Regtech Voice Analytics Symposium- Event Pack
24 September 2019 Melbourne
Problem statement and outcomes
Problem statement:
Provide regtech solutions
to analyse life insurance
sales calls to identify
indicators of poor sales
practices.
24 September 2019ASIC Regtech Voice Analytics Symposium
Key components
Identify poor sales practices such as:
• pressure selling
• inappropriate objection handling
• sales to vulnerable consumers
• omitted or inaccurate information about products
• where consumers were not comfortable to buy
24 September 2019ASIC Regtech Voice Analytics Symposium
Target outcomesASIC’s target outcomes are to:
• Demonstrate how technology can undertake large volumes of sales call
assessments in a short timeframe
• Identify opportunities and challenges of using regtech to identify, monitor and
analyse sales calls and thereby improve consumer outcomes
• Increase awareness and understanding amongst industry of the current
capability and future potential of regtech tools in their application to monitor
sales calls for indicators of poor sales practice and compliance
• Identify options for next steps by ASIC and stakeholders to continue to promote
the use of regtech for monitoring and analysing sales calls
24 September 2019ASIC Regtech Voice Analytics Symposium
The Data
Voice Dataset
ASIC gave presenters:
• 1710 life insurance sales calls
- from 10 entities
- consisting of multiple products
To analyse calls in two stages:
• Assess call quality and provide transcripts
• Analyse content to identify poor sales practices
24 September 2019ASIC Regtech Voice Analytics Symposium
The Event
ASIC Regtech Voice Analytics Symposium –Overview Agenda
Tuesday 24 September 20199.00am – 1.30pm
Treasury TheatreLower plaza 1 Macarthur StreetEast Melbourne Vic
9.00am – Registration and morning tea
9.30am to 10.10am – Welcome and introductory addresses
First session 10.15am to 11.15am
• Presentations (10-12 mins each)
• Show us your findings
11.15am – Morning tea over networking
Second session: 11.30am to 12.55pm
• ASIC observations
• Panel discussion
• Wrap up
1.00pm – 1.30pm – Lunch and networking
24 September 2019ASIC Regtech Voice Analytics Symposium
Welcome to Country
24 September 2019ASIC Regtech Voice Analytics Symposium
Perry Wandin
Wurundjeri Elder
A proud Wurundjeri man, Perry commenced delivering Welcomes and
Smokings on Country following the death of his father 11 years ago. Perry
undertakes cultural duties to honour the legacy of his father and his
Ancestors.
Perry has recently completed a Cert IV in Government Investigations and has
been registered as an Aboriginal Heritage Officer, with the aim to investigate
and aid in the prosecution of breaches of the Aboriginal Heritage Act 2006.
To date Perry is one of only three registered Aboriginal Heritage Officers in the
state.
Welcome
24 September 2019ASIC Regtech Voice Analytics Symposium
Senator Jane Hume
Assistant Minister for Superannuation, Financial Services and
Financial Technology
Jane Hume is a Liberal Party Senator from Victoria, having been elected in
July 2016.
Born and raised in Melbourne, Senator Hume has held various senior positions
in the financial services industry, working for the National Australia Bank,
Rothschild Australia, Deutsche Bank and, immediately prior to her election, as
a Senior Policy Advisor at Australian Super. She has also served on a number
of boards including the Royal Children’s Hospital, Federation Square, and
Perinatal Anxiety & Depression Australia.
Upon entering the Senate, she was immediately appointed Chair of the
Senate Standing Committee on Economics (Legislation). Following the
Coalition election victory in May, Senator Hume was made Assistant Minister
for Superannuation, Financial Services and Financial Technology.
Welcome
24 September 2019ASIC Regtech Voice Analytics Symposium
James Shipton
Chair
ASIC
James Shipton commenced as ASIC Chair on 1 February 2018.
James has more than 20 years experience in regulation, financial markets, the
law and academia – internationally and in Australia.
