HWL Ebsworth understands that the day to day work conducted by an insurance company involves much more than merely reviewing and settling claims. Insurers operate in a highly controlled environment characterised by a complex regulations and prudential standards that impact on a wide array of activities including the development of new product offerings, product distribution channels and investment strategies.
Advances in technology and increased competition from other financial sectors will no doubt be seen by regulators as both an opportunity and challenge for insurers, serving to heighten the need for even closer scrutiny of industry practices and general market conduct.
As an important part of the financial sector, insurers are also significant financial intermediaries and important investors. Given that standing and the lessons of the recent global financial crisis, stricter legal and prudential supervision and ongoing regulatory reform are likely to be permanent features of the insurance industry.
HWL Ebsworth is across all of the vital touchpoints that its insurance clients, both life and general, need to be aware of to profitably operate in Australia’s competitive insurance market. We regularly assist our clients in the following areas: