Bancassurance distribution channel: Coronation Insurance partners Access Bank
MD/CEO, Coroation insurance PLC
Coronation Insurance Plc., (formerly Wapic Insurance), has sealed a bancasurance deal with Access Bank Plc, a process that would enable the underwriting firm sell its policies through the bank’s branches.
The Chairman, Coronation Insurance Plc, Mutiu Sunmonu, while speaking at a webinar on ‘Managing Risks That Keep CEOs Up at Night’ where the partnership between the duo was unveiled, said the partnership represents a key milestone for the Nigerian Insurance Industry, through the coming together of both organisations, stressing that new standard of quality and service delivery will be established within the insurance industry.
He posited that the partnership will elevate the level at which insurance services are delivered to corporate customers in the country, adding that he was impressed with the digital maturity, size of investment, financial capacity and talent within the underwriting firm.
The Group Managing Director/Chief Executive Officer (CEO), Access Bank Plc, Herbert Wigwe, noted that the bancasurance partnership between the bank and Coronation Insurance Plc will 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 posited.
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.
“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 Insurance to be leading within the various categories,” he submitted.
