Burkina Faso: Coris Assurances SA offers innovative guarantees for contract performance

Coris Assurances SA, the insurer that provides reassurance, has launched a new product called “Coris Assurances Caution”, to meet the needs of economic operators in Burkina Faso. The ceremony took place this Tuesday, July 26, 2022, in Ouagadougou, under the sponsorship of the president of the Chamber of Commerce and Industry of Burkina, Mahamadi Savadogo.

Very high cost of obtaining guarantees, too long processing times often resulting in loss of opportunities, particularly restrictive conditions for obtaining them. These are all reasons that motivated Coris Assurances SA, a benchmark company on the Burkinabe insurance market, to create a new surety insurance product intended for small, medium and large legally constituted Burkinabe companies. The company obtained marketing approval from CIMA in December 2021.

Coris Assurances partners took part

Coris Assurances Caution, since it is this product that it is, presents itself today as an alternative to all the offers of guarantees presented on the economic place of Burkina Faso, according to the director general (DG) of Coris Assurances, Hadaraï Rabo. This new innovation of the company differs from others by its flexibility, its accessibility and its reliability in the sense that it accompanies the economic actors in their relations with their business partners even abroad.

“Technically, Coris Assurances Caution can bring a lot to partners insofar as holding the surety that we are going to issue to you, guarantees you credibility in business. And everyone knows that in today’s business, credibility is very important. And we have chosen to support in our own way by bringing this product to market,” said Mr. Rabo, while affirming that this product has several comparative advantages. First, he explains, “it is a product that is processed quickly and obtained quickly. Also, it makes it possible to support companies that are limited by the traditional offers found on the market. Then there is the international recognition of the document that we are going to issue to support the different companies. Our guarantee is recognized beyond our borders. Finally, obtaining our guarantee allows you to benefit from the advantages of the synergy between Coris Assurances and Coris Bank international, and this not only in Burkina, beyond the borders. In all the countries where Coris Bank is present”.

According to the general manager of Coris Assurances, Haidaraï Rabo, Coris Assurances caution stands out from the others for its flexibility and accessibility.

For the marketing of these bonds, Coris Assurances has taken full measure of the needs expressed by the companies for which they are intended. This is how he decided to offer two main families of sureties, which are: the market surety made up of the bid surety, the start-up advance surety, the good performance surety, the withholding waiver surety. guarantee, and the surety for regulated professions including sureties for customs brokers and other regulated professions, which allows you to exercise a professional activity in regulated professions where the surety is a legal requirement. Under regulated professions, the CEO mentioned the profession of customs agents and insurance intermediaries (broker, general agent).

Participants at the launch ceremony

For his part, the sponsor praised the initiative and indicated that these new surety offers designed by Coris Assurances SA are a real innovation awaited by the private sector. It is also, he argues, a major lever for securing business relations and a first-choice support for improving the business climate in Burkina Faso.

The sponsor Mahamadi Savadogo, welcomed the launch of this project.

From the foregoing, the President of the Chamber of Commerce and Industry of Burkina, Mahamadi Savadogo, wished full success to the new insurance products of Coris Assurances. As a reminder, it should be noted that the bond is still a new product in the product portfolio of insurance companies in the WAEMU zone in general and Burkina Faso in particular. To date, there are only 18 insurance companies out of more than sixty that have a surety approval and Coris assurances is one of them.

Aïssata Laure G Sidibé


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