A new partnership agreement between Coronation Insurance Plc and Access Bank Plc is geared to enhance production distribution and penetration of insurance in Africa’s most populous nation.
The insurance industry is still grappling with a low penetration rate of 0.4 percent to the GDP despite the country’s over 200 million population, underscoring the huge untapped potential requiring strategy for better distribution.
Coronation Insurance Plc formerly known as Wapic Insurance Plc has forged this partnership with Access Bank Plc to sale its products through the bank’s outlets and platforms across the country through bancassurance.
Mutiu Sunmonu, chairman, Board of Directors of the underwriting firm made the disclosure at a webinar on ‘Managing Risks That Keep The CEOS Up At Night’ organized by Coronation Insurance Plc.
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Addressing what the bank assurance partnership would mean to individuals and corporate customers of Access Bank, Sunmonu said he believed the partnership between Access Bank and Coronation Insurance represented a milestone for the Nigerian Insurance Industry through the coming together of both organizations, new standards of quality, and service delivery will be established within the industry,” he said.
Speaking on this development, the Managing Director of Access Bank, Herbert Wigwe, at a webinar that had the theme ‘Managing Risks That Keeps CEOS Up At Night’ described the bank assurance organisation as extremely significant to the ecosystem.
Wigwe said that Coronation Insurance is top within the various categories, with customers having the best claim insurance, hence the Access Bank partnership.
He highlighted the fact that Coronation Insurance is among the three most capitalised insurance organisations in Nigeria, and 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. He believed Coronation Insurance will experience total transformation with the partnership.
Wigwe added that in pursuits of Access Bank’s goal of being more than a bank to its esteemed customers, it had come to notice that the largest banks across the globe with similar ambition such as Access Bank have bancassurance partners who extend their switch of some financial services directly or indirectly to the bank.
