Global insurers gather in Colombo

By Nizla Naizer

Insurers from all corners of the globe, gathered in Colombo this week for the Federation of Afro-Asian Insurers and Re-insurers (FAIR) Seminar on Personal Lines Insurance.
With the intention of meeting the challenges of a rapidly changing environment, the seminar aimed at developing such concepts as bancassurance, micro-insurance, alternate distribution channels and the role of actuary in product development in the region.
Bancassurance – The way forward?
While many of the experts at the conference were of the opinion that bancassurance is the way forward, they cautioned that it can only move ahead if a proper understanding and long term relation between the bank and the insurance provider was established.
Bancassurance is the selling of insurance and banking products through the same channel, and in most cases, it is where banks sell insurance products. While the premium for the insurance is obtained by the insurer, the bank charges a referral fee for providing the channel and service.

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