporate customers among others.
Speaking during the partnership deal at a webinar with the theme, ‘Managing Risks that Keeps CEOs Up at Night’ the Chairman, Coronation Insurance Plc, Mutiu Sunmonu said the partnership represents a key milestone for the Nigerian Insurance Industry, through the coming together of both organisations, stressing that new standard of quality and service delivery will be established within the insurance industry.
“He stated that the partnership will elevate the level at which insurance services are delivered to corporate customers in the country, adding that he was impressed with the digital maturity, size of investment, financial capacity and talent within the underwriting firm.
Sunmonu further shared the expectation that the synergy would bring about a turn around in customer service delivery and return on investment.
Earlier in his presentation at the event the Managing Director of Access Bank, Herbert Wigwe described the service as extremely significant to the ecosystem.
Wigwe said that Coronation Insurance is top-notch with customers having the best claim insurance, hence the partnership.
He highlighted the fact that Coronation Insurance is among the three most capitalised insurance organisations in Nigeria and that the institution has thrived over the past decade.
Wigwe emphasised the importance of risk management and governance in the business operations of Insurance companies. According to him, several insurance companies in the past have been slow to meet the various claims made by their customers.
“In fulfillment of more than a bank promise to you, we want our customers to have the best experience in underwriting and claims experience and we believe that it is possible that with a bancassurance partner with a company like Coronation Insurance, it will be achieved,” he posited.
He said he was proud of the great strides recorded by Coronation, one of which was being the fastest-growing corporate risk underwriter over the last decade.
Wigwe, maintained that the underwriter was also one of the top three most capitalised insurance companies in Nigeria.
“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.
“In selecting a bancassurance partner, we have had to look for 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.
“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,” he added.