Old Mutual General Insurance Company and Old Mutual Nigeria Life Assurance Company, subsidiaries of the global financial services group, Old Mutual Limited, have established a bancassurance partnership with Ecobank Nigeria, a subsidiary of Ecobank Transnational Incorporated, to offer insurance products and services to existing and prospective customers in the country.
The bancassurance referral model offers Old Mutual an extensive outlet to provide life and general insurance products to Nigerians across 62 Ecobank branches in Lagos, Port Harcourt, Abuja and Ibadan.
It is also expected to be extended to 200 branches across Nigeria by 2019.
The partnership, which commenced on June 4, has been approved by the two industry regulators, the National Insurance Commission and the Central Bank of Nigeria.
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, 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. 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.”
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.”
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