How an insurance broker helps youInsurance brokers help you find an insurance policy that meets your needs. They assess and manage risks and provide advice on insurance solutions appropriate to your needs. They can help you arrange, acquire and maintain insurance, and act as your advocate in settlement of any claim that may be made by you under your insurance. In many cases, an insurance broker may act on your behalf as your agent. In some situations, the insurance broker may act for the insurers.
The Insurance Brokers Code of Practice was developed to improve service standards for clients who engage insurance brokers for assistance with obtaining insurance. It was also developed to build trust between insurance brokers and consumers knowing that particular standards will be met.
Insurance brokers who subscribe to the Code commit to the obligations of the Code and abide by 12 service standards when dealing with you and your insurance needs.
The Insurance Brokers Code Compliance Committee (the Committee) is an independent body that administers and enforces the Code. Our aim is to improve the insurance broking industry’s service to clients by monitoring compliance, providing education and support, and working with insurance brokers to fix issues that are identified.
Insurance brokers commit to uphold these 12 key service standards as subscribers to the Code. They apply to all insurance broking services delivered to individuals and small businesses.
- We will comply with all relevant law.
- We will transparently manage any conflicts of interest that may arise.
- We will clearly tell you if we do not act for you.
- We will clearly tell you about the scope of our covered services.
- We will discharge our duties diligently, competently, fairly and with honesty and integrity.
- We will clearly tell you how our Covered Services are paid for before we provide them and answer any questions you have.
- We will handle any money received in accordance with relevant law and any agreement with you.
- We will ensure that we and our representatives are competent and adequately trained to provide the relevant services and will maintain this competence.
- We will respond to catastrophes and disasters in a timely, professional, practical and compassionate manner in conjunction with any industry-wide response.
- We will ensure that we have an internal complaints and disputes handling process that meets the Code Complaints and Dispute process standards.
- We will support NIBA in promoting the Code and make information on the Code (including how to make a complaint) and our Covered Services readily available to you.
- We will not engage in activity or inactivity that is reasonably likely to bring the insurance broking profession into disrepute.
The Code was implemented to help you receive a consistent and high standard of service from your insurance broker. Click here for more information about your rights under the Code.
If you are concerned that your insurance broker is breaching the Code, you can refer the matter to us for investigation. The Committee’s role is to monitor compliance and investigate breaches against the Code. The Committee will then recommend corrective action if needed. If you require a specific outcome such as compensation, an apology, or for your problem to be fixed – you should make a complaint to your insurance broker or the Australian Financial Complaints Authority.