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.
Insurance and reinsurance
Colin Biggers & Paisley
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