ICNZ launches revised Fair Insurance Code to promote fairness
The Insurance Council of New Zealand (ICNZ) has launched its revised Fair Insurance Code, which encourages good conduct in the insurance industry
The code describes how the relationship between insurers and their customers should work. It provides guidance on how to complain, timeframes for responses and insurers’ responsibilities to their customers.
Kris Faafoi, Minister of Commerce and Consumer Affairs, welcomes the move. “This sort of move is in line with the Government’s work to improve culture and conduct in the financial sector and I am pleased to see the ICNZ showing leadership,” he said.
Tim Grafton, Chief Executive of the ICNZ, said: "Good conduct ensures customers are treated fairly - which in turn helps to promote trust and confidence in the sector. We know there is work to be done to achieve this, and the Code is a critical step.
"However, our annual research tells us that only one in four people are aware of the Code. To address this issue, we have mandated the inclusion and promotion of the logo on all member websites, claim and complaints materials. We are engaging with community organisations though our financial literacy programme who work with vulnerable customers to ensure they are aware of their rights."
The code has been translated into all of New Zealand’s official languages, including Te Reo Māori, New Zealand Sign Language and an audio version available on ICNZ’s website.
"Trust is greatly affected by understanding what cover your insurance provides you. Our research also told us that awareness of the Code helps this - with 69 per cent of those who were aware of the Code also more aware of what their own insurance covers them for. This is a critical part of ensuring a good customer experience from purchase to claim,” Grafton said.