About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Tuesday, July 16th, 5:39PM
rss
Latest Headlines

Life insurance code 'could work'

There is support for the idea of a life insurance industry code of conduct, similar to the general insurance industry’s Fair Insurance Code, which came into force this month.

Tuesday, January 12th 2016, 6:00AM

by Susan Edmunds

The code, devised by the Insurance Council of New Zealand, covers its general insurance members and requires them to ensure they communicate effectively with customers, act reasonably when there has been non-disclosure, keep to best-practice timeframes in communication, prioritise vulnerable consumers in a catastrophe and train their staff about the code.

AIA chief executive Natalie Cameron said industry-agreed codes of conduct could be useful and could drive good practice.

“The ICNZ Fair Insurance Code is focussed on claims management, specific general insurance terms and things like catastrophe management,” she said.

“A code to regulate practice in the life industry would be most useful if it also addressed the issues most topical in the life insurance industry.  However, I like common elements like the Fair Insurance Code commitment to ethics, good customer service and prompt and fair complaints management.”

Former AIG and AIA boss David Whyte it would be useful provided the code was drawn up in consultation with providers, advisers and consumers. “This idea might struggle to gain support in the current environment, but nevertheless merits consideration.”

Russell Hutchinson, of Quotemonster and Chatswood Consulting, said the big issue for consumers was the problem of incomplete application forms or undisclosed information.

“The most common reason for claim decline is non-disclosure. That is not directly translatable from the Fair Insurance Code but is an issue several insurers are keen to tackle. Interestingly it is also seen as linked to reducing switches which are ‘unsafe’ because of poor disclosure, which may have been encouraged, or overlooked.”

Tags: health insurance Life insurance

« Insurance site set to launchSouthern Cross to fund preventative treatment »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Insurance Briefs

nib expands First Choice network
nib has announced an expansion of its First Choice network, which the health insurer says has delivered more than $1 million in claims savings in the first year of operation.

Fidelity Life team up for award
Fidelity Life chief technology Officer Dan Wilkinson and his team have been named as a finalist in the Best ICT Team Culture category at the 2019 New Zealand CIO Awards.

Cigna to support kids' mental health
Cigna New Zealand and Life Education have partnered to develop Small Changes Whānau Challenge, a new take-home resource that will support classroom learning about kids’ mental health and wellbeing.

AIA and Sovereign close online product
Sovereign's guaranteed acceptance insurance product Simple Life is being closed to new business.  

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com