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Insurers put spotlight on conduct processes

Insurance companies have supplied regulators with their plans to ensure better industry conduct.

Thursday, July 11th 2019, 8:04PM

When the Reserve Bank and Financial Markets Authority released their joint review of the conduct and culture of life insurers at the end of January, insurers were given until June 30 to report back.

They were required to give an action plan for regulators to review, including how they would address incentives based on sales volumes for internal staff and commissions for intermediaries.

Asteron Life said it was looking at how it could help advisers meet key conduct expectations.

Graham Hill, executive manager of life distribution at Asteron, said the insurer’s responses included a detailed plan with a focus on good customer outcomes.

He said the review did not uncover any systemic issues in the Asteron business but did provide insights into a number of areas where outcomes for customers could be improved.

"We believe that, like us, advisers are committed to creating a better today for our customers and that access to independent financial advice is an important part of ensuring good outcomes for customers.

"We will continue to collaborate on how we can work together to enhance customers’ financial wellbeing, and how Asteron Life can support advisers to meet key conduct expectations."

Fidelity Life has told advisers it will make no changes to commission structures until June next year at the earliest.

Gail Costa, chief executive of Cigna, said she believed  the review was not a “box-ticking exercise” and it would transform the insurance industry to lead to better customers outcomes by helping to build trust and credibility.

Tags: Asteron Cigna Fidelity Life

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