Life insurance professional standards framework to be established

The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and the Life Insurance Professional Standards Working Group (LIPSWG) will partner to establish the professional standards framework.

The two groups signed a Memorandum of Understanding to work together to benefit the industry and would also undertake a demographic survey and develop an approach to assess current knowledge defined within the agreed framework.

ANZIIF board president and AMP Life chief executive, Megan Beer, said: “Becoming more trustworthy requires us to demonstrate competence.  Our commitment to lifting professionalism in our industry starts with key roles that deliver value to our customers”.

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“Defining what it means to be an insurance professional is fundamental to the future of our industry and working collaboratively is the way we will achieve meaningful change.”

The LIPSWG said its members believed the program would improve the professionalism of the life insurance industry, build and improve community confidence in life insurance, and create a significantly better experience for customers. It noted the project had the added benefit of creating cultural change and driving strategy to attract and retain career employees. 

The demographic study would survey the industry to understand what level of background and skills people brought to the life insurance industry and another study would develop a knowledge-based assessment within the agreed framework.

ANZIIF chief executive, Prue Willsford, said: ‘We will lead the collaborative project to establish a professional standards framework which will determine the different job families, and the competencies required to fulfil job roles at every level of experience”.

“The significant undertaking will assist CEO’s and leaders to create a comprehensive roadmap to understand the investment required to build professional skills within their business.”

LIPSWG’s membership comprised of AIA Australia, AMP Life, BT Life Insurance, ClearView, MLC Life Insurance, TAL Life Limited and Zurich.

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Can this please look at the current practice of offering discounts to new clients to encourage replacement of policies, with large increases on increasing business coming into effect to encourage lapsing when clients need the cover the most? Lets just lay it on the table, shall we? The insurance companies are paying out less commission, they are discounting for new business, and slamming the poor old loyal clients that have been loyal and stayed with them. Can you guys please do a ethics course or similar as what you are doing to this industry and to my level premiums clients is a bloody disgrace. Thanks.

Completely agree with the other comment here. Since the LIF all of the insurance companies have been increasing existing customers premiums siting "claims experience" but are somehow able to provide large discounts for new business for the very same products. Its a disgraceful con and they are simply robbing existing customers to pay for new business targets, trying to encourage churn and it should be stopped. A starting point should be an ethics exam for both the members of this body and the FSC.

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