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At first glance, the new design and distribution obligations could be seen as compliance boxes to tick. But a closer look reveals how they can create the momentum for better insurance products, better customer outcomes and, ultimately, better businesses.
Australia’s insurers have much to do between now and April 2021, when new design and distribution obligations (DDO) become effective. The changes will transform the way insurers distribute products to retail consumers in Australia.
While the obligations of DDO are significant, forward thinking insurers will go above and beyond compliance to simplify products and make deep, lasting improvements to customer outcomes.
Now is the time for issuers of financial products to prepare.
PwC's Insurance Matters explores current and future sector issues and trends, addressing important industry opportunities and imperatives including risk, regulation, remediation, transformation, competition, simplification, workforce, technology, strategy, operating models and culture.
At the same time, we bring together the right mix of advisers and contributors from inside and outside of PwC demonstrating that important problems are better solved together. PwC is a powerful multiplier of connections and innovation, we bring passionate people together so that insights become impact, opportunities become outcomes and society benefits.
Insurance Leader, PwC Australia
Tel: +61 477 278 475
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