At QBE, we are committed to conducting our business with honesty and integrity, and do not tolerate any behaviour that may result in unfair outcomes for customers or compromise market integrity.
QBE’s Group Conduct Risk Policy establishes the minimum standards for managing conduct risk, ensuring compliance with applicable laws and regulations. These standards apply to all QBE employees, business entities, and controlled subsidiaries.
At QBE, we aim to treat all customers fairly. We recognise that retail (including personal lines and micro business), small businesses and small to medium enterprise customers face heightened risks and potential impacts in relation to conduct risk outcomes. We do not expect detailed conduct risk management for products and distribution methods aimed at more sophisticated customers, such as commercial entities, which are considered by applicable regulations to have the ability to manage their own interests.
QBE designs products to meet the specific needs of defined customer groups and reviews products perform as intended. Sales and marketing practices are designed to support informed decision-making through communications that are clear, fair and not misleading. Distribution channels are selected to align with product target markets, and claims and complaints are handled fairly and promptly.
We manage conduct risk by embedding regulatory requirements into our customer processes throughout QBE. Our approach includes fostering a strong risk management culture, which focuses on customer-centric practices and positive conduct through performance management and rewards. We utilise various tools such as Risk and Control Self-Assessment, and incident management to enhance our Framework's effectiveness.