Delegated Authorities in the Insurance Market - Conduct Risk Issues Explained

Introduction

Much of the insurance industry relies on delegation of key services to sell policies and manage client service.

This form of outsourcing is often a successful way to sell policies and provide a specialist and flexible service to customers, but it comes with risks as insurance firms cannot delegate their regulatory responsibilities. Careful due diligence and monitoring is required to ensure customers do not suffer detriment as a result of delegation.

This virtual classroom session will focus on the conduct risk issues for insurance firms to consider in delegation and concerns that have been raised by the FCA in its oversight of the market.

What You Will Learn

This live and interactive course will cover the following:

• Why insurance firms like to delegate
• The benefits and risks of delegation
• The importance of ensuring the customer is not adversely affected and how this can happen including:
• Barriers to service
• Remuneration and incentivisation
• Complex distribution
• The effectiveness of the complaints handling process
• The importance of being clear about responsibilities between the firm and its outsourcers
• The key conduct risk factors to be considered in:
• Making the decision to delegate
• Selecting and assessing the outsourcer to delegate to
• Outsourcer controls and monitoring used by firms and where the FCA has seen failures, such as:
• Audits
• Training and guidance
• Management information

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.