We’re confident that the new and wide-ranging measures adopted in the revised Code are better aligned to community expectations and will result in a fairer, simpler and more enforceable life insurance system which puts the customer first. This includes more than 30 amendments from the previous iteration, and addresses a number of recommendations from the Parliamentary Joint Committee inquiry into the life insurance industry.
In developing the Code, the industry and the FSC have listened to feedback from government, regulators, partners, industry groups, medical practitioners and consumers, reinforcing the ongoing commitment and desire of the life sector to self-regulate in order to deliver the best outcomes for consumers.
The life sector is working hard to give consumers greater confidence that the industry has their best interests in mind and is managing policies and claims in the right way.
We look forward to taking part in the upcoming public roadshows on the Code, at which the FSC will be consulting widely and seeking further opportunities for improvement. The industry will also continue to progress other ongoing initiatives that will build trust in the sector and in the value that life insurance provides to millions of Australians each year.
Ingrid Nienaber, AIA Australia
T: +613 9009 4143
About AIA Australia
AIA Australia is a leading independent life insurance specialist with over 45 years’ experience. With a unique customer value proposition focused on life, health and wellbeing, our purpose is to make a difference in people’s lives.
AIA Australia offers a range of products that protect and enhance the lives of more than four million Australians. Our vision is to embrace shared value in championing Australia and New Zealand to be the healthiest and most protected nations in the world. With AIA Vitality – the world’s leading scientifically-backed health and wellbeing program – we help members to live healthier, longer, better lives.
AIA Australia has been recognised with multiple awards, including being named ANZIIF Life Insurance Company of the Year (2017, 2015, 2013, 2012).
Further information at www.aia.com.au.