MEMBERS MEETINGS Welcome - Brokers Ireland
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ONE MEMBERS MEETINGS Welcome…
ONE
ONE MEMBERS MEETINGS Welcome Address Rodney Croly, President
OE AGENDA • DIARMUID KELLY, CEO, Brokers Ireland o Key Legislation and Compliance matters • RACHEL MCGOVERN, Director Financial Services • CATHIE SHANNON, Director General Insurance • ROWAN MCKEVITT, General Insurance Broker Branding Project • Q & A/ Your Feedback
ONE MEMBERS MEETINGS Diarmuid Kelly, CEO
OE Legislation & Compliance Matters o Commissions – CP116 o IDD Transposition o Brexit
OE Commissions- CP116 KEY ISSUES o Mifidisation of insurance intermediary o Enhanced quality of service for commissions to be payable o Ban on overrides – volume, profit and retention o Ban on mortgage commission linked to the size of the loan o Soft commissions ban (linked to production) o Ban on advice/recommendation when commission levels vary
OE Commissions- CP116 KEY ISSUES (Continued) o Conflicts records for each transaction o Commission summary document – commission arrangements with all providers o Ban on commission for using the term independent / independent advice o Use of the term “inducement” for commission
OE Commissions- CP116 TIMELINE o November 2017 CP116 published o March 2018 Brokers Ireland Submission o Meetings with key TDs and Minister D’Arcy o August 2018 - meeting with the Central Bank o CBI proposals expected shortly
OE Insurance Distribution Directive (IDD) o 1st of October 2018 o Guidance issued by BI Compliance Unit o Referrals / introducing no longer regulated by IDD (not mortgages/IIA business) o Insurance only => no longer need IIA authorisation o “Section 30” receipts no longer apply but CPC receipts still there o Update terms of business (templates/advice available from compliance unit)
OE Insurance Distribution Directive (IDD) (Continued) o PI requirements updated - €1.25m/€1.85m aggregate. Lockton/AIG scheme compliant. o Insurance product information document (IPID) must be given to the non life consumer. o Product oversight and governance. Manufacturer obligations but intermediary must have processes to understand the product and its target market. o Insurance based investment products (IBIPs) – independent advice means assess large number of products and ban on commission (commission offset fees).
OE Insurance Distribution Directive (IDD) (Continued) o Brokers can employ self employed tied agents (application form to CBI) o Remuneration for sales staff must not conflict the employee and must be disclosed.
OE Brexit o No deal / extension by March 29? o UK firms passporting into Ireland can no longer continue services o If you passport services to UK clients, can avail of the UK temporary permissions regime o CBI has announced 3 year run off regime for UK firms (no renewals) o UK branches of insurers converting to DACs (UK guarantee scheme no longer applies
OE Brexit (Continued) o Key impact – non life UK based wholesalers/MGAs o Niche products may be unavailable or expensive o Write to providers and get clarity on plans o Write to customers and update on contract servicing, renewability and any changes o Brokers Ireland will continue to update you on this area in the coming weeks
OE
o 2019 Excellence surveys to go out as
separate surveys
o One month to complete relevant survey
o Each broker office will receive one link to
complete the survey by an appropriate
person (s)
o Survey Schedule :
o General Insurance Survey- Released
Mid-March
o Financial Services Survey- Released
Mid-April
o Mortgages Survey- Released Mid-MayOE Brokers Ireland Membership Fee o No increase for 10+ years o Need to reduce reliance on product provider income o BI fee 2019/20 – monthly €80 to €90 (annually €930 to €1050)
ONE MEMBERS MEETINGS Rachel McGovern, Director Financial Services
OE Pensions – Auto Enrolment, Pensions Simplification, IORP II o February 2018 – ‘Roadmap for Pensions Reform 2018–2023’ o May 2018 - consultation on the Total Contributions Approach o July 2018 - Interdepartmental Pensions Reform & Taxation Group consultation on Supplementary Pensions Reform o July 2018 - Pensions Authority issued another consultation on the Regulation of Defined Contribution Master Trusts o August 2018 - Department of Employment Affairs and Social Protection Consultation on Automatic Enrolment (AE) o Early 2019 - IORP II Directive is being transposed into Irish Law o
