Register your attendance at the 2021.2 NIBA Convention to hear the latest about insurance regulation from ASIC's Dr Rhys Bollen.
NIBA Editor, Tanaya Das recently interviewed Dr Rhys Bollen, Senior Executive Leader, Insurers at the Australian Securities and Investments Commission (ASIC) about the regulatory landscape and the future of insurance regulation.
You’ve been a part of the regulatory landscape for a while now. What insights have you picked up along the way?
I believe most firms want to comply and will do so if they understand how to. It’s important to understand incentives, as well as their business models, and to get them right. Additionally, good systems, controls, and governance go a long way to improving outcomes for firms and their clients.
What do you think the future of insurance regulation will look like for ASIC?
Going forward, disclosure and advertising will still matter in regulating general insurance. ASIC will increasingly focus on the product under the hood: product design, distribution, and fairness. We’re also seeking to ensure a robust and competitive market that’s increasingly data-driven – to support both ASIC’s regulatory work and the marketplace more generally.
What are some key observations you’ve made in your years being a part of the insurance landscape?
It’s simple – the same basic needs that drive most communities also apply to the insurance landscape: to protect one’s assets, health, and family. Products come and go, as do companies, but the basics of good service remain. More importantly, good companies and good products will stand the test of time.
The theme of the NIBA Convention this year is Professionalism + Resilience = Opportunity. What do professionalism and resilience mean to you? Do you have any highlights for those who will be attending your session at the 2021.2 NIBA Convention about what topics you will be covering?
Professionalism goes beyond running a successful business. It’s operating by a higher standard or code, and putting client needs ahead of profit. Resilience is the capacity to continue under pressure and bounce back after adversity. Professionalism and resilience have acquired paramount importance lately and will continue to be required post the COVID-19 pandemic.
Dr Rhys Bollen will be speaking at the 2021.2 NIBA Convention in Melbourne on 8 February 2022, and attendees can look forward to insights about the regulatory landscape in his presentation. You can register for the #NIBA2021 Convention here.