When the Royal Commission into the banking, superannuation and financial services sector released its recommendations in 2019, car dealers found themselves in the midst of an entirely new operating environment.
While reforms introduced as a result of the Royal Commission’s report have only strengthened customer protection and experience, they have also created additional requirements for dealerships when it comes to discussing insurance with their customers.
Plotting a path through this minefield is one of many ways Allianz seeks to help its dealer partners, according to Glenn Best, Allianz Senior Account Manager for South Australia and Northern Territory.
“We train and monitor business managers who are presenting the Allianz product to make sure they’re compliant in their dealings with customers,” Best explains. “That means ensuring they’re not pressure selling, that they meet the anti-hawking requirements stipulated by the Australian Securities and Investment Commission (ASIC) and that they hand over the right documentation to the customer when they’re required to. That includes the PDS (Product Disclosure Statement) and the FSG (Financial Services Guide).”
Best manages Allianz’s Eagers Automotive account in South Australia and conducts visits to other dealership partners with Allianz’s team of account managers. The role puts him on the front line when it comes to compliance matters.
“Having proper compliance procedures in place protects the dealers, it protects us, and it gives the customer a reliable process for purchasing insurance for their vehicle.”