By LOVETH AZODO, Lagos
Coronation Insurance Plc formerly Wapic has announced its Bancassurance deal with Access Bank, a partnership which allows the selling of the insurer’s policies in the bank premise.
The Chairman of Coronation Insurance Plc, Mutiu Sunmonu who announced the deal at a webinar on “Managing Risks That Keep CEOs Up At Night,” said that the partnership will redefine how insurance services are delivered to corporate customers.
He added that the partnership represents a key milestone for the Nigerian Insurance Industry, through the coming together of both organizations.
In his optimism , he said that a new standard of quality and service delivery will be established within the insurance industry.
“The partnership will elevate the level at which insurance services are delivered to corporate customers in the country”
According to Sunmonu, the digital maturity, size of investment, financial capacity and talent within the underwriting firm led to the success of the deal.
Also Speaking, The Group Managing Director/Chief Executive Officer (CEO), Access Bank Plc, Herbert Wigwe, opined that the bancasurance partnership between the bank and Coronation Insurance Plc will improve underwriting and claims experience in the insurance industry.
Expressing his contentment with the underwriting firm, Wigwe stated that he was proud of the great strides recorded by Coronation Insurance, one of which was being the fastest-growing corporate risk underwriter over the last decade.
He added that the underwriter was also one of the top three most capitalised insurance companies in Nigeria.
“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.”
“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 said.
The chairman of board of Coronation Insurance Plc, Mutiu Sunmonu, has announced the bancassurance deal reached between the insurer and Access Bank, allowing the banks’ floors to serve as another branch of the insurer with all their underwriting policies on offer, creating a partnership that feeds mutual benefits.
Sunmonu disclosed this at a webinar on “Managing Risks That Keep CEOs Up At Night,” in Lagos, and stated that the partnership will redefine how insurance services are delivered to corporate customers. Besides, he said boosters of the deal are the insurers impressive digital integration, size of investment, financial capacity and talent.
The group managing director/chief executive officer of Access Bank, Herbert Wigwe, said the bank sealed the deal with the expectation that it’s going to be more than a “bank promise” to its customers, where they will “have the best experience in underwriting and claims and we believe that it is possible that with a bancassurance partner with a company like Coronation Insurance, it will be achieved.” Insisting that Coronation will distance itself from the slow and sluggish response of insurance companies to claims settlement.
Wigwe revealed that there are several background checks conducted by the bank which showed that Coronation ticked as the fastest-growing corporate risk underwriter in the last decade and, one of the top three most capitalised insurance companies in Nigeria.
He said the partnership with Coronation resonates with big banks across the globe. He explains: “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.”
The checks made by the bank he stated, had to match 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.”
Wigwe said the bank went to that length because of its customers interest; he bares his mind: “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.”
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