Through the solution, Zurich will be able to publish target market determinations to the blockchain, which can be accessed by product distributors, as well as enable the insurer to manage the legislation obligations around reporting and complaints.
Zurich Life & Investments’ head of customer and digital, Jacqui Lennon, said the company consulted with a number of stakeholders about the DDO obligations and is delighted to come on board with Iress.
“Iress’ DDO messaging service includes a chatbot that can save time and lower our risk,” Ms Lennon said.
“It also provides us with an aggregate view of all significant dealings and complaints so we can visualise patterns in complaints data for each of Zurich’s products and report these in real-time so we can meet our obligations without delays.”
Iress chief executive Andrew Walsh added: “Compliance can be a major burden for the financial services industry and we’re committed to reducing the complexity and cost for issuers and distributors in managing their obligations.
“Through this, we’re reducing friction across the industry by enabling Zurich to connect with advisers, licensees and platforms.”
Iress announced back in April that it would team with regtech provider Objective Corporation for the blockchain tool.
