Bancassurance Management Challenges in the Nigerian Financial Services Sector

This study investigates the management challenges confronting bancassurance operations in Nigeria's financial services sector, examining the experiences of selected commercial banks and their insurance underwriting partners. Bancassurance in Nigeria operates under a regulatory framework jointly overseen by NAICOM and the Central Bank of Nigeria, with both referral and full integration models permitted. While bancassurance has expanded insurance distribution reach significantly since its formal introduction in Nigeria, operational, regulatory, and strategic management challenges have limited its potential. This research employs a professional management design with data collected from 30 bancassurance product managers, 20 bank relationship officers, and 10 insurance underwriting liaison managers across five bancassurance partnerships in Lagos and Abuja. Structured questionnaires and semi-structured interviews assess staff training adequacy, product portfolio management, technology integration challenges, regulatory compliance costs, conflict of interest management, and customer conversion rates. Descriptive statistics and thematic analysis characterize management challenges. Preliminary findings are expected to identify inadequate bank staff training on insurance product features and cross-selling reluctance as the most significant management challenges. The study recommends joint training programs, simplified product suites designed for bank distribution, and clearer regulatory guidance on bancassurance conflict of interest management. Keywords: Bancassurance, Management Challenges, Financial Services, Distribution Partnership, Nigeria.