In brief - the report of the Royal Commissioner makes various suggestions as to changes in the law that may have a long term effect on the general insurance sales process
We have prepared a chart comparing the current regulatory regime for the general insurance sales funnel with what the Royal Commissioner has proposed. While at this stage they are merely proposals, both political parties have committed to implementing the changes.
The chart below shows the key changes and what to expect. Although it is probably too early to start making concrete business process changes, general insurers who are caught by the proposals will likely have to start change planning this year.
General insurance sales funnel (PDF)
This is commentary published by Colin Biggers & Paisley for general information purposes only. This should not be relied on as specific advice. You should seek your own legal and other advice for any question, or for any specific situation or proposal, before making any final decision. The content also is subject to change. A person listed may not be admitted as a lawyer in all States and Territories. © Colin Biggers & Paisley, Australia 2020.