The 3rd Annual APAC Bancassurance Forum will be held on 24th-25th September in Kuala Lumpur bringing industry experts from the ASEAN & APAC region to share common issues of bancassurance models, manpower, regulatory framework and the product development of bancassurance.
Online PR News – 15-May-2014 – PETALING JAYA, KUALA LUMPUR – Kuala Lumpur,14 MAY 2014:Bancassurance the sale of retail insurance products through banks as mediums has evolved through different channels since its origin in Europe. A common strategy of leading bancassurers is to be present in all major distribution channels which may consist of company employee an or independent brokers for instance.
According to a Journal published recently, "BancassuranceThe Lessons of Global Experience in Banking and Insurance Collaboration" , A mid size insurance market by global standards, Malaysia is one of the few booming Asia Pacific markets which have permitted foreign banks to build their
retail business and therefore enter the bancassurance market with integrated operations, with a
savings rate of 43% and 7% GDP growth , Malaysia in certainly an attractive bancassurance market.
Insurance penetration has risen from 31% in 2000 to 39 % in 2005 in comparison to 80% in
neighboring Singapore. Bancassurance in 2003 represented 38% of new premium income for the
sector, rising to over 50% in 2004. ( Steven Davis, 2012)
The two day conference will state the critical success factors in developing Bancassurance business
in Malaysia, the growth factors, the digital platform to ease operations , as well the accurate
strategies. With the figures in growth, bancassurers need to understand that although there is a
growth, bancassurance is still facing many hurdles due to poor manpower management, lack of call
centers, no personal contact with customers , inadequate incentives to agents and many more. As
problems may seem to arise, the demand to stress the importance of a good bancassurance model is
certainly a question being pondered.
During a recent interview with Nur Ain, Head of Wealth Management,Bank Muamalat she said "
Islamic Finance and Takaful is in the fast lane of growing global phenomenon, contributing
positively and substantially to the world economy. The main spread of Islamic Finance and Takaful
has been in Malaysia and some parts of Asia, the Middle East, Europe and Africa. In term of
Takaful premiums growth rate in Asean, 71% is in Malaysia. With high GDP levels and fast
improving affluence of the middle class, I therefore foresee Bancatakaful will definitely be the
centre stage not only in Malaysia but the rest of Asean countries in the near future too. The reason is simple, it lies on the unique proposition and the values of Takaful and Islamic Wealth Management"
The forum follows the success of the 2nd Annual APAC Bancassurance Forum last year which
focused on the comprehensive overview on distribution channels from the financial perspective as
well as the wide coverage of bancassurance from the modern theoretically concepts to practical
solutions. The forum featured participants and speakers from 34 different institutions including
Bank Simpanan Nasional, CIMB Group, HSBS Amanah, Manulife Financial, Panin Life, Takaful
Brunei, Citibank, ING and many more.
Some of the key topics that would be chaired in the 3rd Annual APAC Bancassurance include ;
creating a leading platform for an ideal bancassurance model, significance difference in two
approaches of product oriented and customer oriented, accessing the right strategy in talent
management and the concept of open architecture in bancassurance catering to the demands of
market equity. The forum would also feature sessions by vendors providing key strategic solutions
to assist banks and insurance companies in business.
Speakers at the forum include experts from Hong Leong Assurance, Alliance Bank, AXA Asia,
Bank Muamalat, Bajaj Allianz Life Insurance and many more. Participants of the event will have a
better understanding on the market profile of the emerging markets in the Asia Pacific region , the
pivotal role banks play a part in, trustwortHy partnerships, wealth management, and many more.
Thought provoking sessions, interactive panel discussions and round table would enable
participants to share their views and thoughts with regards to the current focus of the industry.
The 3rd Annual APAC Bancassurance Forum supported by the Malaysian Takaful Association and
International Insurance Society is organized by Fleming Gulf Conferences. Al Huda and True Banking are the bancassurance partners and Hitts Technologies is a sponsor for the event.