Most recently, he was the Executive Director of Harvard Law School's Program
on International Financial Systems. Prior to that, James led the Intermediaries
(Supervision & Licensing) Division of Securities and Futures Commission (SFC)
of Hong Kong. Before the SFC, James spent almost a decade at Goldman
Sachs in Hong Kong managing government and regulatory affairs for the Asia
Pacific and the Prime Brokerage business.
James has previously served on the boards of the Alternative Investment
Management Association’s Hong Kong & China Chapter, the Asian Securities
Industry and Financial Markets Association and the Hong Kong Treasury
Markets Association.
Event moderator
24 September 2019ASIC Regtech Voice Analytics Symposium
Mark Adams
Senior Executive Leader, Strategic Intelligence and Co-ordinator
Innovation Hub
ASIC
Mark leads the team responsible for driving ASIC's data science agenda as
well as leading ASIC’s economic and risk analysis unit. Mark also leads ASIC's
Innovation Hub and regtech initiatives. He has held a range of senior
executive positions at ASIC including lead of ASIC's competition in equity
markets project and the Exchange Market Operators, Regulatory Policy and
International teams. Between 2012 to 2014, Mark held secondments as
Principal Adviser, Financial System Inquiry Secretariat and Director, Strategy,
Research and Risk, Ontario Securities Commission. Prior to joining ASIC, Mark
worked in the corporate and superannuation areas of a national law firm.
Introduction
24 September 2019ASIC Regtech Voice Analytics Symposium
Shelley Scott
Analyst, Credit, Retail Banking and Payments
ASIC
Shelley is the business lead on ASICs Voice Analytics and Voice to Text
Research Trial. She led the call listening part of the project for the ASIC Report
587 The sale of direct life insurance, where the team listened to over 500 sales
calls manually, which directly aligns to this Regtech work. Before joining ASIC,
Shelley worked in the Banking Industry and has more than 25 years’
experience in mortgage lending operations.
Presentation:
3 Presenters
Each demonstration
10-12 minutes
Brief Q&A for each
demonstration
24 September 2019ASIC Regtech Voice Analytics Symposium
Presenter
24 September 2019ASIC Regtech Voice Analytics Symposium
Daisee is an Australian AI software start-up focused on speech analytics for financial services
compliance and quality assurance. Their solution quickly triages riskier calls, thereby reducing
the compliance risks in the business, and allowing the quality assurance team to focus on
coaching agents to deliver a world-class customer experience.
Richard Kimber, CEO
Presenter
24 September 2019ASIC Regtech Voice Analytics Symposium
Call Journey is an Australian born global success story. A global conversation analytics leader, Call
Journey is wholly and solely about voice data. Their mission is to unlock every business conversation via
creating a conversation data footprint and providing an avenue to add voice into the enterprise data
analytics mix.
EVS, their advanced natural language processing and artificial intelligence based conversation analytics
ecosystem is utilised to create industry-leading transcription accuracy, data rich search frameworks and
seamlessly integrates with a scalable, user friendly visualisation tool. Call Journey’s eco system is highly
flexible in that it can ingest audio from multiple audio sources, process the audio faster and with greater
accuracy than comparable solutions and has an open data output framework where customers can
take a direct data feed into their own analytics environments.
Paul Humphrey, CEO
Presenter
24 September 2019ASIC Regtech Voice Analytics Symposium
Deloitte is a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax and related services. Their network of member firms in more than 150 countries and territories serves four out of five Fortune Global 500®companies. Learn how Deloitte’s approximately 286,000 people make an impact that matters at www.deloitte.com.
Gartner named Deloitte a global leader in analytics in its February 2019 report, making it the fourth year that Deloitte has been positioned highest in execution. This recognition serves as further proof our scope of services which spans science driven advanced analytics assets, ecosystem relationships with top technology providers, and deep industry experience is driving smarter insights
and stronger results for our clients.
Mia Lander, Partner, Audit & Assurance, Governance, Regulation and Conduct Advisory
ASIC observations
11.30am to 11.45am
Barbara Buettner
Senior Manager, Insurers
Synopsis
• What opportunities for enhanced
consumer outcomes were
demonstrated?
• What are some of the potential barriers
or challenges in using regtech to
produce better consumer outcomes?
