A number of insurance companies have laid claim to offering ‘Bancassurance' products and services in the Nigerian financial services landscape.

Bancassurance simply put is the provision of insurance and banking products and services through a common distribution channel and/or to the same client.

In order to properly offer these products and services however, the Bancassurance partners must put in place the proper processes, sales aids, personnel, technology platform and products.

Guaranty Trust Assurance plc has spent considerable time and resources over the past 15months to design, implement and execute its Bancassurance service platform in a test environment.

Under the experienced guidance of the world's leading Bancassurance company based in the Netherlands and Project VII (UK), GTAssur has designed and deployed all of the critical resources required to effectively deliver its Bancassurance platform via Guaranty Trust Bank plc.

In an interview with Owolabi Salami – Divisional Director (Retail Business), he revealed that consequent upon a research exercise conducted by the company, it became apparent that we needed to develop a number of products in addition to our existing products.

According to him – ‘we needed to develop need based products in addition to our current bouquet of retail products, deploy a robust insurance retail processing and underwriting software, recruit and train a large number of personnel in the area of financial planning, set up a retail processing centre with the capability to process transactions efficiently as well as complement these efforts with a dynamic and fresh marketing campaign'.

Mr. Salami further stated that though it has taken a while to achieve all of these tasks, he is now very confident of the ability of GTAssur to deploy and effectively meet the expectations of the stakeholders vis-à-vis Bancassurance.

 "For example, we now have fourteen (14) investment linked products for prospects to choose from as well as Critical Illness and Disability features in our Life insurance products, enhanced Motor insurance products as well as a Home insurance product that covers much more than just your ‘home'".

Initial results have been encouraging hence the decision of the company to formally launch this service across Lagos on the 14^th of January 2008 through all branches of GTBank plc.

GTAssur shall also launch Bancassurance in other parts of the Country via GTBank plc branches and other leading Financial Institutions later this year.

In order to experience the GTAssur Bancassurance Service, simply visit any branch of GTBank plc in Lagos and meet with the GTAssur Financial Planning Advisor (i.e. Bancassurance Associate) for a financial healthcheck.

With a sound business practice culture, good and sustainable profitability, sound investment management, shareholders funds in excess of N6 billion, good liquidity and market share, competent and dynamic personnel and an A+ rating by Agusto & Co, GTAssur is poised for a leadership position in the Nigerian insurance industry.

Guaranty Trust Assurance plc is the insurance subsidiary of GTBank plc.