Unity Bank has launched its Bancassurance partnership with Veritas Kapital Assurance to create a robust financial solution that provides customers access to insurance services while carrying out their banking transactions, the lender said Tuesday.
Bancassurance is a partnership between a bank and an insurance company to sell insurance products to the bank’s customers.
As such, Veritas Kapital will be leveraging the customer base and distribution channels of Unity Bank to sell products that offer financial protection, covering wide-ranging policy and risks in areas such as Motor, House Owner, Personal Accident and House Holder insurance.
Veritas Kapital representatives will be present in designated flagship branches of Unity Bank in Lagos and Abuja, both companies said.
“Bancassurance has been largely developed in other climes, but is just gaining traction in Nigeria,” said Tomi Somefun, managing director/CEO, Unity Bank. “Veritas Kapital, which used to be a part of the Unity Bank family, is the ideal choice for this partnership.”
To boost insurance penetration in Nigeria, the Central Bank of Nigeria and the National Insurance Commission issued guidelines in 2018 for Banks and Insurance companies wishing to go into collaboration based on referral model for Bancassurance product.
Somefun said the bank’s longstanding relationship with Veritas Kapital Assurance makes the implementation of the agreement work best for all parties, particularly, the bank’s customers.
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In addition, the collaboration will see Unity Bank’s strength in agribusiness complement the offering of Veritas Kapital in agricultural products such as Area Yield Index-Based Insurance, Livestock Insurance, Property and Produce Insurance to provide a unique solution that will enhance the customer’s experience.
“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,” Somefun said.
Kenneth Edore Egbaran, MD/CEO, Veritas Kapital, said the partnership would open new opportunities to offer innovative financial solutions to customers, and enable them to access numerous benefits that are available through insurance products.
He also said the partnership would have a positive impact on Verita Kapital bottom-line as players in the insurance industry innovate to improve performance.
Since 1984, Veritas Kapital Assurance has been offering non-life Insurance products and services to individuals and institutions across Nigeria.
