ANZIF and FSC launch life insurance code
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and the Financial Services Council (FSC) have together launched the Life Insurance Code of Practice, aimed at improving the mandatory customer service standards and strengthening trust in life insurance products.
According to the Code, underwriters and claims assessors must be appropriately skilled and trained as well as demonstrate technical competency and understand the relevant law.
ANZIIF's chief executive, Prue Willsford, said that the Code would help achieve a fair go for all involved, both client and insurer.
"Certain practices within the industry have led to customer confusion over advice and this has had the unfortunate effect of turning them away from purchasing much needed cover," she said.
ESC's chief executive, Sally Loane, added that the new Code of Practice was designed to strengthen trust and confidence in life insurance products and services.
ANZIIF, as the FSC's education partner, would additionally offer two online courses regarding technical claims and underwriting roles that meets the Code's training requirements and offering a condensed version for non-technical and executive roles.
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
