Access Bank partners Coronation Insurance on bancassurance

Access Bank Plc has concluded arrangement with Coronation Insurance with a view to availing its customers of the best underwriting and claims experience to drive an efficient and effective bancassurance system

In explaining the choice of Coronation Insurance Plc from a pool of other insurance firms in Nigeria, the CEO/GMD of Access Bank, Hebert Wigwe, explained that apart from the close ties the bank has with the insurance firm, it considered some other important criteria, such as the financial strength/capitalization and underwriter speed of response to customers.

He also commented on the close relationship between the bank and the firm. He said: “Coronation Insurance, formerly known as Wapic Insurance, was part of the Access Bank ecosystem and we do have fond memories of its spin off when our shareholders received their dividends after the spin-off.

“I am very proud of the great strides that the institution has made since its spin-off, recording several achievements, one of which is being among the fastest growing corporate risk underwriter over the last decade, and being among the top three most capitalized insurance businesses in the country.”

Also commenting, the Chairman of Coronation Insurance, Mutiu Sunmonu, said the partnership represents a key milestone in the Nigerian insurance industry.

“Through the coming together of both organizations, new standards of quality and service delivery will be established within the industry. It will also elevate the level at which insurance services are delivered to corporate customers within the country.”

Bancassurance is a partnership between a bank and an insurance company that is aimed at offering insurance products or insurance benefits to the bank’s customers, with the resulting commission shared between the bank and the insurance firm.

Coronation Insurance was formerly known as Wapic Insurance and was part of the Access Bank ecosystem before its spin-off.

NAICOM had earlier in January 2020, laid the foundation for the growth of bancassurance in Nigeria, when it approved 18 out of 20 applications sent in by operators to enable them run a retail business through the bancassurance platform.