Nigerian insurer Veritas Kapital Assurance has signed a bancassurance agreement with Unity Bank to sell its insurance products to the bank’s customers.
Under the terms of the pact, Veritas Kapital formerly known as Unitykapital Assurance will leverage Unity Bank’s distribution channels to market its products to the bank’s customer base.
The insurer plans to offer a host of insurance products and services such as personal accident, motor, house owner, and householder insurance plans.
Unity Bank managing director and CEO Tomi Somefun said the bank’s longstanding relationship with Veritas Kapital Assurance made the implementation of the agreement work best for all parties, particularly, the bank’s customers.
Somefun further stated that the new deal will boost the bank’s agribusiness and its value chain as customers in livestock and crop production will be able to access insurance protection.
Veritas Kapital managing director and CEO Kenneth Egbaran stated that the collaboration will create new opportunities to offer improved financial solutions to customers through insurance plans.
Veritas Kapital Assurance has been providing non-life insurance plans to individuals and institutions across Nigeria since 1984.
Veritas Kapital Assurance was instituted in 1973 as a private liability firm under the brand name Kano State Insurance Company.