Life industry steps toward trust

Two industry groups have partnered to create a new life insurance standards framework.

The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and the Life Insurance Professional Standards Working Group (LIPSWG) have come together to establish a professional standards framework.

A memorandum of understanding signed by the two groups - whose members include the likes of AIA Australia, AMP Life, BT Life Insurance, ClearView, MLC Life Insurance, TAL Life, and Zurich - is set to ensure collaboration and dialogue between key insurance leaders.

ANZIIF and LIPSWG expect the framework will "significantly contribute to the professional standards across the life industry".

The two organisations believe that for Australians to trust the life insurance sector, it must commit to supporting the professionalism of its people.

AMP Life chief executive and ANZIIF board president Megan Beer said the journey must start with the sector proving its competence.

"Our commitment to lifting professionalism in our industry starts with key roles that deliver value to our customers," Beer said.

"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."

AIA Australia chief executive Damien Mu added that the professional standards would see life insurance professionals garner a "high level of well-rounded knowledge" and allow them to focus on good customer outcomes. ANZIIF chief executive Prue Willsford said the institute was pleased to collaborate with the industry to develop the standards.

"Over the last two years, we have established a framework to drive this major collaboration in the life industry around professional standards," Willsford said.

"I'm proud to collaborate with the seven companies who represent 95% of the gross written premium in the life industry in this significant project."

The ANZIIF chief added the institute would lead the development of the standards, which will determine the different job families which exist in the industry, and outline the competencies required to fulfil ach role in every level of the life insurance experience.

"The significant undertaking will assist Life CEO's and leaders to create a comprehensive roadmap to understand the investment required to build professional skills within their business," Willsford said.

Read more: ANZIIFAIA AustraliaAMP LifePrue WillsfordMegan BeerBT Life InsuranceClearViewDamien MuLife Insurance Professional Standards WorkingMLC Life Insurance
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