Ceylinco Life has engaged two international consultancy firms to conduct special training programs on Treating Customers Fairly (TCF), also termed ‘Conduct Risk’ in the financial services industry.
The life insurance market leader recently concluded Phase 1 of the training program conducted by Global Business Counselling (GBC) Singapore and Sri Lanka and TCF Consulting UK in 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. “Although Ceylinco Life is the most trusted and acclaimed life insurance company in Sri Lanka, we believe it is imperative that we are constantly vigilant to ensure that we conform to or exceed international and local best practices.”
He disclosed 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.
The training program was conducted by Messrs Chandri Gunawardhana, the Founding CEO of Global Business Counselling (GBC) and Stephen Rosling, Director of TCF Consulting. Gunawardhana has over 25 years of experience in legal, regulation and governance, risk and compliance in the financial services and tobacco sector. He was the Director General of the Insurance Board of Sri Lanka (IBSL), the Regional Head of Regulatory Affairs for Asia Pacific at British American Tobacco and Head of Insurance practice at the law firm Julius & Creasy.
TCF Consulting is a training and consultancy firm specialising in the audit and implementation of ‘Conduct Risk’ regulations relating to ‘Treating Customers Fairly’ (TCF) principles, and Rosling has worked in the UK financial services sector for over 30 years, holding senior customer management positions in Aviva, Friends Life, and Friends Provident International.
Ceylinco Life commenced operations in January 1988 and has been the market leader in Sri Lanka’s life insurance industry for 13 consecutive years since 2004. The company has close to a million lives covered by active policies and is acknowledged as the benchmark for innovation in the local insurance industry for its work in product research and development, customer service, professional development and corporate social responsibility.