The Australian and New Zealand Institute of Insurance & Finance (ANZIIF) and the Life Insurance
Professional Standards Working Group (LIPSWG) have signed a memorandum of understanding to improve the professional standards of the life insurance industry.
Under the memorandum, the two bodies have agreed to work together to establish a professional standards framework, undertake a demographic survey, and develop an approach to assess current knowledge defined within the agreed framework.
ANZIIF said it has consulted broadly across the retail life industry, reinsurers, regulatory authorities, and associations to ensure broad based support for this collaborative project. The Australasian Life Underwriting and Claims Association (ALUCA) has also been engaged and is contributing to the project.
Meanwhile, LIPSWG said that the program will improve the professionalism of the life insurance industry, build and improve community confidence in life insurance, and create a significantly better experience for customers.
“Becoming more trustworthy requires us to demonstrate competence,” said Megan Beer, board president of ANZIIF. “Our commitment to lifting professionalism in our industry starts with key roles that deliver value to our customers. Defining what it means to be an insurance professional is fundamental to the future of our industry and working collaboratively is the way we will achieve meaningful change.”
“Over the last two years, we have established a framework to drive this major collaboration in the life industry around professional standards,” said Prue Willsford, chief executive officer of ANZIIF. “We will lead the collaborative project to establish a professional standards framework, which will determine the different job families and the competencies required to fulfil job roles at every level of experience.”
