Fairfirst Bancassurance partners learn from the best

Fairfirst Insurance Ltd. recently concluded a knowledge sharing workshop for two of their exclusive banking partners. The workshop was curated by the Bancassurance team of Fairfirst and the Bancassurance & IT teams of ICICI Lombard General Insurance of India, a subsidiary company of the Fairfax Group of Canada. 

Participants of the knowledge sharing workshop held in India

With nearly 30 years of experience in insurance, re-insurance and other financial services across the globe, Fairfax is Canada’s largest property and casualty insurer. They have over 30 operating companies worldwide which includes names such as, Brit Insurance (UK), Alltrust (China), Odyssey Re (US), Singapore Re, MCIS Insurance (Malaysia), Polish Re, Zenith (US), Gulf Insurance (Kuwait)Allied World (Switzerland) and ICICI Lombard (India)to name a few. 

Based in Mumbai, ICICI Lombard General Insurance is one of the leading private sector general insurers in India. The company generates nearly 20% of their Gross Written Premiums (GWP) through their Bancassurance channel. In addition to the significant market penetration , the paperless operations carried out by the Bancassurance channel has allowed local banks to increase their fee income potential whilst adding value to end customers. The workshop provided valuable insights into their operational model and was inclusive of visits to the ICICI Lombard banking partner offices.

Fairfirst National Head – Affinity Account Management Nelum Weragoda stated, “Being part of the Fairfax Group, we have the opportunity of leveraging on our global counterparts to improve how we do business and learn from the best in the world. With the learnings gained we look forward to redefining the industry with cost effective, technologically driven processes that will add value to our partners and customers.”

Union Bank Senior Manager Bancassurance Gihan Samarasinghe said, “We believe that insurance will be a key area of growth for banks in the future. This will be supported by partnerships with reputed insurance service providers. The Study tour provided us an opportunity to look at bancassurance from a different perspective. It gave us the ability to understand challenges and opportunities in the Banking and Insurance industries and look at enhanced growth opportunities going forward. Detailed planning by the Fairfirst team made the study tour a great experience.” 

Fairfirst Insurance is among the top general insurance companies of Sri Lanka. Fairfirst serves individuals, businesses and institutions across this beautiful island through a versatile workforce spread across a comprehensive branch network, affinity partners and leading brokers in the market.