Prudential has appointed Mr Patrick van Heerde as chief partnership distribution officer, effective 4 November. In his new role, he will spearhead Prudential's bancassurance businesses across its 24 markets in Asia and Africa.
Private-sector life insurers are preparing to adjust commission structures for distribution channels, following regulations that came into effect on 1 October requiring insurers to offer higher surrender values for endowment policies.
Bancassurance sales personnel say that they encountered teething problems in the early stages of the implementation in August 2023 of rules on commission fees payable in bancassurance.
HSBC Life Singapore has appointed Mr Lu Ouling as chief product propositions officer and Mr Michael Wei as chief partnership distribution officer.
Prudential has reached an agreement to acquire the remaining shares of Prudential Zenith Life Insurance Limited (PZL), its joint venture business in Nigeria, leading to 100% ownership of the latter.
SBI General Insurance Company, one of India's leading general insurance companies, and HSBC India have entered into a bancassurance partnership for the distribution of non-life insurance products.
With less than two years to mark the 10th anniversary of bancassurance in Uganda, industry participants are working to pick up the pace of sales through the channel.
Insurance companies and banks are looking for more guidance from the industry regulator on bancassurance operations following the issuance of new regulations.
Al Salam Bank, in collaboration with Solidarity Bahrain, has announced the launch of the first multi-year takaful insurance for cars in Bahrain.
The average commission level of the bancassurance channel in China has fallen by 30% since August 2023 when the National Financial Regulatory Administration (NFRA) ordered that commission fees paid to banks must be consistent with the rates reported to the regulator.