ISO celebrates two decades

ISO celebrates two decades | Insurance Business

ISO celebrates two decades
The Insurance & Savings Ombudsman is celebrating its 20th anniversary as a dispute resolution scheme by launching a new website resource, improving its services to members.

The new facility aims to improve business practices and avoid future complaints by giving members online access to complaint data, information, complaints handling resources, and training and professional development opportunities.

“With the introduction of compulsory dispute resolution for financial service providers since 2010, the ISO Scheme has expanded rapidly,” said ISO Karen Stevens.

“We now have over 4000 members, including insurers and providers of investments, loans and credit, superannuation, financial advice and foreign exchange.”

Stevens said their 20 year history gave members the advantage of access to a wealth of experience and information built up over that time.

“The data we hold on complaints is a valuable benchmark to help the industry self-regulate and improve business practices.”

She added: “The training we provide focuses on real complaints to illustrate what went wrong and the lessons that can be learnt so mistakes are not repeated. Ultimately, this can help financial service providers to avoid future complaints and give better service to their customers.”

ISO webinars are provided throughout the year, and those who attend can gain Code Structured CPD credits.

Stevens said the ISO Scheme also prioritises its consumer information role. “Each year we field thousands of enquiries where we provide information and guidance to help consumers understand their options and make informed choices.”

The Scheme’s enquiry, or first-contact, service was also another way to resolve issues before they escalated to become complaints.

“While we investigate about 300 complaints each year, we deal with about 3,000 complaint enquiries. Resolving issues at the earliest possible opportunity gives a better outcome to all parties,” she said.