The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has welcomed the Insurance Council of Australia’s (ICA) newly launched Expert Report Best Practice Standard.
This initiative is designed to standardise the use of expert reports, such as those from engineers, builders, and hydrologists, during the insurance claims process.
The ICA developed the standard following concerns raised by policyholders who found the claims assessment process unclear, often feeling disadvantaged due to a lack of transparency.
“Not all insurance claims are straightforward – sometimes, insurers require expert advice to help them determine the cause of damage or the extent of repairs,” said ICA CEO Andrew Hall.
By establishing guidelines on how expert reports should be produced and utilised, the standard aims to create a more transparent and fairer experience for customers.
ANZIIF emphasised the importance of consistent and reliable service in the insurance industry, noting that clear standards like these can strengthen public trust.
The institute is currently working on a short course to educate insurance professionals about the new standard, focusing on the roles of various experts in assessing and resolving claims.
“This will improve insurance professionals’ competence, knowledge, and skills,” said ANZIIF CEO Katrina Shanks.
The institute said high-quality insurance services are crucial for enhancing customers’ financial resilience and overall quality of life. Through its educational programs, ANZIIF aims to ensure that professionals in the industry are fully equipped to meet the new standards.
The introduction of the new standard comes at a time when an independent three-person panel comprising experts in insurance, consumer advocacy, and financial regulation is reviewing the General Insurance Code of Practice.
The review, initiated in response to the Federal Parliamentary Inquiry into the insurance industry’s response to the 2022 floods, aims to address broader issues within the industry, including support for vulnerable customers and the interaction between the code and existing laws.
The review process, which takes place in two phases, includes examining recommendations from consumer groups and policyholders.
Last month, the Independent Review Panel for the General Insurance Code of Practice announced that it had begun assessing feedback from the initial consultation.
