Ecobank Partners Old Mutual to Increase Insurance Penetration

By Ebere Nwoji

Insurance underwriting firm Old Mutual, has entered into partnership agreement with the Ecobank for bancassurance services.

The agreement was sealed and driven under a platform known as Bancassurance Referral model and is targeted at offering Old Mutual an extensive outlet to offer life and general insurance products across the 62 branches of the bank in Lagos, Port Harcourt, Abuja and Ibadan.

Old Mutual explained that the partnership was in line with its quest to provide holistic financial products and services to its existing and prospective customers in Nigeria.

Addressing journalists at the signing ceremony which took place in Lagos, the Managing Director, Old Mutual Nigeria Life Assurance, Mr. Keith Alford, described the agreement as another proud moment for the company because the two firms had been in partnership in other areas of business over the years.

“This bancassurance partnership further strengthens the capacity of both financial institutions to offer multiple access points to our various products and services to customers across Nigeria and indeed Africa. This is unique and strategic,” he said.

He said through the partnership, Old Mutual would leverage on Ecobank’s existing customer base and wide distribution network to promote financial inclusion and insurance penetration whilst pushing the underwriting firm’s brand offerings to customers of Ecobank,

He said the partnership which commenced on June 4th, 2018, has already been approved by the insurance industry regulator, the National Insurance Commission(NAICOM) and the Central Bank of Nigeria(CBN).

Also speaking, the Head Personal Banking Ecobank, Ms Ayo Osolake,  said Ecobank was delighted to mark a new face of friendship with Old Mutual by virtue of the bancassurance partnership.

She said the alliance aligns with bank’s quest to deliver superior and robust financial product offerings to its customers.

“We have increased in leaps and bound after the successful acquisition of Oceanic Bank International by the Ecobank group in 2011. The bank currently operates a consolidated on-line, real time branch network in over 450 locations across the country. This goes to show how strong we are”, she said

She affirmed that the bank  already has same Bancassurance arrangement with Old Mutual in eight African countries.