Consumer Duty is transforming the insurance landscape, placing greater accountability on businesses to deliver positive outcomes for customers. This isn’t just a regulatory requirement. It’s an opportunity for insurers to enhance their operations, improve transparency, and build trust with the customer. But, to succeed in the Delegated Authority field, accurate and complete data is non-negotiable.
In the first episode of GreenKite’s new ‘Ask the Expert’ podcast series, called Managing Consumer Duty: How GreenKite and VIPR Solutions empower Insurers and MGAs through Bordereaux Data improvement, Sara Ager, CEO of GreenKite, sat down with Paul Templar, Co-Founder and CEO of VIPR Solutions, to explore how technology, data and collaborative partnerships can help insurers meet Consumer Duty data requirements while driving process improvement.
The Consumer Duty challenge
Meeting Consumer Duty obligations means embedding accountability across the distribution chain and ensuring data-driven decision-making is available to support every stage of the customer journey. However, achieving this isn’t without challenges:
Through collaboration with VIPR, we jointly work together to consider both the process, regulation and technology elements of the implementation to drive best practice outcomes for MGAs and Insurers. As Consumer Duty specialists, we can support best practices in regulation, data quality, analysis and production, which can be enabled by best-in-class system configuration and implementation.
Aligning technology with business goals
Technology bridges the gap between innovation and compliance, but it must align with your business needs. Here are key considerations:
GreenKite and VIPR have worked in partnership to improve existing technology implementations as it is never just the technology or the process that is at fault, but often a combination of both which require a holistic approach from both the business and technology solutions to achieve optimal technology deliveries.
Collaboration across the supply chain
Insurers are responsible for ensuring their entire supply chain complies with Consumer Duty. This requires clear oversight, robust governance, and seamless collaboration. This requires:
By combining governance expertise with VIPR’s advanced platforms, we help businesses establish transparency and accountability across the supply chain.
A strategic partnership for success
Consumer Duty demands more than compliance. It requires a strategic approach across the Delegated Authority lifecycle. GreenKite and VIPR combine regulatory expertise and cutting-edge technology to deliver:
Together, we help insurers achieve compliance, efficiency, and operational excellence.
Looking ahead
Consumer Duty is here to stay. By partnering with GreenKite, insurers can stay ahead of regulatory demands, build resilience, leverage existing GK partnerships with technology vendors and deliver better customer outcomes.
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GreenKite provides the expertise to manage Consumer Duty with confidence.
Why should you listen to the full episode?
In this engaging conversation, Sara Ager and Paul Templar share real-world insights and practical advice for managing Consumer Duty through the use of technology. With their combined expertise in regulatory strategy and technology solutions, they discuss actionable ways to drive compliance, efficiency, and better outcomes for your business. This is a must-listen for anyone looking to stay ahead in the ever-evolving insurance landscape. GreenKite provides the expertise to manage Consumer Duty with confidence. Let us help you turn compliance into a competitive advantage.
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