Insurance is a highly regulated sector and Ageas employs a team of experts to ensure that the firm fulfils all its obligations – to both its customers and to the regulators. We’re shining a light on this fundamental backstage function, talking to Michelle Andrews about working in the fast-paced world of regulation and the satisfaction she gets from her job.
“I joined Ageas back in 2001 within a customer service role. Over the next 10 years, I took on a variety of positions and gained valuable experience and insight into the insurance industry. Inspired by understanding customers and a passion for doing the right thing, I joined the Compliance team in 2011. I began to learn about the world of regulation and how Ageas’s culture puts the customer at the heart of its decisions.” explained Michelle.
Why compliance?
When asked why she enjoys working within compliance, Michelle said “For me, working in compliance isn’t about ticking boxes, it’s simply about doing what’s right.
Here at Ageas, we’ve built a culture where every area of the business strives to do the right thing for our customers every day and I am proud to work as part of a team who provide assurance that we, as an organisation, do exactly that.
Whether it’s the continuous focus on our customers or working closely with our operational teams on the implementation of new or evolving regulation- such as the recent Consumer Duty- or of course the open and transparent relationship we have with our regulators, here at Ageas we are proud of the customer focused culture we have built over the years.
A great example of our culture is the recent pricing practices regulation which came into effect in 2022. The rules mean that general insurance firms must ensure customers are quoted a renewal price that is no higher than they would be quoted as a new customer shopping around for their insurance. Ageas set up a project team with representation from all key areas of the business to ensure we all worked together to achieve compliance with the regulations.”
What next?
“I am currently a member of the Data Protection team, which is part of the wider Compliance function. However, Ageas’s Compliance team is made up of a variety of roles and I am excited to soon start a new position within the team. My next career move will involve analysing guidance from the FCA (Financial Conduct Authority), working closely with the business to provide advice and direction, and doing my bit to support education and training within the business regarding compliance topics.” said Michelle.
The future
So, what does the future of compliance look like? Michelle explained “What we do know, is the regulators are increasing their focus and intensity on doing the right thing, which fits well with our culture. We also know that the future is rapidly evolving and with the use of AI (Artificial Intelligence) and machine learning, we must adapt and evolve as a business. We have recently introduced a new team, which supports intelligence led compliance through the exploration of data analytics and the use of regulatory technology. I am excited to see what the future has to offer our Compliance function and Ageas as a whole.”