As we begin the countdown to 1st September, which will see key regulatory changes introduced under the Consumer Insurance Contracts Act (CICA), we wanted to remind you what we are doing at Open GI to support your business.
Why is CICA making changes and what do they mean for you?
The Act is essentially looking to make positive changes towards a continued customer focus across the insurance landscape in Ireland. We have been working closely with the industry body Inse-Com, to understand and implement changes to your Core platform to support you with these new regulatory responsibilities.
Changes have been made to the workflow and question sets within your platform, and some of these are designed to enforce the regulation in the simplest of ways. For example, by asking specific questions to the consumer.
The key changes you will now see on your broking platform are:
- Existing questions and help texts amended to make the question sets clearer.
- As more questions within the data capture form will now be mandatory, we have removed the defaults to make sure all questions are answered.
- Premiums and claims payments for the last five years included in renewal documents.
- The creation of a new frame (CKA) to help store new CICA data for EDI policies and a mirrored version for manual or non-EDI policies (CKM). Keyword data will also be available for reporting and printing.
CICA dedicated webinar
As well as making the changes above, we are committed to ensuring you have all the information you will need to comply with this new legislation. As a result, we recently hosted a live and interactive CICA-focused webinar, alongside Brokers Ireland, to offer further insight and practical help specifically for front-line users.
This session was attended by a record number of customers, so we’d like to thank you all for taking the time to join us. If you missed this invaluable session, or you want to view it again, we have made the recording available below.