When the Royal Commission report into Australia’s financial sector was submitted in February 2019, it provided insights and recommendations on improving how insurance companies cater to their customers.
Eighteen months later and the recommendations have started to come into fruition, with reforms going live across the industry.
With many of the provisions now in effect, the onus is on both insurance providers and distributors to ensure they abide with the revised regulations, particularly in relation to how insurance products are sold to customers. In this new regulatory environment, it’s important that dealerships work with reputable providers that understand the requirements of the new legislation – and can support them to adapt their businesses.
Major insurance providers such as Allianz have thrown their weight behind the financial industry reforms and are committed to providing their customers with the best possible outcomes and experiences.
Even before the passage of the Royal Commission recommendations through Parliament, Allianz and other insurance firms took positive steps to introduce compliance training for its staff and simplify their product range to reflect changing consumer expectations. Now they are responding quickly to the new regulatory environment and are helping their insurance distributor partners remain in step with the latest reforms.