Business

Bancassurance: NAICOM hails Coronation Insurance, Access Bank

The partnership between frontline underwriting firm, Coronation Insurance Plc and Access Bank Plc on bancassurance has received further commendation from the insurance industry regulator, National Insurance Commission (NAICOM). Speaking at a webinar with the theme, “Managing Risk at a Time of Uncertainty,” the Commissioner for Insurance, Mr. Sunday Thomas, described the partnership as a good risk management framework. Describing the year 2020 as very phenomenal for business owners, he noted that the economies of the world had witnessed unprecedented downturn.

The commissioner, who was represented by his Technical Adviser, Taiwo Adeoye, pointed out that “this partnership will show that it is really good to have a good risk management framework and also be able to manage our insurances and our assets.

“Many are left with the option of cutting cost, but not all cutting cost measures success. Some even end up hurting their businesses. It is better we have more strategic thinking in managing our businesses. “The bancassurance scheme aligns with the campaign of the commission, in terms of financial education and inclusiveness, and it will give the insuring public an opportunity to be able to get enlightened as to what insurance products they need to have at any point in time to protect their assets.

“Everybody enters business as a going concern. Nobody enters business and wants to crash out at the end of the day. Businesses don’t die, people kill businesses, but I would let you know that people kill businesses, sometime, unintentionally. “ Describing insurance as an entity for risk transfer, the commissioner advised that businesses must do everything possible to transfer their risks.

Earlier in his remarks, Deputy Managing Director, Access Bank Plc, Mr. Roosevelt Ogbona, noted that year 2020 had proven to be very uncertain and unfriendly to everyone irrespective of the industry or economic level within the market. He said that the bank decided to partner with Coronation Insurance to evolve the bankassurance scheme for the purpose of fulfilling the bank’s promise to its customers to be more than a bank to them. “We want our customers to experience the best of underwriting and claims experience.

I believe that this partnership makes that possible. Coronation is a natural partner for us. First, because of our history we have just shared, and more importantly, it meets all the criteria that we wanted in an insurance partner,” he said.

Also speaking, the Managing Director of Coronation Insurance Plc, Mrs. Yinka Adekoya, expressed the belief that the webinar would help business owners in planning for 2021, and the “uncertainty we all face. “We are extremely excited at this transformational Bank Assurance partnership with the Access Bank, and we hope it will establish us at the point of reference in the insurance industry in Nigeria, and Africa.

 

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