Product Management & Governance For Insurance - ZISHI

Product Management & Governance For Insurance

Join us for this interactive one-day course. You’ll learn how to truly place your customer at the heart of your product policies and develop the framework that allows you to prove to the FCA you did so.

CPD:

6 CPD Hours

product-management-governance-for-insurance

Course available in-house:

Yes

Price per person (Ex. VAT): Provided on request

KEY OUTCOMES

Reduce your firm’s conduct risk

Strengthen your product committee

Improve the customer experience

Introduce product review processes

KEY BENEFITS

  • Get the latest FCA position on this issue
  • Through case studies identify the risks of an informal and unstructured approach to product management
  • Learn what information should be considered when making product-related decisions
  • Appreciate the importance of involving consumers in the process
  • Identify the risks and controls that any framework should encompass
  • Establish a governance framework for key decisions
  • Understand the responsibilities of the 1st, 2nd, and 3rd levels of defence in product management
  • Learn how to involve affected stakeholders and convince them to take action

COURSE OVERVIEW

Huge mis-selling scandals have caught the regulator’s eye. Make sure your products are designed with the customer’s long-term interests in mind

The regulator has exposed serious weaknesses in the way some financial services firms approach product design and governance. With the implementation of the Insurance Distribution Directive product manufacturers are now required to prove the value of products new and existing products, and to give clearer information to the customer about the risks associated with them.

 

Consumer protection and market integrity are two of the FCA’s chief concerns, so you must listen to your customers’ needs more than ever. This isn’t about complaint resolution. It’s about taking a proactive approach to ensuring your customers get the best deal, right from the start.

 

The regulator is clamping down on poor product development and governance policies. You’ll need to prove your products respond to real consumer needs and are designed to meet their long-term requirements.

 

Failure to comply could result in the restriction of product features, a block on the promotion of certain products or an outright ban (with serious reputational and commercial repercussions).

 

The smart way to future proof your business

The Course Agenda

Understanding the focus on product management

  • An overview of the regulator’s thinking
  • The goals of the FCA
  • Good or poor practice? Identifying indicators
  • Case study: Review a firm’s approach to product management and the steps required to comply

 

Determining key elements of a product management process

  • An overview of the product development process
  • The life stages of a product
  • Highlighting key steps, from new product development to withdrawal
  • How to evidence the fair treatment of customers
  • Exercise: Understanding the risks and controls in a product management process

 

How to use customer research to evidence fairness

  • Types of customer research
  • Which research areas should be informed by customer behaviour?
  • When is research valuable from a risk control perspective?
  • Using examples to recognise when customer input is ignored

 

Building a governance framework around products

  • Making sure the audit trail is fool proof
  • Understanding when escalation is needed
  • Case study exercise: Examine the brief and decide at which stage board approval is needed

 

The roles of compliance, risk and audit in the product management process

  • Clarifying the roles of the first, second and third lines of defence
  • Involvement in new product development
  • Product monitoring activity
  • What are the key areas of complaint, persistency and declined claims?
  • How to structure reports for different audiences
  • Case study: Identifying the responsibilities of each party and deciding what action to take

 

How to sell the process to the business

  • The reputational and financial risks
  • The impact of FCA demands and enforcement actions
  • How to demonstrate the upside of a framework
  • Working with others to achieve compliance

If you have any questions about this course, please feel free to get in touch via email on info@thezishi.com or by calling 01908 395243.

Join us for this interactive one-day course. You’ll learn how to truly place your customer at the heart of your product policies and develop the framework that allows you to prove to the FCA you did so.

CPD:

6 CPD Hours

product-management-governance-for-insurance

Course available in-house:

Yes

Price per person (Ex. VAT): Provided on request

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