The LICOP is considered the commitment of the life insurance industry to meet mandatory standards concerning customer service and is designed to protect consumers. It outlines the industry’s key commitments and obligations concerning standards of practice, disclosures, and principles of conduct.
“The code represents the life insurance industry’s commitment to protecting customers and continually evolving. As the peak body for life insurers, CALI’s ownership of the code further underlines this commitment,” said Justin Delaney, chief executive officer, Zurich Australia & New Zealand.
The LICOP includes the following 10 key promises:
“The Code impacts all facets of our customer interactions, from how products are designed and sold, through to the claims experience,” said Delaney.
Following its inception in 2016, the LICOP was revised and updated in July 2023. The changes involved sales, underwriting, premium disclosures, claims, mental health, vulnerable customers, sanctions, clarity on navigating the code, and the introduction of new enforceable provisions.
Previously, the LICOP was owned by the Financial Services Council (FSC). On its website, Zurich offered assurances that the transition will have no impact in its service as it will continue to be under the code’s provisions and standards.
“At Zurich, we take acting in the best interests of our customers seriously and we support maintaining an industry-wide approach that holds all insurers to a high standard,” said Delaney.
The transfer of ownership will be effective on Sept 29.
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