The small and medium enterprises, the engine room of economic growth acknowledged globally, is the prime focus of Coronation Insurance Plc and Access Bank bancassurance partnership, to improve the capacity of that sector to become more relevant and resilient.
The Deputy Group Managing Director, Access Bank Plc, Mr. Roosevelt Ogbonna, who gave the opening remarks at a recent webinar in Lagos aimed at “Managing Risks at a Time of Uncertainty,” said it was designed to build the capacity of SMEs to manage risks at uncertain time. The two organisations believe that their coming together “will define service and standards within the insurance industry and more importantly, will elevate the level of insurance service that is delivered to SMEs.”
Ogbonna said the level of service that the partnership will birth will match those that is provided in the banking sector, reiterating that it is the same level of service that “propelled the banking industry to what it is today – the benchmark for service within the Nigerian space.” According to him, that will be on offer and, with peculiar improvement. Access Bank top notch said bancassurance that the two companies are set to offer, was created to offer benchmark service. His straight remark explains. “This partnership will bring that service to bear even in a short period.” Through the partnership, he said both companies will develop insurance solutions that will help SMEs respond to the rapidly changing challenges in the economy they now face. This was also corroborated by Coronation head of bancassurance, Uche Okanranwolu.
As a proof of their concern for the SMEs, he said the webinar was organised to officially present the bancassurance service and, experts with domain knowledge were assembled to present how risks are managed across businesses particularly in the present uncertain time.
With memory replay of the year, Ogbonna said 2020 has proven to be very uncertain for everyone irrespective of persons or the sector, but it is also in the midst of the uncertainty that bancassurance was crafted with an insurance company that has attained uncommon success in the last 10 years. He reckons that Coronation Insurance, is one of the three most capitalised companies “and has retained the aura and right as the fastest growing business risk underwriter of the last decade.”
He also said Access conviction to uptick the partnership was based on a global study it did. “We find globally that the largest commercial banks all seek to provide a one stop service showroom for their customers. They have to do this by partnering with third parties to bring this about. Our partnership with Coronation is no different. It brings together what is the best of banking and the best of insurance in what we refer to as bancassurance scheme, in fulfilment of our banks promise to our customers that we want to be more than a bank, a promise that is more than banking.”
Ogbonna said the bank embarked on the deal for another reason, because it wants its customers “to experience the best in underwriting and claims. I believe that this partnership makes that possible.”
He also explains why Coronation is the natural partner, first point of call is the shared history. Another compelling reason according to him, is because it meets all the criteria that Access would have wanted in an insurance partner in the market. Closely related to this, is the speed of response and the level of customers that Coronation Insurance brings to the table. Also flying high in the uptick is not only the interests of the SMEs on the wings, but the financial strength and the capitalisation of the insurer.