ANZIIF calls for modernising General Insurance Code to keep up with industry shifts
ANZIIF calls for modernising General Insurance Code to keep up with industry shifts | Insurance Business Australia
Insurance News
ANZIIF calls for modernising General Insurance Code to keep up with industry shifts
Related short course to be launched
Insurance News
By
Roxanne Libatique
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has announced its support for the proposed revisions to the General Insurance Code of Practice, following the release of an initial review report by an independent panel.
The General Insurance Code of Practice is a voluntary standard designed to outline the expected service levels for general insurers, with a focus on fairness and transparency in dealings with customers.
The code undergoes a review every three years to ensure it stays relevant to the evolving needs of the industry and consumers.
provisions for financial hardship
assistance for vulnerable consumers
the application of the code to small businesses
better alignment between the code and legal requirements
Enhancements to claims handling and management procedures are also under consideration.
It plans to launch a short course titled “Creating Good Outcomes for Customers Experiencing Vulnerabilities” at the end of September. The program aims to equip insurance professionals with the skills to better understand and support customers dealing with difficult circumstances.
ANZIIF CEO Katrina Shanks highlighted the industry’s commitment to improving consumer outcomes.
“We are working closely with [the industry] to develop professional development resources that will address areas of industry improvement,” she said.
The feedback focused on improving protections for small businesses and consumers, particularly after natural disasters and other catastrophic events.
The panel’s initial report also suggested changes in areas such as the governance and enforcement of the code, as well as emerging issues like insurance affordability and risk reduction. These updates aim to ensure that the code continues to serve the needs of policyholders and insurers effectively.
“We are very thankful to all who provided submissions in response to the first consultation paper and the thoughtful way in which submitters engaged with the themes and issues outlined in the paper,” she said.
The Insurance Council of Australia (ICA) also responded positively to the initial report, with CEO Andrew Hall noting that the organisation will carefully review the recommendations and consult with its members to develop a response.
The review process will continue, with the panel expected to release a second consultation paper later in 2024.
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