Operators Improving Insurance Through Bancassurance Network

Operators in the banking and insurance sector are looking to improve insurance penetration by using bancassurance network

According to the Director General/Chief Executive Officer of West Africa Business School, Mr. Obasi Ngwuta, said the successes recorded by various bancassurance operations had attracted the attention of the financial services sector, with new operations being set up.

He stated that, “As bancassurance is becoming important throughout Africa and globally, the first Africa Bancassurance Academy has been opened by the West Africa Business School to enhance the efforts of regulators in nurturing sustainable bancassurance solutions in financial market in Africa,”

He also explained that the objective of the Africa Bancassurance Academy was to provide quality training for employees and managers of banks and insurance companies either actively involved or considering being involved in bancassurance.

He  also added that Participants at the inaugural programme this month, would acquire new knowledge, insights and the encouragement to implement the best practice bancassurance business model.

Mr. Obasi Ngwuta included that there are advantages for banks and insurers to jointly drive insurance penetration and financial inclusion to increase their revenue, build sustainable relationships with current and prospective customers, and provide professional development for managers.

He globally added that, one of the most significant changes in the financial services sector over the past few years had been the appearance and development of bancassurance.

He said banking institutions and insurance companies had found bancassurance to be an attractive and often profitable complement to their existing activities.

Although bancassurance had been growing rapidly in Africa in recent years, he said the shortage of professional talent was a challenge to the development of the new distribution channel.

He concluded that, “Both employees of cooperating banks and insurers will benefit from the West Africa Business School’s five plus years of consistent international bancassurance training experience by attending the academy.”