Ensuring business compliance with new Government guidelines
All insurance underwriters are required to comply with Office of the Commissioner of Insurance (OCI) GN16 guidelines that maintain fair treatment of customers, both before a contract is signed through to the satisfaction of all obligations. This global insurer initiated a project to achieve compliance as, without it, they would no longer be able to sell long-term insurance products in Hong Kong. Practicus was asked to help ensure all requirements were met before the regulatory deadlines set by the OCI.
The client’s Steering Committee asked Practicus to implement new documentation forms/documentation and processes to comply, spanning both new business and inforce policies. Practicus also developed initiatives including Post-Sales Calls on Day 1, Financial Needs Analysis and indemnity commission on new business.
The global insurer successfully achieved compliance, allowing it to continue the sale of long-term insurance products in Hong Kong.