In line with its Bancassurance partnership with Zenith Bank, Prudential Zenith Life Insurance said it had commenced sales of insurance products in additional 50 branches of Zenith Bank from Monday.
Prudential Zenith Life Insurance said in Lagos on Tuesday that this would build on the initial launch of the partnership which enabled customers of Zenith Bank to purchase life insurance products in eight pilot branches over the past few months.
It said that Prudential, one of the oldest and most capitalised life insurance companies in the world, acquired a majority stake in Zenith Life of Nigeria in July 2017 and formed an exclusive Bancassurance partnership with Zenith Bank in Nigeria and Ghana.
It said: “Prudential’s entry into Nigeria, Africa’s largest economy, with a population of over 180 million, demonstrates its commitment to Africa following the launch of businesses in Ghana and Kenya in 2014, Uganda in 2015 and Zambia in 2016.
“Prudential Zenith Life Insurance has placed highly trained insurance sales executives in selected Zenith Bank branches across Lagos to advise customers on their life insurance needs.
“Customers will be able to buy life insurance products at even more branches throughout Lagos state and Abuja later in the year.
“The firm is set to redefine the Nigerian insurance sector by providing a range of affordable life insurance products that are designed to meet the protection and savings needs of Nigerian consumers.”
Prudential Zenith Life Insurance said it had already deployed its sales executives in 58 branches of Zenith Bank in Lagos.
It listed some of the affected Zenith Bank branches as those in: Adeniran Ogunsanya, Adetokunbo Ademola, Agidingbi, Ajao, Akin Adesola, Allen Avenue and Amuwo Odofin.
Others are: Zenith Bank branches in Anthony, Bar Beach, Bourdillion, College Road, Epe, Oregun and Ozumba Mbadiwe.
The News Agency of Nigeria reports that Bancassurance is a relationship whereby insurance companies leverage on the customer-base and network of banks to distribute their products to large number of customers.
The guideline for the operation of Bancassurance in Nigeria was issued recently by the Central Bank of Nigeria.
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