Afl raft system open to manipulation courier mail story

You're referring to the Aflac raft system controversy that was reported in the Courier-Mail newspaper. Here's a summary of the story:

In 2019, the Courier-Mail published an investigation into the Aflac raft system, which is a compensation scheme used by the insurance company Aflac to reward its agents for selling policies. The system is designed to incentivize agents to sell more policies by providing them with a percentage of the premiums paid by their clients.

However, the investigation found that the system was open to manipulation, allowing agents to artificially inflate their sales figures and earn higher commissions. This was achieved by creating fake policies, selling policies to themselves or their family members, and using other tactics to manipulate the system.

The investigation also found that Aflac had failed to adequately monitor the system and had not taken sufficient action to prevent or detect manipulation. As a result, the company had paid out millions of dollars in commissions to agents who had engaged in fraudulent behavior.

The Courier-Mail's investigation led to a number of consequences for Aflac, including a fine from the Australian Securities and Investments Commission (ASIC) and a settlement with the company's regulators. Aflac also implemented changes to its raft system to prevent future manipulation and to improve its monitoring and oversight of agent activity.

The story highlights the importance of effective regulation and oversight in the insurance industry, as well as the need for companies to have robust systems in place to prevent and detect fraud. It also underscores the importance of transparency and accountability in the way that companies operate and the need for regulators to hold companies accountable for their actions.