ATLANTA, Jan. 11, 2024 — LIMRA and LOMA recently launched the Horizon Bancassurance Program (Horizon), a bespoke training resource designed to help financial professionals and supervisors develop the type of skills, culture, and competency now required by financial regulators across Asia.
Horizon is a series of short video courses filled with content tailored to help upskill bancassurance advisors and empower their supervisors to navigate the new demands of strategic change in the industry.
Bancassurance is an arrangement between a bank and an insurance company allowing the insurance company to sell its products to the bank's client base. According to the research and consulting group IMARC, Asia Pacific exhibits a clear dominance, accounting for the largest bancassurance market share. IMARC expects the market to continue to grow at a compound annual growth rate (CAGR) of 5.9% and attain a value of $1.802 trillion by 2027.
LIMRA and LOMA worked with seasoned bancassurance practitioners and experts with decades of experience in the bank and insurer sectors in Asia to build Horizon. It is currently available in the Philippines, Malaysia, Singapore, Indonesia, Thailand and Vietnam. It is a practical tool for self-learning, and offers in-person training with supervisors and trainers on the full range of bancassurance topics.
The program addresses the following key areas of focus:
- Achieving Higher Competency: Attracting, developing and retaining advisors requires greater levels of professionalism and advisory competencies.
- Building Consumer Trust: Customers are increasingly looking for financial institutions and sales representatives who put their financial needs first.
- Improving Productivity: Banca channels require higher productivity levels and a significant shift toward protection and needs-based selling to sustain growth and justify increasing costs.
- Establishing Leadership: Developing leaders with the skills to create high performing teams, utilize coaching skills, and who look to support and nurture their people, is essential to driving future business success.
- Complying with Expanded Regulation: Regulators are driving toward leaders and advisors having a higher standard of skills, knowledge, and customer value propositions.
To learn more about the Horizon Bancassurance Program, visit: https://www.limra.com/en/solutions-and-services/global/learning-and-development/horizon-bancassurance-program/.
Serving the industry since 1916, LIMRA offers industry knowledge, insights, connections, and solutions to help more than 700 member organizations navigate change with confidence. Visit LIMRA at www.limra.com.
Established in 1924, LOMA helps to advance the financial services industry by empowering more than 700 financial services companies to navigate change with confidence. Visit LOMA at www.loma.org.