Automation of 2020 General Insurance Code of Practice compliance

What is the 2020 General Insurance code of conduct

The 2020 General Insurance code of conduct is a set of principles that underpin the way the general insurance industry behaves treats people and approaches decision-making. The Code is intended to be a positive influence across all aspects of the general insurance industry including product disclosure, claims handling and investigations, relationships with people who are experiencing vulnerability, and reporting obligations.

Some of the fundamental principles include, which underpins how the Code shapes the way the general insurance industry behaves, treats people, and approaches decision-making.

 

 

The Code was formally launched in early 2020, with all Code signatories to be compliant by January 1, 2021. This may get a delayed bit further in context to COVID-19.

This Code applies to insurers and their Distributors and Service suppliers, including underwriting agencies and brokers with delegated authority.

How Cognitive View supports it?

We analyze customer communication data, including call center voice, to monitor the compliance adherence and identify conduct risk.

 

For example, considering a broader obligation, i.e., Part 3, Clase 21, “We, our Distributors and our Service Suppliers will be honest, efficient, fair, transparent and timely in our dealings with you.”

In the context of a customer conversation what matters is

  1. Was the representative honest-including responding to the customer’s questions about the terms and conditions of cover, especially exclusions and restrictions?
  2. Did the representative work in a well-organized and competent way?
  3. Was the representative fair, both in terms of customer outcomes and the management of the conversation?
  4. Was the representative open and transparent and working in the bests interests of the customer? Did the representative disclose when they had a conflict of interest and could not adequately provide a response or information?
  5. Did the representative promptly respond to the customer?

Next steps

Let’s have a virtual coffee if you would like to understand any of the below

  1. What obligations are relevant for your customer communication control points including Call center
  2. How does this apply to your existing processes, controls and distribution model
  3. How AI can automate this process
  4. Why now?

 

dilip@cognitiveview.com

https://cognitiveview.com/