Sovereign Trust Insurance Plc and UBA Metropolitan Life Insurance Limited have signed a Memorandum of Understanding (MoU) to  collaboration and cooperation with each other.

The two companies have opened their business floodgates to one another. In the ensuing agreement, Sovereign Trust Insurance Plc, a general and non-life insurance company can now market the various life insurance products under the stable of UBA Metropolitan Life Insurance Limited while on the other hand, UBA Metropolitan Life Insurance Limited can also provide non_life and other general insurance products under the purview of Sovereign Trust Insurance Plc to her teeming customers as contained in the terms of the Memorandum of Understanding.

Mr. Wale Onaolapo, Managing Director of Sovereign Trust Insurance Plc explained that the signing of the MOU between the two companies is an attestation to the fact that insurance companies in the country can develop strategic alliances that can help further the penetration of insurance products and services across the country. “What is required is just some element of good thought process and the willingness to cooperate with other players in the industry”

This collaborative initiative we gathered was predicated on the basis of generating more revenue for both companies and to further deepen the penetration of insurance products to the every nook and cranny in the country.
The relationship will be mutually exclusive to both parties under the agreement and it is expected that both organisations will provide an on_going marketing support for the various products and services under each other’s table.

The Management of UBA Metropolitan Life Insurance Limited has also said that they are committed to ensuring that the alliance achieves the desired result of increasing the company’s revenue base and as well open new business frontiers for the organisation.

The two companies are expected to provide periodic trainings and product knowledge sessions to help enhance the skills of those who will be directly involved in the marketing of the various products and services.