The Insurance Council of Australia (ICA) will launch a communication campaign tomorrow informing consumers of their rights under the new and strengthened General Insurance Code of Practice.
This is the first time that the ICA has conducted a paid communication campaign on the Code of Good Practice in Insurance, demonstrating the insurance industry’s commitment to openness and fair relations with clients.
The communication campaign, which was developed and produced by the Visibility agency for the ICA, will take place mainly on major social channels, as well as on Sky News.
The new code began on July 1, 2021, but was updated earlier this month to align with ASIC’s regulatory guide on internal dispute resolution.
The Code contains a series of new customer-centric provisions, including:
- Penalties for material violations of the Code of up to $ 100,000 in the form of community benefit payments
- Independent application through the Code Governance Committee
- Comparison of costs between new and old policies on renewal notices
- Responsibility for the quality of repair work undertaken on behalf of insurers
- Simplified complaints process
- Mandatory standards for complaints investigators
- Clear deadlines for responding to complaints, complaints and requests for information
- Cash regulations better explained
The new code also includes commitments to provide clients with useful information to navigate key aspects of the complaints handling process, such as understanding the scope of work and a cash settlement for a home construction policy.
The changes to the Code were developed by ICA members after consultation with key stakeholders, including AFCA.
Comment attributable to Andrew Hall, CEO of the Insurance Council of Australia:
The General Insurance Code of Practice sets out the standards insurers agree to meet when interacting with their clients and constitutes insurers’ commitment to openness, fairness and honesty in their dealings with clients.
The new Code contains many new and updated commitments that place customers at the center of relationships with insurers.
Insurers are committed to educating clients about their rights under the new Code, which is why, for the first time, we are running a campaign of this magnitude.
Advertisements for the Code of Good Practice campaign can be viewed here