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Mario Grima, Executive Head Bancassurance of Bank of Valletta was recently guest speaker at the European Financial Management & Marketing’s (EFMA) conference on bancassurance held in Athens, Greece. The theme of the conference was Bancassurance – Who is Winning? and was attended by a number of Bancassurance operators from across Europe.
In his address, Mr Grima focused on how the bancassurance concept could be simplified in a financial services environment. His presentation gave a detailed outlook of how BOV’s bancassurance model was developed and applied, proving to be a consistent and successful source of non-interest income for BOV.
Mr Grima also touched upon the challenges and opportunities presented through the distribution channels implemented at BOV. Special reference was made to BOV’s bancassurance solution, BARS, a state-of-the-art point of sale system that, amongst other advantages, offers an automated underwriting process that enhances BOV’s ability to turn the sales experience to a quicker, more efficient and professional approach that ultimately benefits the customer.
Mr. Grima’s address also focused on BOV’s strategic challenges in the area of bancassurance and how distribution and back-office efficiency can be improved. The concept of specialised and continuous training for BOV’s bancassurance representatives, together with aspects regarding the future of bancassurance were also tackled. He also had the opportunity to form part of a panel of bancassurance experts, responding to various questions and queries put forward from the floor.
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