The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has finalised a professional standards framework to support claims handling and settling services as part of a commitment to enhance industry trust and confidence. 

ANZIIF says the recent start of licensing requirements for claims handling has provided an opportunity to establish the voluntary framework, which will be implemented progressively over the next two years. 

“ANZIIF has worked collaboratively with industry, ASIC and other industry bodies to seek broad based input into the framework, to make sure that it is appropriate, reasonable and flexible enough for the wide range of industry business types,” CEO Prue Willsford said.  

“The result is an agreed competency-based framework that outlines a clear pathway which will improve the professionalism of the insurance claims handling workforce when it comes to claims handling and settling services.” 

The framework, representing a commitment to good practice, provides a benchmark for organisations to assess staff competency to handle claims based on the level of decision-making authority they have. 

Three clusters in the framework centre on licensees, authorised representatives and sub authorised representatives with decision-making authority, those without decision-making authority and unlicensed insurance fulfilment providers with no decision-making authority. 

Competencies have been linked to the Australian Qualifications Framework and mapped to Australian Securities and Investments Commission (ASIC) requirements in Information Statement 253. 

Companies that have initially endorsed the framework include Suncorp, Allianz, Youi, Sura and Austbrokers, QBE, Zurich, CHU, IAG, Sedgwick and NTI. It is supported by the National Insurance Brokers Association, Underwriting Agencies Council and the Australasian Institute of Chartered Loss Adjusters. 

ANZIIF President Ben Bessell says ASIC has also welcomed the industry-wide collaboration to set standards that are in the interest of customers, the industry, and employees.