In the context of the research project Voluntary Standards Markets in Finance - Phase II "Opportunities for Standard Development in Insurance & Investment and Asset Management", this workshop invited insurance professionals and representatives to discuss the role of voluntary standards for the insurance and reinsurance industry. The workshop attempted to address the following types of questions: (1) What are the perceived benefits of introducing voluntary standards? (2) What are the challenges and opportunities? (3) Are there any existing standards that would be useful for the insurance industry?
Participants expressed the need for an industry led approach to restore credibility and trust in the industry. It was felt that opportunities arose from areas including governance, people, process and products with organisational excellence and claims handling being of particular interest. The PAS 125 standard for Vehicle Damage repair and the Rüschlikon Initiative for (re)insurance data management were discussed as positive steps forward. Some key challenges included cost, timing, sanctions and policing.
Long Finance research interest in Voluntary Standards Markets