Insurance Distribution Directive - the essentials

• Professionals of the insurance/reinsurance industry.
• Insurance and reinsurance intermediaries (brokers, agents...)
• Stakeholders involved in the insurance industry eco-system (e.g. asset managers, bankers...)

The Insurance Distribution Directive ("IDD") intends to increase market transparency and strengthen customers protection.

The directive impacts all market players involved in the manufacturing and/or distribution of insurance products. To be compliant, manufacturers, intermediaries and third parties may have to review their distribution model but also embrace a new distribution culture.

This training session aims at making IDD requirements understandable for each and every employee, whatever their role within the company. We choose to approach the topic using the "client experience journey" as a basis to ease the understanding of how IDD impacts the daily responsibilities of the various departments and functions.

By the end of this course, participants will be able to:

• describe the purpose and main objectives of IDD;
• apprehend the overall impact of the key requirements on their organisation;
• clearly understand the risks at stake if employees do not comply with their daily responsibilities;
• explain what IDD means, understand its impacts and how the organisation will comply.

Product Oversight and Governance (POG)/ Product Distribution Agreements (PDA)

• Product design and target market
• Distribution channels
• Continued monitoring
• Product distribution arrangement
• Governance, monitoring and control

Remuneration

• The insurance ecosystem remuneration scheme
• The risks of conflicts of interests and detrimental impact to customers
• The insurance policy costs and charges
• Governance, monitoring and control

The conflict of interests and detrimental impact to customers

• How to prevent and manage the risks
• Reporting to customers: alternative procedures

Distribution and client’s information

• Understand customers demands and needs
• Understand the insurance product benefits, risks and costs
• Product suitability adequacy
• Reporting to customers: suitability and periodic statements
• Communication channel
• Advice

Training

• Appropriate knowledge and ability
• Training requirements per year

This training is coordinated by Anthony Dault, Partner at PwC Luxembourg, and will be presented by insurance experts.

• Anthony Dault is a partner specialising in insurance and reinsurance with over 20 years of experience gained through PwC’s Luxembourg and Paris practices. He leads audit engagements for multinational subsidiaries under various reporting frameworks, overseeing the insurance audit line and managing operations and HR for audit staff. Anthony directs both technical and non-technical training curricula and external training in this field. Beyond audits, he leads insurance regulatory solutions focusing on ESG/SF, AML/KYC, cross-border distribution, and compliance support. He has successfully delivered regulatory licensing and restructuring projects from strategic planning to operational setup.