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Regtech Voice Analytics Symposium - Event Pack 24 September 2019 Melbourne
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Page 1: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

Regtech Voice Analytics Symposium- Event Pack

24 September 2019 Melbourne

Page 2: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

Problem statement and outcomes

Page 3: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

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

Page 4: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

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

Page 5: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

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

Page 6: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

The Data

Page 7: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

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

Page 8: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

The Event

Page 9: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

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

Page 10: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

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.

Page 11: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

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.

Page 12: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

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.

Page 13: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

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.

Page 14: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

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.

Page 15: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

Presentation:

3 Presenters

Each demonstration

10-12 minutes

Brief Q&A for each

demonstration

24 September 2019ASIC Regtech Voice Analytics Symposium

Page 16: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

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

Page 17: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

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

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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

Page 19: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

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

Page 20: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

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.

Page 21: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

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

Page 22: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

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.

Page 23: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

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

Page 24: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

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.

Page 25: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

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.

Page 26: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

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.

Page 27: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

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

Page 28: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

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

Page 29: Regtech Voice Analytics Symposium - Event Pack...Problem statement: Provide regtech solutions to analyse life insurance sales calls to identify indicators of poor sales practices.

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.


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