The Association of International Life Offices today unveiled a new committee it’s calling the Proposition & Customer Outcomes Committee, which it says will provide a forum for AILO members “to engage proactively on consumer, market and emerging regulatory trends” that underpin “the delivery of positive customer experience, value and outcomes”.
The new committee will be comprised of life insurance industry professionals who are responsible for product development and ongoing proposition management, AILO said in a statement.
It’s being chaired by Prakash Chandramohan, pictured, who is head of international products at Old Mutual Wealth. Bernard Mulkerrins, head of Product Development and Support at Generali Worldwide, has been named deputy head.
Explaining the reason for the committee’s establishment, Chandramohan said: “We are seeking to achieve consensus on ways the industry can strive to continually improve customer outcomes, transparency and experience.”
The new committee intends, Chandramohan said, to adopt a multi-disciplinary approach to achieve its objectives, with “how to improve the consistency and content of pre-sale illustrations” set to be the first topic to be addressed.
Other topics currently earmarked for discussion include the risks borne by clients when investing in certain underlying investment products, AILO said.
“The committee will also work on interpreting and contributing to emerging regulations, to ensure consistency across the industry, underpinned by strong ‘customer-centricity’,” added Mulkerrins.
Committee members are currently deliberating the interpretation of the European Union’s PRIIPS regulatory standards and the content that international life companies will need to provide via the KID, AILO said.
The Proposition & Customer Outcomes Committee is the latest addition to AILO’s existing stable of committees, which currently include its Distribution and Marketing Committee; German Committee; Legal & Regulatory Committee; Taxation Committee; and its Investment Committee.
AILO was established in 1987 and claims to have been the main trade body for the cross-border insurance industry since that time. Its members include key insurers and insurance groups throughout Europe and internationally.