Zurich joins Iress’ DDO solution
Zurich Financial Services Australia has signed onto financial technology company Iress’ blockchain-based industry-wide solution for managing the Design and Distribution Obligations (DDO) legislation effective from 5 October.
Through the DDO solution, Zurich can publish Target Market Determinations (TMDs) onto the blockchain database for product distributors in the Australian life insurance, commercial insurance and investment sectors to access. Zurich can also manage its DDO obligations around reporting, complaints and significant dealings with the solution.
Zurich will also have access to Iress’ DDO messaging service, which connects product issuers with a network of distributors.
“We’re pleased to support Zurich with our industry-wide solution for DDO leveraging the blockchain,” Andrew Walsh, CEO of Iress, said.
“Compliance can be a major burden for the financial services industry and we’re committed to reducing the complexity and cost for issuers and distributors in managing their obligations. Through this, we’re reducing friction across the industry by enabling Zurich to connect with advisers, licensees and platforms.”
Jacqui Lennon, Head of Customer and Digital at Zurich Life & Investments, said the firm was pleased to have support from Iress in meeting the DDO obligations through a secure and streamlined solution.
“Iress’ DDO messaging service includes a chatbot that can save time and lower our risk,” she said.
“It also provides us with an aggregate view of all significant dealings and complaints so we can visualise patterns in complaints data for each of Zurich’s products and report these in real-time so we can meet our obligations without delays.”