NASSAU, 21 July 2022 – NUA Insurance Agents & Brokers Ltd. is pleased to announce the commencement of a Strategic Business Referral Partnership with Scotiabank (Bahamas) Limited. The new agreement places NUA’s Customer Service Representatives inside select Scotiabank branches in New Providence and Grand Bahama to present Scotiabank’s clients in The Bahamas with no-obligation access to explore NUA’s comprehensive range of Property & Casualty Insurance options.
This partnership leverages the strengths of both companies, combining NUA’s comprehensive range of home and auto insurance solutions and long-standing experience in the Bahamian insurance industry with Scotiabank’s leading banking franchise to enhance the value proposition for Scotiabank customers.
The agreement accelerates NUA’s long-term strategy to grow its distribution capacity. Following a successful pilot programme, NUA representatives are now available onsite in New Providence at Scotiabank’s Thompson Boulevard, Cable Beach and Nassau Main branches, and at the Freeport branch to discuss personalized protection products that will help newly approved loan customers to safeguard their important purchases.
NUA’s Managing Director Stanford Charlton says the keys to the insurance agency’s success in this venture will be its omni-channel sales and support platforms – including a digital portal, online chat and in-branch service – and flexible payment options that will allow policyholders who cannot or prefer not to pay their full annual premium up front to pay online in ten monthly interest-free instalments.
Mr. Charlton added: “This agreement demonstrates NUA and Scotiabank’s joint commitment to closing the protection gap in The Bahamas and shared ambition to becoming partners in the customer’s life journey. Scotiabank offers the borrowing public the financing to bring their dreams to life and NUA provides them with the insurance solutions to safeguard those dreams. We foresee that this partnership will benefit Scotiabank’s customers by providing them with easy access to insurance solutions that suit their growing needs.”
Deborah Kitchen, Scotiabank’s Toronto-based Director of Products, Distribution & Digital for the Caribbean, Central America & Uruguay, said, “We are so thrilled to be entering into this partnership with NUA. For Scotiabank customers, it is a “win-win” because we, as a leader in the financial services business, are partnering with the leader in the insurance field to create added value.”
“Scotiabank takes delight in placing customers in their dream home and so we are very pleased to partner with NUA who can help them to protect and safeguard this significant investment,” said Na-amah Barker, Scotiabank’s Director of Retail Banking for Caribbean North. “This partnership is one that we have been working on for quite some time. We are very excited about it. We know that it will be mutually beneficial for both companies and offers great options for all of our customers.”
Bahamas First General Insurance Company, the largest P&C insurer in The Bahamas and an NUA affiliate through common ownership, will maintain its role as underwriter of the portfolio of insurance contracts issued under this agreement.
About NUA Insurance Agents & Brokers Ltd.
NUA is a trusted insurance advisor and advocate for businesses and people who seek robust and flexible insurance coverage to protect the things they care about. With over 56 years of experience, it is a leading property and casualty intermediary, with policies underwritten by Bahamas First, the largest general insurer in The Bahamas. Backed by the resources, technology and insight of respected local and international players, NUA equips its customers to face the future with confidence. NUA has a diverse distribution network throughout The Bahamas, supported by several independent representatives. The company insures property values of about US$2.7 billion and is licensed to conduct long-term insurance business.
Scotiabank is a leading bank in the Americas. Guided by our purpose: “for every future”, we help our customers, their families and their communities achieve success through a broad range of advice, products, and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of over 90,000 employees and assets of approximately $1.3 trillion (as at April 30, 2022), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.