The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has launched a training course, in partnership with the FSC, around compliance with the Life Insurance Code of Practice.
The course provides detailed information of the code’s objectives and principles, and explores how the code relates to consumers purchasing life insurance or making claims, requirements for complaints handling and dispute resolution, and how it will be monitored and enforced, ANZIIF said in a statement.
Adherence to the code becomes binding for all FSC members on 1 July this year.
ANZIIF said two versions of the course will be offered – 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 chief executive Prue Willsford emphasised that the code is all about consumers.
“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,” Ms Willsford said.
“The code is a great step forward to achieving a fair go for all involved, both client and insurer.”
FSC chief executive Sally Loane said, “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 wellbeing 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.”