Bancassurance: Old Mutual partners with Ecobank to increase insurance penetration in Nigeria

Bancassurance: Old Mutual partners with Ecobank to increase insurance penetration in NigeriaOld Mutual partners with Ecobank to increase insurance penetration in Nigeria

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.

Old Mutual General Insurance Company and Old Mutual Nigeria Life Assurance Company, subsidiaries of the pan-African Insurance giant and leading global financial services group, Old Mutual Limited, is pleased to announce an Bancassurance partnership with Ecobank Nigeria, a subsidiary of Ecobank Transnational Incorporated, the leading pan-African bank, to offer insurance products and services to existing and prospective customers in Nigeria.

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 is expected to be extended to 200 branches across Nigeria by 2019. The partnership which commenced on 4th June 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.

The Old Mutual-Ecobank Bancassurance Partnership already exists across eight African countries with Nigeria projected to be the most robust in reach and spread. Commenting, the Managing Director, Old Mutual Nigeria Life Assurance Company, Mr. Keith Alford said: “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 on Ecobank’s existing customer base, and wide distribution to promote financial inclusion and insurance penetration whilst pushing our brand offerings to customers of Ecobank”.

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Customers and corporates with multiple footprint across African markets now have a one stop shop for all their Bancassurance services within the continent. With Old Mutual and Ecobank’s exemplary track record and extensive years of experience in providing financial and insurance services, customers are empowered to do more with increased access to insurance solutions”, he said.

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Also commenting, the Executive Director, Consumer Banking, Ecobank Nigeria, Mrs Carol Oyedeji stated: “We are delighted to be consolidating our longstanding partnership with

Old Mutual in Nigeria. It is an alliance of brands whose pan-African agenda and customer delivery objectives align perfectly. This strategic partnership is one of the ways Ecobank Nigeria aims to create a one-stop hub for robust financial services offerings. Our customers in Nigeria like others in selected markets on the continent now have the advantage of accessing our excellent banking services and Old Mutual’s insurance expertise under one roof. It is also an opportunity for value creation for our shareholders as the bank is in a position to earn Non-Interest Revenue (NIR) from the commission that accrues from Bancassurance transactions. This is indeed a partnership with multiple stakeholder benefits”.

Old Mutual General Insurance Company and Old Mutual Nigeria Life Assurance Company are part of Old Mutual Limited which provides life assurance, wealth and investments, personal finance and general insurance services to more than 12 million customers in 17 countries across Africa, Asia and Latin America.

Having acquired the majority stake in Oceanic Life Assurance Company, Old Mutual has been operating in Nigeria since March 2013. In January 2014, Old Mutual also acquired a majority stake in Oceanic General Insurance Limited thereby offering both life and general insurance solutions tailored to meet unique individual and corporate client’s needs.

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