Access Bank Plc has gone into a partnership deal with Coronation Insurance to drive an efficient and effective bancassurance system to avail its numerous customers of the best underwriting and claims experience.
The partnership deal was disclosed during an organised webinar themed, “managing Risks that Keep CEOs up at Night,” held on October 7, 2020.
The CEO/GMD of Access Bank, Hebert Wigwe, explained that the bank has considered some important criteria about the firm and which are financial strength/capitalization and underwriter speed of response to customers.
Speaking about the close relationship between the bank and the firm, the CEO/GMD of Access Bank, Hebert Wigwe, 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.
“In choosing among a pool of potential organizations to fill this gap, we have had to look at a couple of identifiers, with the first among them being underwriter speed of response to customers and the second is the financial strength and the capitalization base of the underwriter.
“Given all these, and with the interest of its customers at heart, Access Bank considered all of these qualities and found coronation to be leading between the various categories. We want our customers to have the best underwriting and claims experiences.
On his part, the Chairman of Coronation Insurance, Mutiu Sunmonu, said: “This 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.”