BusinessToday Previous Editions

5 NEWS 11.3.2021 IVALIFE Insurance Limited ("IVAL- IFE") is a new digital first, technol- ogy-driven life insurance company forging its own unique path within the life insurance sector, providing a range of smart life insurance products tailored to both individual and group needs. Conceived by four leading and re- spected players operating mainly in the financial services industry, namely APS Bank p.l.c., Atlas Insurance PCC Ltd., GasanMamo Insurance Ltd. and MaltaPost p.l.c., who, together iden- tified a gap in the market for a digi- tally led, multi-channel approach to life insurance. These four companies involved enjoy over 100 years of com- bined experience in helping individu- als, families and businesses with their wide range of services and offerings. IVALIFE is set to challenge the sta- tus quo on local business operations, primarily due to the ease with which clients will be able to conduct their life insurance needs digitally, thanks to the technology that IVALIFE has invest- ed in. In other words, potential clients will be able to get the information they require to make an informed decision at the push of a button. is process means no more waiting in line for cus- tomer care to receiving a quote and get- ting a policy. is is a first for a Maltese company. IVALIFE has also a sum in- sured calculator which will make it easy to identify a protection need, based on the person's lifestyle, financial situation and dependents. All services operate in a very transparent manner with the pricing available online and instantly, ensuring a smooth, fast and transparent process to every client. "We're committed to bringing qual- ity and innovation to the market, providing customers simplicity and transparency in the solutions we pro- vide." said IVALIFE's CEO Reuben Zammit. "While the pandemic accel- erated the digitization of most sectors which had yet to catch up, it did not really affect the operation plans put in place by the team at IVALIFE, as it was already thought of as being set up as digital first company back in 2019. This reaffirms the need for us to re- main flexible and innovative, so we are able to address the evolving needs of our customers." With its strong technological capa- bilities and commitment to making life insurance more accessible to all, IVALIFE looks set to become a digital contributor to fulfil the life insurance protection needs in these uncertain times and protect the financial future of its customers and their loved ones. Whether your goal is to protect loved ones or grow your savings for future needs, IVALIFE is providing a range of products and services, both on an individual and group basis, which will provide value and financial security for current and future generations. Find out more by visiting our website at www.iva.life Digital-first life insurance company launched FROM PAGE 1 Cars imported from the UK now face additional customs charges, with the UK outside the EU's free trade zone. Special Commissioner for Economic, Financial and Trade Relations with the United Kingdom Dr Mario Vella said that in the case of pharmaceutical sup- plies, the main issue has nothing to do with Customs but with the availability of English-language packaging and con- trols specific to medicines. He said that all EU member states are reporting delays and other issues, and Malta is no exception. As expected the impact of burdensome paperwork, de- lays and charges is making itself felt. "A number of enterprises, especially the smaller ones, who deal with the UK had never dealt with non-EU countries before and therefore have no prior ex- perience of customs procedures," he said. "Some problems are unavoidable as customs procedures and controls are now necessary, given that the UK is now a third country." is imposes the need to submit dec- larations and certificates of origin, and these necessarily involve an administra- tive burden, in terms of paperwork and time. Additionally, customs in transit coun- tries may impose their own controls, adding further to the delay and bureau- cracy. Vella said that there is an ongoing en- deavour to minimise burdens on Mal- tese traders by streamlining procedures but always within the limits of the UK- EU agreement and EU law. "It is also clear that some companies can benefit from certain Customs pro- cedures applicable to third countries such as inward processing and AEO certification," Vella said. "In such cases traders are advised to contact Customs directly for their assistance." Malta-UK relations With the strong historical and eco- nomical ties between Malta and UK, many local businesses had expressed hope the two countries would be able to reach ad-hoc arrangements on easing the financial and bureaucratic burden on trade. But bilateral agreements with the UK can only be reached in areas and sectors not covered by the EU-UK agreement. "Bilateral relations with the UK are strong and there is clearly scope for en- hancing them. Our historic relationship with the UK provides a powerful foun- dation to build upon going forward," Vella said. "In terms of the provisional applica- tion of the EU-UK agreement, arrange- ments can be made bilaterally in any area that falls within the national com- petence of member states." Financial services Vella said that it was important to note that not all of the EU-UK agreement had come into force so far. "e section dealing with financial servies is one such section where dis- cussions between the two parties are still ongoing," Vella said. With financial services being of ut- most importance to Malta - as to most other EU member states - the outcome of the discussions could be crucial. "For the moment, it's as though there was a hard Brexit with regards to finan- cial services, since no agreement has as yet been reached," Vella said. "Develop- ments need to be followed closely." Effects of Brexit It is too early to be certain of the ulti- mate effect of Brexit, not least because some transitional arrangements remain in effect. For example, the UK has chosen not to carry out customs checks on imports from the EU for the first six months of this year, and it is not excluded that this arrangement will be extended. Furthermore, the Brexit situation is compounded by ongoing issues relat- ing to COVID-19, such as reduced land, sea, and air transportation and the im- pact of this on the import of fuels. It is hard to disentangle the effects of each. Vella said that although a significant drop in imports from the UK in the run- up to Brexit on January 31st 2020 had been reported, especially during the transitional period – a €1 billion drop was also quoted – 2020 imports de- clined only moderately when compared to previous years. 2019 was not a 'normal' year because of a unique and anomalous spike in the registration of vessels and aircraft, to the tune of over €900 million. Other sectors were affected by pre- paratory stockpiling, motivated by the fear of high tariffs in the wake of expec- tations of a possible no-deal Brexit. "Furthermore, Maltese exports to the UK have been declining since before the 2016 referendum," Vella said. "We should endeavour to seize all op- portunities to reverse this downward trajectory." Ultimate effects of Brexit yet to be determined

• Cover