Govt inquiries creating 'unknowns' for insurance
Pending regulatory changes are creating a challenge for the insurance industry by creating “unknowns”, according to the ING head of marketing, retail products and reinsurance, Gerard Kerr.
There is uncertainty “to a certain extent” because the risk industry does not know what the future landscape will look like to any degree, he said.
There is a challenge in dealing with the various different inquiries and trying to develop an idea of how they were going to change the way the industry operates, and the dust still had to settle on the direction the inquiries were going to move in, he said.
It was even more important now than even a year ago to keep communicating with advisers, Kerr advised.
That communication will help the industry through this uncertainty and help develop an idea of what the landscape will look like, and make the changes less daunting, he added.
Recommended for you
The Federal Court has dismissed a conflicted remuneration case brought by ASIC against the director of life insurance distributor Freedom Group, where Bali holidays and Vespa purchases were among sales incentives.
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