• What themes (if any) were
demonstrated in the use of
technology?
24 September 2019ASIC Regtech Voice Analytics Symposium
Commentator
24 September 2019ASIC Regtech Financial Advice Files: Demo and Symposium
Barbara Buettner
Senior Manager Insurers, Financial Services Group
ASIC
Barbara is a Senior Manager in ASIC’s Financial Services Group, focusing on
Insurance. She led ASIC’s 2018 review into sales of direct life insurance that
resulted in the publication of REP587, which informed this regtech trial. Prior to
joining ASIC in 2016, Barbara managed the Insurance Policy team at the
Financial Conduct Authority in the United Kingdom. Before this, she held a
range of policy roles across the financial services portfolio in Her Majesty’s
Treasury in the United Kingdom.
Panel discussion: Regtech – experience and potential
Facilitator:
Sean Hughes, ASIC
11.45am to 12.45pm
Panel:
• Zoe Willis, KPMG
• Dominic Savage, NAB
• Michael Oliver, MLC Life Insurance
• Chris Koutoulas, QBE
Synopsis
• What are the challenges for
compliance and eliminating poor
consumer outcomes in financial
product phone sales?
• Do you see a future for regtech
leading to better sales practices from
a consumer outcomes / compliance
perspective?
• Where is the development at?
• What is your experience?
24 September 2019ASIC Regtech Voice Analytics Symposium
Discussion panel – Facilitator
24 September 2019ASIC Regtech Voice Analytics Symposium
Commissioner Sean Hughes
ASIC
Sean Hughes commenced as an ASIC commissioner on 1 December 2018, for
a five-year term.
Sean was the Chief Executive of New Zealand’s capital markets and financial
services regulator, the Financial Markets Authority from 2010 to 2013.
He was most recently the Group General Counsel for the listed company
Tabcorp and, before that, Chief Risk and Legal Officer at UniSuper. Sean has
held leadership positions at National Australia Bank, ANZ and was a partner at
the law firm Herbert Geer & Rundle (now Thompson Geer).
Sean has had previous senior positions with ASIC. From 2008 to 2010, Sean was
Senior Executive Leader for Corporate Governance and Corporations; and
from 1999 to 2003, he held a number of senior executive roles including as
Director, Financial Services Regulation.
Discussion panel
24 September 2019ASIC Regtech Voice Analytics Symposium
Zoe Willis
Lead Partner for Regtech, emerging technology and data
KPMG
Zoe is a Data Partner with over 20 years of experience leading the data
space. Zoe is the lead partner for Regtech, emerging technology and data in
KPMG.
Her experience has crossed the Risk, Audit and Management consulting
functions, and often brings new insights across engagement types to ensure
that leading data techniques, technology and management are applied
ensuring the best outcomes.
Key Industry focus are Financial Services, Government and Health
Discussion panel
24 September 2019ASIC Regtech Voice Analytics Symposium
Dominic Savage
General Manager Risk Analytics
National Australia Bank
Dominic is a risk professional with a passion for analytics. He has over 20 years’
experience in financial services, most of which has been in retail credit risk
and analytics based portfolio management functions. He has held a variety
of roles from technical analyst to leading large portfolio management teams.
Most recently as General Manager Consumer Lending Risk he ran the risk
oversight function covering all risk types relating to NABs Australian consumer
lending portfolios. In addition to Dominic’s deep Australian experience he
also spent seven years in London. Originally as a credit strategy manager for
GE, he moved on to Head of Credit Risk, UK Consumer Lending at Barclays
and Head of Strategic Oversight at Lloyds Banking Group.
Discussion panel
24 September 2019ASIC Regtech Voice Analytics Symposium
Michael Oliver
Executive Lead, Debt Protection & Partnerships
MLC Life Insurance
Michael heads MLC Life Insurance’s new Debt Protection and Partnership
team, which incorporates use of regtech solutions to deliver new and
contemporary life insurance solutions to customers.
Prior to his current role, Michael has over 15 years’ experience in senior roles in
the financial services sector across life insurance, platform distribution and
financial planning, primarily within MLC Wealth and MLC Life Insurance.
