Ceylinco Life has engaged two international consultancy firms to conduct training programs on Treating Customers Fairly (TCF), also termed ‘Conduct Risk’ in the financial services industry.
The life insurance market leader recently concludedPhase 1 of thetraining programme conducted by Global Business Counselling (GBC) Singapore & Sri Lanka and TCF Consulting UKin association with the Sri Lanka Insurance Institute (SLII).
The company said this program was designed to provide senior management of Ceylinco Life with an appraisal of the concept of Conduct Risk to develop a comprehensive understanding of the principles of fair treatment, and to produce a plan to transfer the learning into the company.
“There is increased emphasis globally on the TCF concept after the global financial crisis,” Ceylinco Life Managing Director/CEO R. Renganathan said.
He said that in recent months, the Insurance Board of Sri Lanka (IBSL) – the sector regulator – has also demonstrated its commitment to the promotion of fair treatment of customers and has issued guidelines on Complaints Handling by Insurers and Brokers; Good Practices in Conducting Inquiries on Insurance Agents; and Guidelines on Conducting Investigations on Insurance Claims.