Transparency

Team RealXS has gone to great lengths to set up its Software so that parties (advisers and insurers, insurance brokers and authorised agents) share information - wherever possible. That way, no pennies can fall between the boards on the shop floor either!

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Since 1 January 2023, new disclosure requirements will apply. For this, the industry will have to work hard. Currently, the current requirements are not yet met.
The Financial Authority hopes that the insights from the surveys can help.

In short, the requirements boil down to this:

• Sustainability information can be more understandable and concrete across the board

• 93% members are in a pension scheme that promotes sustainable features

• Investment fund managers have become more cautious about sustainability ratings

• Industry needs to prepare for more specific regulation on sustainability disclosures

• Sustainable finance transparency legislation should prevent 'greenwashing'

Market discipline
Until the 1970s, there was a degree of market discipline.
Anyone who seemed to be driving a crooked skate was called to account by the Heeren van De Vos or Mees & Zoonen. If you did not have a good explanation for your behaviour, there were consequences!

SER Department of Insurance Mediation
The supervisory functions that these private institutes had, were abolished at some point because this no longer fitted in with modern times. Henceforth, the SER became solely responsible for monitoring and enforcing legislation.

AFM
This proved unsuccessful and so the AFM was created to keep an eye on the comings and goings in the insurance market. But government agencies, by definition, are behind the times. Only when things have gone wrong they plan to enforce.

Transparency optima forma
Team RealXS hopes to contribute to an insurance market that is honest and in which the chances of culpable behaviour are minimised through transparency.

• Transparency regarding the calculation of premiums

• Transparency on terms and conditions

• Transparency about the scope of the insurance proposition offered

• Transparency on the remuneration received by the intermediary

• Transparency on costs charged by insurers

• Transparency on the results of invested savings

• Transparency under the motto: those who maximise transparency in their dealings with each other will also maximise their efforts to deliver quality.
  
  After all, transparency, combined with self-reliance, offers your insurance business the best opportunities to efficiently make your insurance business a success. And then it is always convenient if you can regularly ascertain current developments and premium/claims statistics through data-mining.