Fatih Köylüoglu
Senior Manager, Financial Services Insurance
Because Quality is the Prerequisite for Trust
The German Insurance Association (Gesamtverband der Deutschen Versicherungswirtschaft, GDV) has established the Code of Conduct for Sales. This code of conduct serves to focus on the interests of customers and to continuously improve the quality of insurance-related customer advice. The GDV Code of Conduct includes eleven guiding principles that represent the industry's self-image for a fair, honest and professional sale of insurance products. For insurance companies, the GDV Code of Conduct is a decisive factor in strengthening and promoting customer trust.
Legal Framework
By joining GDV, insurance companies undertake to incorporate and develop the rules outlined in the Code of Conduct for the sale of insurance products to consumers in their principles. The rules of the Code of Conduct apply to insurers in their dealings with insurance intermediaries and intermediary insurance advisors as well as to the sale of insurance products without the involvement of intermediaries.
In addition, GDV member companies are obliged under the Code of Conduct to have the implementation of the guidelines audited by an independent body at least every three years. The description of the implementation and the results of the audit are published on the GDV website.
In addition, GDV member companies are obliged under the Code of Conduct to have the implementation of the guidelines audited by an independent body at least every three years. The description of the implementation and the results of the audit are published on the GDV website.
Our Services
BDO acts as a suitable auditor. As a member of the key committees, BDO offers comprehensive advice, allowing you to benefit from in-depth knowledge and best practices firsthand. Our outstanding project references speak for themselves. We also support you in protecting the trust of your policyholders by ensuring that the principles of the GDV Code of Conduct are adhered to in all processes.
We are happy to support you in
- Auditing the appropriateness and implementation of the CMS for adherence to the GDV Code of Conduct for the sale of insurance products in accordance with IDW Audit Standard 980, new version
- Reviewing the implementation of the German Private Health Insurance (PKV) guidelines in accordance with Section 3
- Conducting a quick scan and readiness check of the CMS for adherence to the GDV Code of Conduct
- Support in the identification and assessment of relevant risks and the implementation of suitable control mechanisms
Our 360° Approach
BDO is your reliable partner for all questions related to the insurance industry. We are happy to support you with our many years of experience and in-depth industry knowledge — from process optimization and innovative solutions related to digitalization, AI, big data, and cyber security to auditing and tax advice. Our experts develop customized strategies that are optimally tailored to the needs of the insurance industry.