Strategic partnering with third party distributors and other service providers has always been a feature of insurers’ operating models. Recently, insurers' use of partnerships has accelerated, driven by digital transformation, changing customer expectations and a global trend towards focusing on core business.
While the ecosystem model offers significant commercial benefits, it has also introduced a new frontier for risk management. The UK has introduced laws that hold insurers responsible for the conduct of the third parties they work with.
In Australia, new regulations like the Design and Distribution Obligations and CPS 230 are placing obligations on insurers to monitor and supervise third parties. Regulators are also sharpening their focus on this issue, as seen through ASIC’s approach in the recent pricing review for general insurers.
In this webinar, Laura Box and Garth Williams from PwC will discuss this important topic and share practical insights about how insurers can manage third party risk so they can pursue growth with confidence.
For further information about this professional development program, please contact Rebecca Ciavarella, Event Manager.
At the end of this webinar, attendees will be able to:
- Understand emerging developments in third party risk management in the insurance sector
- Discuss Australian and foreign regulatory developments in this space
- Identify practical ways to manage third party risk so you can safely pursue an ecosystem growth strategy.
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