‘Bancassurance as a means to drive financial inclusion’
Stakeholders in Nigeria’s financial sector have tipped Bank Assurance, an initiative of the Central Bank of Nigeria (CBN) and the National Insurance Commission (NAICOM), as a viable tool for boosting financial inclusion and insurance penetration in the Nigerian market.
According to the experts, banks and insurance firms can leverage the initiative to access the asset and customer base of both industries to provide seamless services to customers.
To drive bancassurance in the financial sector of the economy, Access Bank sealed a pact with Coronation Insurance for Bank Assurance-A Milestone to improve market penetration.
As part of efforts to deepen the financial services industry in Nigeria, Access Bank and Coronation Insurance are collaborating to drive an innovative, efficient and dynamic ‘bancassurance’ system.
Speaking on this development, Managing Director of Access Bank, Herbert Wigwe, at a webinar that had the theme ‘Managing Risks that Keeps CEOs Up at Night’ 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.
Chairman of Coronation Insurance, Mutiu Sunmonu, said the bancassurance partnership would expand the service delivery.