Claims Hero has lodged its submission on the redrafted General Insurance Code of Practice.
The Code plays a critical role in setting the minimum standards consumers should expect from insurers. Claims Hero is deeply disappointed with the current draft.
Our submission contains 𝟯𝟱 𝗽𝗿𝗶𝗻𝗰𝗶𝗽𝗹𝗲-𝗯𝗮𝘀𝗲𝗱 𝗿𝗲𝗰𝗼𝗺𝗺𝗲𝗻𝗱𝗮𝘁𝗶𝗼𝗻𝘀 focused on:
– Replacing subjective wording with clear, objective and measurable requirements. Far too often the draft Code requires an insurer to consider something, instead of actually doing it.
– Ensuring obligations are outcome-focused and independently verifiable by consumers, AFCA, regulators and courts. Far too often, the draft Code repeatedly requires insurers to consider taking action, rather than requiring them to deliver a clear and enforceable outcome.
– Removing unnecessary exceptions and qualifications that undermine enforceable consumer protections. Allowing policy terms to override the Code where they are inconsistent undermines Code compliance and the practical enforceability of its consumer protections.
– Strengthening transparency around claim decisions, expert evidence, Code compliance and insurer accountability. Withholding information from consumers should not be the default position in general insurance.
– Including all substantive consumer protections within the Code itself, rather than relying on external guidance documents that can be changed without public consultation or ASIC approval.
Read our full submission here: Claims Hero Submission – Redrafted General Insurance Code of Practice