Unity Bank has introduced bancassurance partnership with Veritas Kapital Assurance Plc to create a robust financial solution that provides customers access to insurance services while carrying out its banking transactions.
With the new partnership, Veritas Kapital will leverage the customer base of the bank and its distribution channels to sell its products.
During a media briefing in Lagos on Tuesday, the organisations said Veritas Kapital representatives would be present in designated flagship branches under the initiative to rollout bancassurance products which offered financial protection, covering wide range of policy and risks in areas such as motor, house ownership, personal accident and house holder insurance.
Commenting on the partnership, the Managing Director/Chief Executive Officer, Unity Bank Plc, Mrs Tomi Somefun, said the bank’s longstanding relationship with Veritas Kapital Assurance Plc made the implementation of the agreement work best for all parties, particularly, the bank’s customers.
She added,“The new synergy would bolster the bank’s agribusiness and its value chain as customers in livestock and crop production could be effectively offered an insurance cover.”
The Managing Director/Chief Executive Officer, Veritas Kapital, Mr Kenneth Egbaran, said he was confident that the partnership would open new opportunities to offer even more innovative financial solutions to customers, to enable them access numerous benefits that were available through insurance products.
Since 1984, Veritas Kapital Assurance Plc has been offering non-life insurance products and services to individuals and institutions across Nigeria.
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 would provide a unique solution to enhance the customer’s experience, the organisations stated.
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.