Wapic Insurance Gets Regulatory Approvals for Bancassurance Model
By Dipo Olowookere
One of the underwriting companies operating in Nigeria, Wapic Insurance Plc, said it has already received the approvals of the regulatory authorities to begin its proposed bancassurance business model.
A bancassurance model allows an insurer to have a mutually beneficial strategic partnership with a bank for the sale of its insurance products to the bank’s customers.
It is believed that if this initiative goes well as planned by the board and management of the organisation, it would increase the revenue of Wapic Insurance because of the relationship its directors have with Access Bank Plc, one of the largest banks in the country.
At the 61st Annual General Meeting (AGM) of the firm held last week in Lagos in compliance with the COVID-19 directives, Chairman of the company, Mr Mutiu Sumonu, who was newly elected to the position, informed shareholders that Wapic Insurance was already making plans to start the bancassurance model before the end of 2020 financial year.
According to Mr Sunmonu, in spite of the lockdown brought about by the COVID-19 pandemic, the board has already received regulatory approvals for the new business model.
At the AGM, shareholders of Wapic Insurance Plc approved the change of name of the company to Coronation Insurance Plc.
While speaking on the change of name to Coronation Insurance Plc, the Chairman explained that it was to enable the company to reflect its independence, achieve set goals and in line with ongoing transformations in the nation’s insurance industry.
He expressed optimism of the ability of the company to deliver value to its shareholders, making a reference to the 2019 performance.
According to him, last year, Wapic Insurance grew its Gross Premium Written (GPW) to N15.2 billion from N13.9 billion in 2018.
He said in the current fiscal year, the performance is expected to exceed the previous year despite the disruptions to businesses by the virus.