Unity Bank Plc has partnered with Veritas Assurance Plc to deploy bancassuarance products to deepened adoption of insurance services and financial inclusion in Nigeria.
The concept of bancassuarance was introduced in Nigeria following mutual provision by the National Insurance Commission (NAICOM) and the Central Bank of Nigeria (CBN) to enable banks dabble into non-core financial services in collaboration with insurance firms.
According to the partners at the launch of the service in Lagos on Tuesday, Veritas Kapital will leverage on the customer base of the bank and its distribution channels to sell its insurance products.
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With the partnership, Veritas Kapital representatives will be present in designated flagship branches under the initiative to rollout bancassurance products which offer financial protection covering wide ranging policy and risks in areas such as motor, house owner, personal accident and house holder insurance.
Commenting on the partnership, Managing Director and Chief Executive Officer (MD/CEO) of Unity Bank Plc, Mrs. Tomi Somefun, expressed faith that the bank’s longstanding relationship with Veritas Kapital Assurance made the implementation of the agreement work best for all parties, particularly, the bank’s customers.
“The new synergy will bolster the bank’s agribusiness and its value chain as customers in livestock and crop production can be effectively offered an insurance cover,” she added.
Veritas’s MD/CEO, Kenneth Edore Egbaran assures that the partnership will open new vistas of opportunities to offer even more innovative financial solutions to customers to enable them access numerous benefits that are available through insurance products.
He recalled that, Veritas has been offering non-life Insurance products and services to individuals and institutions across Nigeria since 1984.
He said this expertise combined with Unity Bank’s strength in agribusiness and the offering of Veritas Kapital in agricultural products such as area yield index-based insurance, livestock insurance, property and produce insurance will provide a unique solution to enhance the customer’s experience.
In 2018, the Central Bank of Nigeria and the National Insurance Commission issued guidelines for Banks and Insurance companies wishing to go into collaboration based on referral model for bancassurance product, and now, this is beginning to manifest.