Gen AI to have heavy influence on insurance planning? Find out what financial regulatory bodies are thinking -

Hey Gigster 👋

We are almost half way through 2024 and now is a good time for financial institutions, service firms, accountants and business owners to review the learning from FY 23-24. 📉

Good news is that government and regulatory bodies in Australia as well as all around the world are actively engaging in introducing effective reforms, updates and additions to existing policies that focus on rapidly growing problems relating to financial clarity on:

• sustainability

• inflation

• healthcare and senior citizen care

• policy performances

• credit

We found out from leading financial market sources what’s HOT right now in financial regulatory trends -

🔥 An Annual Superannuation Performance Test is being introduced as a preventive measure to screen and approve only those super funds that truly ensure safety of Australian worker’s retirement savings. It also holds fund trustees accountable for the performance of the funds.

🔥 New reforms regarding instant credit, buy now pay later or other forms of ‘punch-able’ credit systems in Australia are in discussions. This kind of credit options are often preferred by Australian self-employed individuals who face income irregularities and can benefit from instant credit that can be paid off later without any interest. But it is equally important to ensure their safety against over due of debt or credit related issues.

🔥 The European Parliament adopts Corporate Sustainability Due Diligence Directive that mandates firms and their partners in supply, production and distribution to prevent and end their adverse impact on human rights and the environment.

🔥 More and more firms and financial institutions are trusting technology to champion efficiency and fast output. This require optimisation of the existing open banking system that has certain limitations regrading safety. Updated regulations are in discussion to make open banking an internationally secured and efficient system of financial data management.

🔥 Extension in sustainability framework by legal measures to prevent ‘greenwashing’ consumers. Comopanies, brands and associates are mandated by an anti-greenwashing regime that ensures proven sustainability measurements that need to be clarified to consumer in full, un-exaggerated details.

🔥 Generative AI is being used to heavily influence insurance patterns to enhance benefits and tailor-make insurance plans that are grounded in reality and tether to real healthcare and financial problems.

We believe your opinion shapes the future 🤩 MyGigsters is super excited to introduce one-of-a-kind polls that give you an opportunity to deeply engage and tell us what you think! Vote for your answer and share with your friends, increase the vote bank for what you think is right and we will talk about it in our next edition 👉️ 

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See you in the next edition - Go Gigsters!

Benjemen
CEO & Founder of MyGigsters