The new incentive scheme has been implemented in addition to the 2019 Incentive Framework by both MAPFRE Middlesea and MAPFRE MSV Life in order to further reinforce the importance of the TII channel. 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 2019 Incentives Framework is 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.
It has been communicated by MAPFRE Malta that the 2019 Incentive Scheme will place its focus on sustaining three crucial factors, namely 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 ultimate objective of this incentive is to motivate intermediaries to perform at their highest potential across both MAPFRE Middlesea and MAPFRE MSV Life, whilst simultaneously ensuring that higher sales targets as well as optimal levels of service quality and customer satisfaction are achieved.
MAPFRE Middlesea p.l.c. (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 p.l.c. 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. Both entities are regulated by MFSA.