Walk into a bank branch in Sri Lanka and there’s a good chance someone at a side desk sells life insurance. That person works in bancassurance.
Bancassurance jobs are advertised often, under titles such as Bancassurance Officer, Bancassurance Executive and Relationship Executive. This guide explains what the work involves, who employs you, and what to check before you apply.
What bancassurance means
Bancassurance is an arrangement where a bank sells an insurer’s products to the bank’s own customers. In Sri Lanka, the bank acts as a corporate agent of the insurance company. The insurer designs the policies and pays the claims. The bank provides the customers and the branch network.
Some banks have an exclusive partner. Commercial Bank, for example, has an exclusive long-term life insurance partnership with AIA Insurance Lanka. Other banks and finance companies work with several insurers and sell life, motor, fire and travel cover.
Individual agents still sell most life insurance. In 2021, the agency channel brought in about 80% of long-term insurance premiums, according to the Insurance Regulatory Commission of Sri Lanka (IRCSL). Insurers keep investing in bank partnerships because bank customers are already there and already trust the branch.
Who actually employs you
This is the first thing to check in any bancassurance advertisement. There are 3 common setups:
- Employed by the insurer, placed in a bank. The insurance company hires you and posts you to one or more partner branches. You follow the insurer’s targets and pay structure.
- Employed by the bank. The bank runs its own bancassurance unit, and staff sell insurance alongside other bank products.
- Agent contract. The role is registered agency work paid mainly by commission, even though you sit in a bank branch.
The first 2 are usually salaried jobs with incentives. The third is commission-based. Our guide to agent vs salaried insurance jobs explains why the difference matters for your income, EPF and job security.
What the job involves
Most of the day is spent with customers the bank sends to you. A customer takes a housing loan, and you explain mortgage protection cover. A customer opens a savings account for a child, and you explain an education policy.
- Meeting customers referred by bank staff and explaining suitable policies.
- Completing proposal forms and collecting documents and medical reports.
- Following up on renewals and premium payments.
- Building good working relationships with branch managers and staff, because referrals come from them.
- Meeting monthly sales targets.
Targets are real. Expect your performance to be measured by policies sold and premiums collected. The work is steadier than street-level agency sales because customers come to you, and you usually keep bank hours.
Qualifications and who gets hired
Requirements vary by employer. Common asks in advertisements are:
- Good G.C.E. A/L results. Some employers prefer a degree or a banking or insurance diploma for executive roles.
- Good spoken English plus Sinhala or Tamil.
- Sales or customer service experience, especially in banking or finance.
- A pass in the insurance pre-recruitment test, or willingness to sit it. Anyone selling insurance must meet IRCSL registration rules.
Professional qualifications help you move up. Many staff start on the Sri Lanka Insurance Institute (SLII) exams and then the CII Diploma. Our guide to insurance qualifications explains the order.
Where the job can lead
Strong performers move to senior executive, team leader and regional bancassurance manager roles. The job also builds a mix of banking and insurance knowledge, which is useful if you later want to move into bank relationship management, wealth advisory or insurance head office work.
For a wider view of insurance careers, read how to start a career in insurance in Sri Lanka. If you’re preparing for a bank-based interview, our bank interview guide covers the questions banks ask.
Questions to ask at the interview
- Am I employed by the bank or the insurer?
- What is the fixed monthly salary, and how are incentives calculated?
- What is the monthly target, and what happens if I miss it for 2 or 3 months?
- Are EPF and ETF paid on the full salary?
- Which branches will I cover, and is transport paid?
Bancassurance and insurance vacancies on CareerLK
Our insurance jobs in Sri Lanka page lists current bancassurance, sales and head office openings. For every sector, browse job vacancies in Sri Lanka.
About the Author
Prasad Fernando is the CEO of Skysol Solutions and the owner of CareerLK.com and CourseLK.com. A digital creator with hands-on experience building and managing online platforms for Sri Lanka’s job and education sectors.