Mapfre Malta launched an incentive scheme called Tied Insurance Intermediaries (TII) for its network in January, implemented in addition to the 2019 Incentive Framework, according to a press statement by the insurer.
“This scheme will provide an additional layer of incentives available to intermediaries who perform well for both companies separately and are able to successfully cross-sell both life and non-life business,” the press statement adds.
The 2019 Incentives Framework aspires to be a transparent incentive system comprised of Premium Targets which are designed to provide TIIs with the opportunity to be rewarded for their efforts above and beyond what was previously obtainable, Mapfre says. The scheme places particular focus on Compliance, Consistency and Promoting Productivity.
“Due to the Insurance Distribution Directive (IDD), a particular level of importance has been placed towards Compliance as to ensure that these incentives do not cause any conflicts of interest. Furthermore, Consistency and Promoting Productivity will be imperative in ensuring transparency and homogeneity across the whole network of TIIs and that TIIs are incentivised to work towards higher levels of performance which yield better results and even greater rewards, respectively,” the press statement says.
Through the incentive scheme, the insurer hopes to motivate intermediaries to perform at their highest potential across both Mapfre Middlesea and Mapfre MSV Life.
Mapfre Middlesea Plc (C-5553) is authorised by the Malta Financial Services Authority to carry on both Long Term and General Business under the Insurance Business Act, Cap 403 of the Laws of Malta. Mapfre MSV Life Plc is authorised by the Malta Financial Services Authority to carry on Long Term Business under the Insurance Business Act, Cap 403 of the Laws of Malta. MFSA regulates both entities.