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.
