Partnership between insurance firms, banks is fast rising — Expert
By Asishana John
An Insurance expert has expressed that partnership between insurance firm and banks is increasing in the country.
Bancassurance, known as the partnership between an insurance firm and bank is fast rising.
A quick look into the space shows that the market has evolved with positive growth over the year, and it is still posing for more growth in years to come.
Emphasising on the strength of bancassurance, Francis Ewherido, an insurance expert and managing director, Titan Insurance Brokers, noted that the deal allows for insurers to provide insurance services to banks customers.
“The major beneficiaries of bancassurance are customers, who can now do their insurance and bank transactions and some other financial transactions under one roof.
“It is supposed to be a symbiotic relationship between banks and insurance companies, where they leverage on each other’s strengths and clientele to grow their income and proft,” he said.
It is in this regard that Coronation Insurance, formerly called Wapic Insurance, has entered into collaborations with Access Bank to provide insurance to the bank’s customers.
Justifying reasons why the partnership is favourable to the bank’s customer, Access Bank highlighted that the deal will provide a one stop-shop for all financial needs as well as easy accessibility to insurance claims coupled with afordable insurance whilst also providing a wide array of products to choose from.
A management, strategy and insurance consultant, Ekerete Ola Gam-Ikon advised other insurance firms to borrow a leaf from Coronation Insurance.
“What Coronation Insurance has done is what insurers that have met the requirements of the minimum capital base should announce themselves to the world in the absence of any information about recapitalization deadline coming from NAICOM,” he said, while commenting on the bank and insurance partnership.
The insurance industry is poised for growth as there are numerous opportunities to leverage on. And as those well familiar with the industry have proposed, insurers should begin liking what Nigerians pay attention to such as entertainment, football, fashion, food, and several other areas as a strategy for the industry to increase penetration.
Importantly, insurance companies can begin looking into collaborations with fellow insurance firms to organize seminars to enlighten businesses, household, students, car owners on the need to insure their valuables.
In the same way, insurance firms need to work with more data focused technology firms to provide customer data at the snap of a finger so as to facilitate the services offered through the general life insurance as well as improve the non-life insurance spaces.
