Access Bank Plc and Coronation Insurance have partnered to provide cross-selling opportunities across customers for both companies.
The partnership tagged Bancassurance was discussed at a webinar themed “Managing Risks That Keep CEOs Up At Night”, which featured key officials of financial agencies.
Bancassurance is an arrangement between a bank and an insurer in which an insurance company is allowed to sell its products to the bank’s client base.
The Global Bancassurance market in 2019 was about $1.2 billion and has gained popularity across the globe. The IMARC Group expects the market to grow moderately between 2020-2025.
In Nigeria, Bancassurance got a lift in January 2020 when the regulator, the National Insurance Commission (NAICOM) approved 18 applications out of 20 applications sent in by operators to enable them to drive the retail business through the Bancassurance platform.
The Group MD/CEO of Access Bank Plc, Mr Herbert Wigwe, described the bancassurance partnership as extremely significant to the ecosystem.
Wigwe said, “In fulfilment of more than a bank promise to you, we want our customers to have the best underwriting and claims experiences. We believe that this is possible, and with a bank assurance partnership in the company of Coronation Insurance it will be achieved.”
Mr Mutiu Sunmonu, the Chairman of Coronation Insurance Plc, said it would expand the service delivery pipeline with Access Bank.
“Through the coming together of both organizations, new standards of quality and service delivery will be established within the industry,” he said.
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