Coronation Insurance Plc, formerly Wapic and Access Bank have have agreed to collaborate more on a bancassurance initiative as part of an initiative to boost financial inclusion in the country. The partnership would enable Coronation sell its policies through Access Bank’s branches across the country.
The Chairman, Coronation, Mutiu Sunmonu, while speaking at the partnership even held through a webinar on the theme ‘Managing Risks that keep CEOs up at Night’ said the collaboration of both organisations represents a key milestone for the Nigerian insurance industry as new standards of quality service delivery are expected to emerge. Sunmonu said the partnership will elevate the level at which insurance services are delivered to corporate customers in the country, stressing he was pleased with the digital maturity, size of investment, financial capacity and talents within the underwriting firm.
For his part, the Group Managing Director/Chief Executive Officer (CEO), Access Bank Plc, Herbert Wigwe, said the Bancasurance deal was highly significant because it will enhance underwriting and claims experience in insurance business.
The Access Bank boss while commending the feats recorded by Coronation, said he was pleased to be in partnership with the underwriter as it is one of the fastest growing corporate risk insurer over the last decade, and 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 to be leading within the various categories. “In fulfillment of more than a bank promise, 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,” Wigwe said.