Life insurer AIA Australia has welcomed the commencement of the Financial Services Council’s (FSC’s) Life Insurance Code of Practice as of 1 July 2017.
AIA Australia and New Zealand chief executive, Damien Mu, said the code was an important first step in building confidence with Australian consumers.
“The purpose of the code is to provide greater clarity and transparency to deliver a better outcome for life insurance customers, and I am pleased that AIA Australia is fully compliant,” Mu said.
“In the life insurance industry, we need to continually strive to improve. Thus, we need to continue to evolve the code, and ultimately we should look to have it registered with ASIC [the Australian Securities and Investments Commission].”
The code is designed to protect consumers by promoting higher standards of service, setting benchmarks of consistency within the industry and establishing a framework for professional conduct.