An industry-wide set of professional standards has been introduced for life insurers, a first for the sector.

The Professional Standards Framework is a collaboration by life insurers with 95% of the gross written premium in the retail market, with support from the Australian and New Zealand Institute of Insurance and Finance (ANZIIF).

The framework formalises standards for professional excellence by implementing a consistent “foundation” requirement for all life insurance claims and underwriting professionals. This is made up of four Certificate IV competencies including ethics, sustainability, products and services plus law and regulation.

ANZIIF says the new standards framework is a significant and positive step for the life insurance sector and the development of its people.

“Competency Frameworks have been developed for claims, underwriting, product and distribution functions and will provide life insurance companies with a measurement tool for their own existing internal training, while professional development for employees will provide a roadmap for long-term consistency across the industry,” CEO Prue Willsford said.

The life insurers who collaborated on the standards framework have made a further shared commitment to achieving a Certificate IV level for all claims professionals by December 2023, and all underwriting professionals by December 2024.

The insurers involved with the project are AIA Australia, AMP Life (Part of the Resolution Life Group), BT Life Insurance, ClearView, MLC Life Insurance, TAL and Zurich.