IDD – effective 1st October.
Are you ready?
Firms must be complying with the IDD by 1st October; that’s now just weeks away.
The IDD is one of the most significant changes to the way in which insurance is regulated and its effect is felt across all main business areas – sales, systems and controls, training and competence, product distribution and manufacturing.
How Thistle can help you?
We have put together a series of focused IDD days designed specifically to help you identify the impacts of the changes on your business and what needs to be put in place before 1st October.
IDD Readiness Assessment day
We have mapped the rule changes and identified each of the key business areas impacted.
Our working papers include the relevant rules in summary and related rule references (should you want to investigate further); these drive a question set which we will discuss with you in relation to your particular business and against which we will record our observations and recommended actions.
We will spend the day on site with you working through the question set and recording the key actions so you can use these to drive matters through to completion ahead of the October deadline. We will also be providing a useful FAQ document based on questions we’ve raised with the Regulator as well as queries which we have been receiving from firms.
IDD Sales day
We have broken down the various steps in the sales process and mapped these against the IDD. We’ve looked at the impacts for front line staff, quality monitoring, how to meet the customer’s best interest requirements, when information should be provided, the IPID, etc.
We will spend a day on site going through the various elements with you, including time with front line staff if applicable, to assist you in identifying where changes still need to be made, what training is required and how you will monitor for compliance post 1st October.
IDD PROD day
For those firms which manufacture or are co-manufacturers the impact of PROD (Product Intervention and Product Governance Sourcebook) is significant; even for firms which restrict their activities to distribution there are specific requirements which must be met. Firms need to understand their role and be clear about their responsibilities.
We will spend a day on site with you taking you through the PROD requirements, establishing which aspects are applicable to your business, what these mean in practice and helping you identify what actions you need to take as well as how you will monitor for ongoing compliance.
IDD T&C day
From experience we know that firms’ T&C arrangements can often be informal and undocumented. The IDD sets out specific requirements for CPD and expectations about the type of knowledge those dealing with customers (and those above them in the management structure) should have, such as: policy T&Cs (including ancillary risks covered); applicable laws; claims handling; complaints handling; assessing customer needs; the insurance market; business ethics standards and minimum necessary financial competence.
During our day on site with you we will walk through the elements of a robust T&C scheme, identify what competence measures you currently use and, if applicable, where these need strengthening; we will discuss CPD activity, measures and recording processes and assist you in drawing up a staff training plan for IDD implementation.
For more details about our IDD preparation days or to discuss assistance with understanding and implementing the IDD generally, call us today on 01925 767503 or email us at firstname.lastname@example.org.