The Life Code Compliance Committee intends to investigate claims handling outcomes and under-reporting of breaches as part of its 2024-25 list of key priorities. 

It also plans to work with the Council of Australian Life Insurers and code subscribers to review and improve the annual breach data collection. 

“Our work plan sets out our priorities and activities to monitor and improve life insurer’s compliance with the code and support good consumer outcomes,” the committee says. “We take a risk-based approach to monitoring compliance with the code to ensure that we are focusing on the most important issues impacting industry and consumers. 

“If needed, the work plan activities may [be] revised to address new issues.” 

Here are the key priorities for this financial year: 

• Conduct an own motion inquiry examining subscriber compliance with claims handling timeframes, including where initial decisions are overturned   
• Conduct a targeted inquiry to check how subscribers are meeting their obligations to provide additional support to Aboriginal and Torres Strait Islander customers
• Conduct investigations and risk-based targeted monitoring of significant code breaches and testing to ensure the rectification and remediation efforts of life insurers are resulting in improved compliance (remediation audits)
• The annual data and compliance program report including analysis of key code compliance trends based on aggregated industry self-reported breach data  
• Individual subscriber benchmark reports to provide subscribers greater insights on relative performance, identify outlying results and areas for further improvement. This includes a focus on addressing possible under-reporting of code breaches
• Provide industry guidance on compliance with the code through the publication of determinations, guidance notes and case studies
• Reviewing and improving our investigations framework to incentivise self-reporting of code breaches and ensure proactive work is targeting significant and emerging risks
• Work with Council of Australian Life Insurers and subscribers to review and improve the annual breach data collection.