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IRESS LIMITED

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Iress : Zurich signs on to Iress' industry-wide DDO solution

12/14/2021 | 06:59pm EDT

Iress today announced that Zurich Financial Services Australia (Zurich) has signed onto its blockchain-based industry solution for managing the Design and Distribution Obligations (DDO) legislation, which came into effect from 5 October.

Zurich operates across life insurance, commercial insurance and investments in Australia. Through Iress' industry-wide DDO solution, Zurich can publish Target Market Determinations (TMDs) to the blockchain for product distributors to access. The solution also enables Zurich to manage its DDO obligations around reporting, complaints and significant dealings.

Zurich will also take advantage of Iress' DDO messaging service, which connects product issuers with an extensive network of distributors.

Iress CEO, Andrew Walsh, said: "We're pleased to support Zurich with our industry-wide solution for DDO leveraging the blockchain. Compliance can be a major burden for the financial services industry and we're committed to reducing the complexity and cost for issuers and distributors in managing their obligations. Through this, we're reducing friction across the industry by enabling Zurich to connect with advisers, licensees and platforms."

Zurich Life & Investments' head of customer and digital, Jacqui Lennon, said: "Zurich is committed to standardising processes wherever possible. We consulted with a range of industry stakeholders for our DDO obligations and we're delighted that Iress can support us with a secure and streamlined solution for our requirements.

"Iress' DDO messaging service includes a chatbot that can save time and lower our risk. It also provides us with an aggregate view of all significant dealings and complaints so we can visualise patterns in complaints data for each of Zurich's products and report these in real-time so we can meet our obligations without delays."

Anyone wanting more information on Iress' DDO solution can visit www.iress.com/ddo.

Disclaimer

IRESS Limited published this content on 14 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 December 2021 23:58:06 UTC.


ę Publicnow 2021
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Financials
Sales 2022 629 M 441 M 441 M
Net income 2022 65,9 M 46,3 M 46,3 M
Net Debt 2022 273 M 191 M 191 M
P/E ratio 2022 30,5x
Yield 2022 4,40%
Capitalization 1 975 M 1 386 M 1 386 M
EV / Sales 2022 3,57x
EV / Sales 2023 3,35x
Nbr of Employees 2 224
Free-Float 91,7%
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Technical analysis trends IRESS LIMITED
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TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 7
Last Close Price 10,60 AUD
Average target price 12,22 AUD
Spread / Average Target 15,3%
EPS Revisions
Managers and Directors
Andrew Leslie Walsh Chief Executive Officer, MD & Executive Director
John Harris Chief Financial Officer
Roger Sharp Chairman
Andrew Todd Chief Technology Officer
John Alexander Duncan Cameron Independent Non-Executive Director
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