Insurer, banks seal pact on bancasurance
Coronation Insurance Plc and Access Bank Limited have signed a pact to support the growth of bancasurance and raise the quality of service. Chairman, Coronation Insurance Plc, formerly Wapic, Mutiu Sunmonu, said the collaboration represents a key milestone in the insurance industry as new standards of quality service delivery are expected to emerge.
Speaking at a webinar on ‘Managing Risks that keep CEOs up at Night’, Sunmonu said the partnership will boost insurance service delivery to corporate customers in the country.
Group Managing Director/Chief Executive Officer, Chief Executive Officer, Access Bank, Herbert Wigwe, said the bancasurance deal was significant because it will enhance Nigeria’s underwriting and claim payment experience.
While commending the success story of Coronation, Wigwe said he was pleased to be in partnership with the underwriter as it is one of the fastest-growing corporate risk insurers in the past decade and one of the top three most capitalized operators.
He said: “This is in pursuit of our goal of being more than a bank to customers. Large 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 things. The first among them is the underwriters’ speed of response to customers while the second was the financial strength/capitalisation of the underwriter.”