Changing Winds

Shifting its revenue balance away from interest-income, Seylan Bank will introduce new fee-based products to its current product offer.
SeyLink, its version of bancassurance was launched this week in this effort, with its group company Ceylinco Life, to offer life assurance and other life related products to customers in over 60 branches. rn

rnThe service has been on test since last year says Deputy General Manager Business Development V K Seyone, adding that customer response has been very encouraging. rn

rnSeyone says SeyLink will later sell other risk products, including fire and motor insurance and also include its over 100 branches in the scheme. rn

rnProduct experts say life insurance is not a priority for most customers in the Asia-Pacific region. rn

rnLife Insurance Marketing and Research Association (LIMRA) Director Gary Aluise says customers in the region are not likely to go out of their way to buy a life insurance policy. rn

rnHowever, Aluise says that the global experience has s