Brought to you by:

Raising the standards: working group takes off

The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and a working group of life insurers are establishing a framework to help lift professional standards across the life insurance industry.

The Life Insurers Professional Standards Working Group includes AIA, AMP Life, BT Life, ClearView, MLC Life, TAL and Zurich. They hold 95% of the GWP in the life industry.

The Australasian Life Underwriting and Claims Association is also involved.

The framework will determine the different “job families” and competencies needed to fulfil job roles at every level of experience. It will also help insurance CEOs to understand what investment is required to build professional skills within the company. ANZIIF has been working with insurers on the framework over the last two years.

To aid the establishment of better standards, ANZIIF is planning a demographic survey to understand what level of background and skills industry employees possess, followed by another to develop a knowledge-based assessment within the framework.

AIA CEO Damien Mu told insuranceNEWS.com.au the framework will involve taking a closer look at the capabilities they needed across claims, underwriting, product and distribution, which “require a high level of engagement with customers”.

“The framework will present a great opportunity for our people to continue expanding their professional capabilities and we will continue to assist them in meeting and maintaining professional standards, so we’re able to deliver the best outcomes for our customers,” he said.

According to ANZIIF, the program will improve the professionalism of the life insurance industry, build community confidence in life insurance and create a better experience for customers. It will also improve strategies to attract and retain career employees.

It says the Hayne royal commission exposed a need to “place emphasis and investment into building the professional skills of people in life insurance”.