Post Hayne and the release of the Treasury proposal paper – ‘Reforms to the sale of add-on insurance products’, The Productivity Commission had agreed to mandate an industry-wide deferred sales model for add-on insurance products – with an intent to consult on and introduce legislation by 30 June 2020 (Delayed due to COVID).
The deferred sales model prohibits the sale of add‑on insurance products for at least four (4) clear days after a consumer has entered into a commitment to acquire the principal product or service. – including in-person and online.
The Opportunity
Financial Institutions are perfectly placed to shape the service offered to customers and disrupt market heavily reliant on pressure selling.
See how Virgil can help
