Coronation Insurance Plc has signed a bancasurance deal with Access Bank Plc.
The company said the deal would enable it sell its policies through the bank’s branches.
Speaking at a webinar on the deal, the Chairman, Coronation Insurance Plc, Mutiu Sunmonu, said the partnership represents a key milestone for the Nigerian insurance industry.
He said through the coming together of both organisations, new standard of quality and service delivery would be established within the insurance industry.
At the forum titled ‘Managing Risks That Keep CEOs Up at Night,” Sunmonu, said the partnership would elevate the level at which insurance services are delivered to corporate customers in the country.
He said he was impressed with the digital maturity, size of investment, financial capacity and talent within the underwriting firm.
Also speaking, the Group Managing Director/Chief Executive Officer, Access Bank Plc, Herbert Wigwe, noted that the bancasurance partnership would improve underwriting and claims experience in the insurance industry.
“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 stated.
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.
The Access Bank boss 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.”
According to him, in its selection of a bancassurance partner, Access bank had to look for a couple of identifiers. The first among them he said was the underwriter’s speed of response to customers, and the second 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.