Ecobank partners Old Mutual on insurance penetration – Old Mutual General Insurance Company and Old Mutual Nigeria Life Assurance Company have announced a Bancassurance partnership with Ecobank Nigeria, a subsidiary of Ecobank Transnational Incorporated, to offer insurance products and services to existing and prospective customers in Nigeria.
Old Mutual General and Old Mutual Nigeria Life are subsidiaries of the Pan-African Insurance giant and leading global financial services group, Old Mutual Limited,
Old Mutual Nigeria Managing Director, Keith Alford said the collaboration, known as the Bancassurance Referral Model, offers Old Mutual an extensive outlet to offer life and general insurance products to Nigerians across 62 Ecobank branches in Lagos, Port Harcourt, Abuja and Ibadan.
The Bancassurance partnership, according to him, is expected to extend to 200 branches across Nigeria by 2019.
He said the partnership, which commenced on June 4, 2018, enjoys the approval of the related industry regulators, the National Insurance Commission (NAICOM) and the Central Bank of Nigeria (CBN), for the sale of insurance products in banks through the Bancassurance Referral Model.
He said:“The Old Mutual-Ecobank Bancassurance Partnership already exists across eight African countries with Nigeria projected to be the most robust in reach and spread. Having been in partnership with Ecobank on other fronts of our business over the years, this Bancassurance partnership further strengthens the capacity of both financial institutions to offer multiple access points for our various products and services to customers across Nigeria and indeed, Africa.
“This is very unique and strategic. Through this partnership, Old Mutual will leverage Ecobank’s existing customer base and wide distribution to promote financial inclusion and insurance penetration, while pushing our brand offerings to customers of Ecobank. Customers and corporates with multiple footprints across African markets now have a one stop shop for all their Bancassurance services within the continent.
Executive Director, Consumer Banking, Ecobank Nigeria, Mrs Carol Oyedeji, who also commented on the partnership, said the bank is delighted to be consolidating its longstanding partnership with Old Mutual in Nigeria.
She described it as an alliance of brands, whose pan-African agenda and customer delivery objectives align perfectly.
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