The Lithuanian Branch of Luminor is interested in providing its customers with good quality advice on insurance products; therefore, the advisors hold licences issued by the Baltic Financial Advisors Association (BFAA). The licences prove the high employees’ qualification in insurance.

BFAA licences prove that employees comply with the legal requirements on competence and advise customers based on best market standard.

The licenses of BFAA, as well as the insurance products, are of several types. Employees, as a rule, take the exams which cover several insurance products. Bank employees have assessed BFAA training and testing system as well-understandable and consisting of precise, non-misleading and practical questions.

In improving their knowledge about the specifics of insurance products, advisors of Luminor also cooperate with the insurance companies Lietuvos draudimas and ERGO.

 

Results of all BFAA Affiliates’ employees who took the insurance qualification examinations in Lithuania

Licence

Number of Taken Exams

Exam Pass Rates, %

Life and Non-Life Insurance Advisor (LIA / NLIA)

262

88.5

Investment Insurance Advisor (IIA)

22

86.4

Life Insurance Advisor (LIA)

Non-Life Insurance Advisor (NLIA)

50

50.0

Insurance Advisor (IIA / LIA / NLIA)

573

96.9

Total

907

91.6

Data source: BFAA, data of 4 February 2019

 

 

Qualification requirements for insurance product distributors are established by the Bank of Lithuania. The requirements can be accessed here (in Lithuanian).

BFAA Affiliates are Swedbank, SEB, Luminor bank AS, Mandatum Life, Citadele banka, Danske bank, PNB bank.