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ROYAL COMMISSION RESPONSE: CLAIMS AS A FINANCIAL SERVICE.

ROYAL COMMISSION RESPONSE: CLAIMS AS A FINANCIAL SERVICE.

This is the second blog in our Royal Commission Response series with Finity. In this blog we look at the recommendation to regulate claims handling as a ‘financial service’, including:

  • What the goal of the recommendation is;
  • How the recommendation may be implemented;
  • The definition of ‘claims handling’;
  • Which clients/ products would be protected; and
  • Who the obligations would apply to.

If you need advice on what the Royal Commission recommendations mean for your business, get in touch with The Fold’s team of experts.

In case you missed it, our first blog in this series looked at how unfair contracts legislation may apply to insurance contracts.

Finity is a leading consulting firm with deep domain expertise in the general insurance sector. With actuarial, claims, risk, operations and strategic advisers, along with a cadre of data analytics specialists, the firm has become a trusted adviser to many insurers in the Australian market. Highly regarded for understanding of each client’s business and providing actionable, management-oriented advice. Finity was awarded the Insurance Industry’s Professional Services Firm of the Year in 2018. www.finity.com.au

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Charmian Holmes, The Fold Legal; Raj Kanhai, Finity

March 2019

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