The Africa Bancassurance Academy would like to notify the financial media and the business community that the 4th Africa Bancassurance Masterclass, the flagship bancassurance training programme of the Africa Bancassurance Academy Limited a.k.a. School of Bancassurance will hold in Lagos Nigeria on 16 – 18 April 2019.
In the post universal banking era and precisely in 2018, the Central Bank of Nigeria (CBN), in exercise of its power under section 33(1)b of CBN Act 2007 including its provision of part 2 section 3(1) of the CBN scope, condition and minimum standards for commercial banks regulation no. 1, 2010, issued some revised guidelines on the operation of bancassurance between Nigerian money deposit banks and insurance companies.
In confirmation of this scheduled revise guidelines, the National Insurance Commission (NAICOM) which regulate insurance practices in Nigeria, had also in the same year re-issued the CBN‟s guidelines for use by insurance companies.
These two new policy releases from the insurance and banking sector regulatory institutions, thus marked the formal commencement of the practice of bancassurance in Nigeria and the month of April 2019 makes it full one year of regulated bancassurance operation in the country.
One key pertinent question to be answered at this event is – how has bancassurance business fared in Nigeria after one year? The Africa bancassurance masterclass is a professional meeting place for senior executives and bancassurance practitioners in insurance and banking industry across the region.
It provides a platform for insurers, banks, policy makers, risk managers, and financial services intermediaries to connect and develop their knowledge, build valuable networks, explore emerging trends as they relate to the bancassurance market, and map out actionable initiatives that will drive sustainable development of our bancassurance market.
The masterclass is organised to provide the enabling environment for key stakeholders in the financial services industry to network and brainstorm on the future of Bancassurance in the continent.
Globally, one of the most significant changes in the financial services sector over the past decade has been the appearance and development of bancassurance. Banking institutions and insurance companies have found bancassurance to be an attractive – and often profitable – complement to their existing activities.
The successes demonstrated by various bancassurance operations, although not all of them have been successful, have attracted the attention of the financial services sector, and new operations continue to be set up regularly.
Banks are constantly looking for ways to supplement their core earnings and insurance companies are also driving to increase their premium income. Bancassurance, the distribution of insurance products and services by banks, is one way. Banks see this model as a sure step in the financial market where one institution serves all the financial needs of its customers.
This naturally was a positive development for insurers as they see bancassurance as a strategic distribution channel that will help them increase insurance penetration in the economy and achieve the much-needed financial inclusion agenda.
Addressing financial correspondents at a news conference in Lagos organised by the Africa Bancassurance Academy (ABA), the Founder & President of the Academy, Chief Obasi Ngwuta, said the program, which forms the basis of the Africa Bancassurance Masterclass 2019, has been under continuous development for almost 10 years now.
In that time, hundreds of Banking and Insurance company management and staff from all across the Asia-Pac, Middle East and African regions have participated in the program. Consistent feedback from attendees is that the program exceeded their expectations and has undoubtedly helped them to improve the performance of their Bancassurance channel.
The Africa Bancassurance Masterclass is a rich blend of strategy, practical knowledge, tips and tactics, hands on activity and best practice lessons from across the globe. Since its inception, the program has grown to become what is arguably the best short course of its kind. Chief Obasi Ngwuta, said the 2019 Africa Bancassurance Masterclass is in 2 parts.
The first day is exclusively for CEO’s, their direct reports, Board members and other selected senior staff. The sessions will focus on the ‘big picture’ and key strategic issues. The subsequent 2 days are for the practitioners and those responsible for the success of Bancassurance in your organisation.
The Africa Bancassurance Masterclass 2019 is proudly sponsored by Old Mutual South Africa as an initiative that supports the growth of Bancassurance in Nigeria.
The three-day intensive learning session, will look at product innovation and distribution strategies that will enable banks and insurers reap the maximum benefits from bancassurance partnerships
