Kuala Lumpur, Malaysia (PressExposure) June 23, 2014 -- The 3rd Annual APAC Bancassurance Forum will be held on 24th-25th September in Kuala Lumpur bringing industry experts from the ASEAN and APAC region to share on a common platform issues of bancassurance models, manpower, regulatory framework and the product development of bancassurance.
According to a Journal published recently, "Bancassurance The 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 ,as Malaysia has successfully tapped into the bancassurance market,insurance penetration has risen from 31% in 2000 to 39 % in 2005 in comparison to 80% in neighbouring Singapore. Bancassurance in 2003 represented 38% of new premium income for the sector, rising to over 50% in 2004 (Steven Davis, 2012)
As Asia Pacific insurance markets are offering more opportunities for expansion, the growth is that observe rules and regulations of Islamic law.
During a recent interview with Nur Ain Ramli, Vice President and 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 ".
With the increasing growth of bancassurance, the market has faced some challenges over recent years, hence Jacob Fleming Asia will be hosting the 3rd Annual APAC Bancassurance Forum where delegates would be able to gain insights from the experience of key industry players. 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 as the accurate strategies. Bancassurers need to understand that although there is a growth, the bancassurance business is still facing many challenges due to poor manpower management,lack of call centres,no personal contact with customers,inadequate incentives to agents and many more. As rising challenges may seem a concern, the demand to stress the importance of a good bancassurance model is certainly a question being pondered.
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, HSBC 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 Forum include; creating a leading platform for an ideal bancassurance model, significance difference in two approaches; product oriented vs 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 is supported by the Malaysian Takaful Association,Asian Bankers Association and International Insurance Society. Al Huda, True Banking and Asia Insurance Post are the relevant media partners and Hitts Technologies is the Bronze Sponsor for the event.