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 article has been published by Colin Biggers & Paisley for information and education purposes only and is a general summary of the topic(s) presented. This article is not specific legal or financial advice. Please seek your own legal or financial advice for any questions you may have. All information contained in this article is subject to change. Colin Biggers & Paisley cannot be held responsible for any liability whatsoever, or for any loss howsoever arising from any reliance upon the contents of this article.