This survey aims to provide a better understanding of recent trends regarding microinsurance operations, especially life insurance sector in the following countries; the Philippines, Indonesia and Sri Lanka, and to extract some critical success factors to encourage insurers to enter this market and develop their microinsurance strategy.
The analysis in this report is based on a survey conducted via email and interviews with market sources by meeting in the selected countries. The survey questionnaire targeted life insurance companies, life insurance associations, regulators, and other institutions in the selected countries that have a relationship with FALIA
In the coming consolidated world of financial services, the importance of bancassurance in the Asia-Pacific region is beyond dispute. It has become a mainstay of distribution channels in many countries in the region, and is no longer just an alternative channel. However, it is important to recognize that the Asia-Pacific region is made up of a wide range of markets which have different levels of maturity, demographic situations, levels of customer awareness, cultures (customer preferences), and regulations.
Even though these differences among regions affect the bancassurance models or implementation, there should be some general factors that can serve to benefit all bancassurance operations. This survey aims to provide a better understanding of recent trends regarding bancassurance operations in the region, and to help insurers identify and work through their challenges as they continue to develop their bancassurance strategy.