OE Financial Broker 2019 o 315 Financial Brokers are currently participating on the project o National Radio Advertising – Newstalk and RTE o Radio Sponsorship - financial advice segment of Newstalk ‘The Hard Shoulder’ with Ivan Yates & Pat Kenny Show ‘Ask the Expert’ o Digital and PPC campaign o Website improvements to enhance user experience o Creation of new videos o New consumer brochures/whitepapers o Utilise social media platforms o Sponsorship of National Charity sporting event
OE LPI Awards o Celebrating Excellence, Success & Achievement of Life, Pensions & Investment Financial Brokers o Event Date: Thursday 21st March 2019, Round Room, Mansion House. 1930 hrs til late… o The awards are open to any Financial Broker to enter who provides life, pension or investment products or services o Closing date for 2019 nominations: 5pm on Friday 01 February o
OE Brokers Ireland Mortgage Services o Mortgage packaging unit providing members with access to the mortgage market through a first-class, non-exclusive solution o No minimum threshold requirements o Online service o Choice for Brokers - access to almost all the lending institutions o Efficient process – reduce time and costs o Quality and professional service o Small upfront application fee o Commission passed onto Broker - average 1% per case.
OE
2019 Financial Services Agenda
o Pensions
o Financial Broker Project
o Technology and the finalisation of the Standardised Data set
o Agency agreements
o Lobbying - proposed 0.5% AMC charge on the proposed
Autoenrollment structure; retention of the current Pensions tax
relief regime; re-linking of DIRT and Exit Tax and the 1% levyONE MEMBERS MEETINGS Cathie Shannon, Director General Insurance
OE Brokers Ireland General Insurance Priorities 2019 o Prioritise strategic objectives o Work to create fairer trading environment for GI Brokers o Address / eliminate market practices which disadvantage GI Brokers
OE General Insurance Broker Perceptions o Brand-discovery exercise to provide objective view of GI Brokers o Positives: provide guidance and support to consumers / find the best insurance cover at best market price o Negatives: outdated, old-fashioned, technologically lacking, not engaging younger consumers
OE Brand Overhaul o Address image challenges and reinforce benefits of using GI Broker o All-encompassing, consumer-facing brand, with distinctive and contemporary identity o Denote “one-stop-shop” for general insurance needs
OE Importance of GI Broker Brand o Promote service offering, independence, expertise o Dynamism and professionalism o Differentiate impartial GI Broker from competitors
OE 08th January 2019 Survey of Brokers Ireland Members o Name for General Insurance Broker brand o 97%: “Insurance Broker”, rather than “General Broker” o Feedback from Members?
OE Differential Pricing o Gather data o Critically appraise evidence o Develop strategy to counter differential pricing
OE Impacts of Differential Pricing o Impacts brokers and clients o Reflects badly on our industry o Work towards “level playing field”
OE Level Playing Field on Pricing o Same wholesale price for product, whether offered by Insurer or Broker o Broker allowed to quote lower price offered by Insurer o Access to technology / information used by direct providers
OE Agency Agreements o One-sided drafting by insurers with no input from Brokers o Aim for more equitable market, with minimum protections for GI Brokers o Properly and fairly reflect role of GI Brokers acting as intermediary
OE Clauses to Benefit GI Brokers o Protection of client bank and personal lines buy-out o Termination for serious breach / valid reason only and with adequate notice o Limitation on liability of GI Broker to insurer and dispute resolution clause
OE Broker 4 Broker Facility o Brokers Ireland Broker 4 Broker Scheme Booklet 2019-2020 o Guide for sourcing specialist insurance products o Enables provision of complete insurance solution for consumers
ONE MEMBERS MEETINGS Rowan McKevitt Climate Design Studio
OE Brand Model
OE Brand Values
OE Brand Values (contd)
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OE Brand Personality
OE Brand Model
OE Brand Model (contd.)
OE Straplines
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OE Direct Agent
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OE Other Options
ONE Thanks for Attending ….
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