The recent parliamentary report “flood failure to future fairness”, highlights 86 recommendations for strengthening the insurance industry’s response to natural disasters, marks a turning point for insurers, MGAs, and supplier partners. With increased regulatory scrutiny on claims handling, vulnerable customer support, and better third-party management, Wilbur stands ready to help industry players not only meet these expectations but to set new standards for customer-centric innovation.
Rising to Meet CPS 230 and GICOP Updates
As insurers prepare for the rollout of CPS 230 and updates to the General Insurance Code of Practice (GICOP), they’re facing demands to modernize their operational practices and improve customer outcomes. Wilbur, with its advanced claims management platform and tools like the Livegenic Virtual Collaboration Module, is equipped to support insurers in meeting these demands. This robust platform enhances real-time compliance, offering end-to-end solutions for streamlining claims, supplier oversight, and seamless customer communication.
A Look at Wilbur’s Feature-Rich Product Suite
Wilbur’s tools are designed with both efficiency and compliance in mind, offering modules to help insurers and partners meet key regulatory recommendations:
- Standardised Terms & Maintenance Tracking: Wilbur’s real-time tracking and automated maintenance alerts support fair, consistent claims handling (Recommendations 1 & 2).
- Hydrology & Expert Reports: Integrated expert reporting ensures clear links between hydrology assessments and claims decisions, promoting consistency in handling flood-related claims (Recommendations 5 & 6).
- Vulnerable Customer Support: With AI-driven customer flagging, Wilbur ensures insurers provide tailored support to vulnerable customers, from claims lodgement to resolution (Recommendations 37 & 38).
Supporting Insurers Through Industry Transformation
Wilbur is committed to continual innovation, enabling insurers to adapt confidently to changing regulations. Compliance dashboards within the Wilbur platform allow real-time tracking against CPS 230 and GICOP standards, making regulatory alignment straightforward.
As Wilbur CTO James Pepplinkhouse puts it, “Our platform is built to not only meet current regulatory standards but to anticipate future needs as well. We believe Wilbur’s solutions empower insurers to go beyond compliance and excel in delivering better, faster outcomes for their customers.”
Preparing for Regulatory Change? Connect with Wilbur
With regulatory expectations rapidly evolving, insurers, MGAs, and supplier partners are invited to learn more about how Wilbur’s platform can guide them through these changes.
About Wilbur: Serving the Australian and New Zealand insurance sectors, Wilbur provides cloud-based claims and supplier management solutions aimed at improving customer experiences, operational efficiency, and regulatory compliance.
Book a Demo Today: https://www.wilbur.io/request-demo/