Bancassurance as a business option to drive insurance sales and penetration is becoming a major platform to boost the synergy of insurance and bank combined assets for mutual financial benefits.
That is the option Coronation Insurance and Access Bank have opted for as a milestone to improve penetration by bringing insurance policies closer to potential customers at a place where the relevance of insurance is brought to the fore to fit into the need of the customer with the full endorsements of innovation, efficiency and dynamism.
Wigwe said before going into bancassurance collaboration, quick claims payment was emphasised and should be at a pace that matches quick and efficient service delivery outside the norm that the insurance industry has been tagged. However, he said Access is emboldened that Coronation will deliver as expected, based on several rare attainments of the company which includes its rating as among three most capitalised insurance, top flight achievement in the past decade and its rare assembly of talent.
Elaborating on the bancassurance deal put together by the two companies, the managing director at Access Bank, Herbert Wigwe, at a webinar with the theme, “Managing Risks that Keeps CEOs Up at Night,” said the deal will impact positively on the insurance and change the insurance narrative.
Besides, he said the company’s risk management profile and corporate governance gels with sound insurance business operations and gives the company the edge over slow and sluggish claims payment.
Chairman of the board of Coronation, Mutiu Sunmonu, who said he witnessed the start of banking relationship between Shell Petroleum Development Company when he was at the helm in Nigeria Shell operation, said that banking relationship has blossomed to a relationship that compares with any where in the developed world. He believes that the same level of banking pedigree will be replicated in the bancassurance collaboration.
The executive director, corporate sales team Peggy Onwu, said the collaboration of Coronation Insurance is beyond the national economy space. She said the insurer is shaping a collaboration with Munich Re to offer cyber insurance cover, a positive mark on the international stage.
For the rest of its customers Onwu said: “We will work with you to respond to your needs. Our corporate portal relationship managers and brokers combine seamlessly to enable you manage your policies effectively, from identifying the perils to delivering ultimately the relevant policy.”