Today’s list covers the top 5 groups that influenced complianceย for the insurance industryย during 2023.
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APRA-regulated insurers make it onto my list due to a number of factors.
- With substantial resources (particularly the larger insurers), insurers have the internal numbers to implement complex & robust compliance arrangements, this sets expectations & a benchmark for best practice;
- Given insurers dominate the insurance landscape, especially retail insurance, the focus of regulators & industry bodies is always on Suncorp, IAG, QBE, Allianz, Hollard et al
- Insurers in turn drive the compliance measures at MGAs & TPAs. Due to FAR & CPS 230, this will continue into 2024/25 extending to insurance brokers.
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The Insurance Council of Australia, CGC, National Insurance Brokers Association (NIBA) & IBCCC continue to heavily influence & drive compliance positions across the industry.
In addition, Insurtech Australia & Underwriting Agencies Council (UAC) have also been leading the way in respect of technology & the emergence of underwriting agencies.
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The GI Code of Practice has always been a heavy influence on the compliance programs for insurers (& MGAs & TPA’s) however the Insurance Brokers Code of Practice has been remarkable in driving the compliance focus for insurance brokers. This has been particularly evident for brokers with large Authorised Representative networks.
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ASIC, Australian Prudential Regulation Authority &, while technically not a regulator, Australian Financial Complaints Authority have continued to have a strong influence on compliance across the insurance industry.
From taking Federal Court action on pricing promises to shutting down an insurer & its underwriting agency partners for 24 hours due to a defective TMD to CPS 230 & AFCA determinations, the regulators continue to set the direction & focus on compliance for the insurance industry.
๐ก๐ผ ๐ญ ๐๐ผ๐บ๐ฝ๐น๐ถ๐ฎ๐ป๐ฐ๐ฒ ๐ฃ๐ฒ๐ผ๐ฝ๐น๐ฒ ๐ ๐ฅ
The Gold Medal for 2023 in successfully driving compliance are the unsung heroes – people, specifically the person(s) within each organisation who drives & champions compliance.
The better compliance people manage to find the right balance between compliance & business & focus their efforts on raising internal awareness, training & education.
The Compliance Champions forย 2023 and the top influencers on Compliance within the Insurance industry for 2023 are our wonderful compliance people.