Compliance training for the Life Insurance Code of Practice unveiled

Compliance training for the Life Insurance Code of Practice unveiled | Insurance Business

Compliance training for the Life Insurance Code of Practice unveiled
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has teamed up with the Financial Services Council (FSC) to offer insurance professionals two online courses on the Life Insurance Code of Practice.

The Code, launched in October 2016, requires underwriters and claims assessors to be appropriately skilled and trained, with technical competency and an understanding of the relevant law and the Code before they can operate.

ANZIIF, as FSC's education partner, is offering a full version for technical claims and underwriting roles that meets the Code's training requirements, and a condensed version for non-technical and executive roles.

ANZIIF's new offering will provide insurance professionals with a detailed knowledge of the Code's objectives and principles, as well as an understanding of how the Code applies to the purchase of life insurance or making claims, requirements for complaints handling and dispute resolution, and how the Code will be enforced and monitored.

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“The Code is really all about consumers,” said ANZIIF CEO Prue Willsford. “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.”

“We can all agree that putting the customer first is why we are in this industry, and why many of us love being here. The Code is a great step forward to achieving a fair go for all involved, both client and insurer.”

FSC CEO Sally Loane also commented: “The industry has committed to developing the Life Insurance Code of Practice to strengthen trust and confidence in one of the important investments people will make for the protection and well-being of themselves and their families – life insurance products and services.”

“By agreeing to a set of best practices governing the way we operate, we will deliver better outcomes for consumers in a timely and cost effective way.”

All FSC members will be required to adhere to the Code on July 01 this year. 

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