MAPFRE MSV Life and MAPFRE Middlesea have completed an extensive programme for all their Tied Insurance Intermediaries focusing on knowledge and ability training in line with the provisions of the Insurance Distribution Directive (IDD) as transposed into the local legislative and regulatory framework, with effect from 1 October this year.
The training, which was attended by over 600 insurance authorised distributors, was conducted by officials from both companies. Eleven separate training programmes were organised starting on the 1 October and ending during November 2018.
The training programmes underscore the importance of the knowledge and ability provisions of the Insurance Distribution Directive coupled with the continuous professional development requirements that have been introduced.
Such provisions apply across all distributors of insurance products and are aimed at ensuring that the customer is provided with a better experience when enquiring about and purchasing insurance products, standardizing sales practices and ensuring that the products distributed meet the client’s demands and needs.
The Insurance Distribution Directive seeks to enhance consumer protection and the coordination of national provisions on professional requirements and registration of persons taking up and pursuing the activity of insurance or reinsurance distribution are deemed to be an important contributor in this regard.