NORTHAMPTON, UK, Sept. 23, 2014 (GLOBE NEWSWIRE) -- Today, Aptean announced the availability of "EIOPA Complaint Handling Guidelines" which examines complaints handling Guidelines for insurance undertakings across Europe.
The European Insurance and Occupational Pensions Authority (EIOPA) is responsible for regulating insurance undertakings and it published these Guidelines in 2012 to promote consistency and prevent information asymmetry within the industry. Gabriel Bernardino, Chairman of EIOPA, added that, "With these Guidelines, EIOPA aims to take an important step toward promoting more transparency, simplicity and fairness in the market for consumer financial products and services and thereby enhance customer protection, one of our key objectives."
Despite a potential regulatory shake-up on the horizon with the recent announcement that the UK's Lord Hill will now be overseeing financial services regulation in Europe, insurance undertakings are still being fined in 2014 for non-compliance with regulations introduced two years ago. Getting up to speed with these regulations will make any transition to new rules much simpler.
The paper looks at just what these Guidelines involve and how to comply with them, including:
- The importance of having a complaints management function in place;
- What needs to be reported to the relevant national regulatory body;
- How the customer should be kept informed of the status of their complaint.
The EIOPA paper also explores how the Guidelines have been implemented by regulatory bodies across Europe since their introduction by EIOPA and how they are affecting insurance undertakings in certain countries, as well as what penalties regulators have handed out for not meeting standards.
Aptean's Mark Chambers, Head of Solutions Consulting EMEA, adds that, "the central Guideline underpinning the message EIOPA is sending is to have a complaints management function in place. This not only makes complying with regulation a lot easier, but having a software solution or system to bring all complaints information and reports together is essential in providing first class customer service."
Read more about the EIOPA regulations and what can be done to ensure compliance and provide improved customer service.
About Aptean
Aptean helps businesses profit, innovate and grow where the work gets done—in the call centre, on the floor of the factory, at the end of the assembly line. That's where Aptean's CRM, ERP and Supply Chain software applications enable nearly 5,000 customers to satisfy their customers, operate more efficiently and stay at the forefront of their industry. Aptean is where software WORKS. For more information, visit www.aptean.com