Yemisi Izuora
Coronation Insurance has taken bold steps to drive Bancassurance by going into partnership with Access Bank Plc.
Industry watchers believe the synergy will enhance Bancassurance initiative in the country.
Oriental News Nigeria reports that Bancssurance is an initiative of the Central Bank of Nigeria (CBN) and the National Insurance Commission (NAICOM), to serve as a tool for boosting financial inclusion and insurance penetration in the Nigerian market.
Under the scheme banks and insurance firms can leverage the initiative to access the asset and customer base of both industries to provide seamless services to customers.
Commenting on the partnership which was cemented at a webinar with the theme ‘Managing Risks that Keeps CEOs Up at Night’
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.
He 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.
Also, Chairman of Coronation Insurance, Mutiu Sunmonu, said the bancassurance partnership would expand the service delivery
Both parties believed that the synergy will help to deepen the financial services industry in Nigeria and drive an innovative, efficient and dynamic ‘bancassurance’ system.