Wide ranging training programme for BOV employees involved in the distribution of bancassurance products

All BOV employees who are authorised to distribute life insurance products are currently undergoing knowledge and ability training in line with the provisions of the Insurance Distribution Directive as transposed into the local legislative and regulatory framework, with effect from 1 October this year.

The training which is being attended by nearly 400 BOV employees is being conducted by officials from MAPFRE MSV Life. Bank of Valletta p.l.c. is a Tied Insurance Intermediary of MAPFRE MSV Life. Co-ordinated by BOV's Bancassurance Office, this programme, which started on the 1 October, is ranging over eight different courses and will be completed by the end of November.

Addressing BOV Authorised Bancassurance Representatives during the course opening, Michael Galea, Chief Business Development Officer at MAPFRE MSV Life explained the importance of the knowledge and ability provisions of the Insurance Distribution Directive coupled with the continuous professional development requirements that have been introduced by this Directive.

"These provisions apply across all distributors of insurance products and are aimed at ensuring that the customer is provided with a better experience when enquiring about and purchasing insurance products, standardising sales practices and ensuring that the products distributed meet the client's demands and needs," explained Mr. Galea.

He also highlighted other aspects of the IDD including the provisions around product oversight and governance which continue to strengthen the customer focus within the insurance industry.

The Insurance Distribution Directive seeks to enhance consumer protection, whereby the coordination of national provisions on professional requirements and registration of persons taking up and pursuing the activity of insurance or reinsurance distribution are deemed to be an important contributor in this regard.