Discussion panel
24 September 2019ASIC Regtech Voice Analytics Symposium
Chris Koutoulas
General Manager, Customer Insights and Advocacy Strategy,
Australia Pacific
QBE
Chris is the General Manager of QBE’s Customer Insights and Advocacy
function in the Australia-Pacific Strategy team. He is responsible for elevating
the voice of the customer across the organisation by connecting customer
insights and external trends with decision making across the business to drive
customer-centred strategy and improve customer outcomes and value
propositions. Chris has extensive senior leadership experience across both the
private and public sectors in the insurance and consulting industries, with the
last 15 years working in personal injury in various strategic and customer-
facing operational roles spanning across the insurance value chain.
Attendees
24 September 2019ASIC Regtech Voice Analytics Symposium
AAIG Limited
Accenture
Advantedge (NAB)
Advice RegTech
Aeriography Pty Ltd
AFCA
AIA
Allianz
Alliton Ltd
AMP
AMP Life
ANZ Bank
APRA
Ashurst
Athena
Australian Banking
Association
Australian Building and
Construction Commission
AustralianSuper
Bell Potter Securities
Bendigo Bank
BlockchainAPAC
CBA
CBus
Certainty Compliance
Chandlers International
Lawyers
COGNITIVE VIEW
CoINVEST Ltd
Commonwealth Bank
Cx-Ex pty ltd
Daisee
Deakin University
Deloitte
Domestic and General
EBM Insurance
EBM RentCover
E-Risk360
exSell Group
EY
Fasade
Federation University
Fiduciary Advice
Fiduciary Financial Services
Finity
Gallagher
Greenstone Financial
Services
HCF Life
IBM
IBM Research
IDACB
IOOF Holdings Ltd
JBWere
Know Compliance
KPMG
Latitude Financial Services
Macquarie Group Limited
Markamind
MDA National
MLC
MLC Wealth
Mojix
National Insurance
Brokers Association
National Australia Bank
National Insurance Brokers
Association
NewEra Business
Consulting
Norton Rose Fulbright
OAMPS
OFX
Pax Republic
Pepperstone Group
PetSure Australia
Piper Alderman
Promontory
PwC
QSuper
RAA
RACQ
Red Marker
Registry Direct Limited
RMIT
SDCE
Sintelix
SS&C
Standard Chartered Bank
Suncorp
Suncorp Group
Sunsuper
Swinburne University of
Technology
Swiss Re life & Health
Australia
Sydney Business School
Synpulse
TAL
Tandem Corporation
TCP Inc
The Benevolent Fund
The RegTech Association
UCPC
Vanguard
Veriluma
Victorian Bar
Westpac
Westpac - Private Wealth
WorldRemit
Woveon
Yabber Global
Youi
YTML Group
Zurich
Zurich Financial Services
Australia
Event VibeThe Symposium event is designed to be an open ideation where innovators can openly discuss the exploration of the use of voice analytics to better monitoring and compliance in Australia’s financial services industry.
Engage in the spirit of the event with a collegial respect.
• Intellectual Property – Any intellectual property (IP) cannot be protected by ASIC and participation expectations are to respect others’ contribution.
• Logistics – Attending or participating in the event will require self funding (including any travel or accommodation). Organisations are responsible for their own arrangements.
• Social Media – participants are welcome to contribute supporting communications via social media #ASICregtech19.
– Questions during the event can be submitted via https://app.sli.do/event/wcepfcxu,or go to www.sli.do and use event code #ASICregtech19
– The entire event will also be livestreamed on YouTubeat https://youtu.be/f3xuMb5gcTE
24 September 2019ASIC Regtech Voice Analytics Symposium
Where to now?
24 September 2019ASIC Regtech Voice Analytics Symposium
Regtech Liaison Forum
For event details, check the ASIC
webpage.
Future regtech trials
ASIC is currently planning future
events as part of the Regtech
Initiatives Series.
We also host regulator Meet-Ups
and the Regtech Liaison Forum
throughout the year.
For information across these and
other ASIC run events, subscribe
to our mailing lists.