Ceylinco Life has engaged two international consultancy firms to conduct special training programmes 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 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 programme 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 programme was conducted by 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 & 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.