SEARCH

Insurer signs on to Iress’ DDO solution

The tech company has announced that Zurich has signed on to its blockchain-based industry solution for managing the design and distribution obligations (DDO) legislation introduced in October.

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.

Advertisement
Advertisement

“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.

partner features

“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.

Insurer signs on to Iress’ DDO solution
default
ifa logo

Neil Griffiths

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.

Website Notifications

Get notifications in real time and stay up to date with content that matters to you.