The Australian insurance industry continues to navigate a challenging environment this year due to the persistence of the COVID-19 pandemic, regulatory changes, and other factors. Australian and New Zealand Institute of Insurance and Finance (ANZIIF) CEO Prue Willsford, who won several Insurance Business Australia (IB) awards over the years, shared with IB Talk podcast how regulatory changes may make or break insurance companies.
In the podcast, which you can listen to here for free, Willsford (pictured) deemed regulation a double-edged sword that could be challenging to deal with.
“At one end, you’ve got trust, and at the other end, you’ve got control, and if you've breached that trust, then regulation is a proxy for trust, because what it's doing is saying: ‘Well, you haven't managed yourself well, and therefore, we're bringing in regulation to create a minimum standard,’ so I think that's a real challenge in terms of where that pendulum sits between trust and control,” Willsford said.
Learn more about other challenges facing the insurance industry in 2022 and how ANZIIF helps its members face these challenges by listening to the IB Talk episode: “ANZIIF CEO on education and industry's biggest challenges.”
