The new 2020 GI Code of Practice
The 2020 General Insurance Code of Practice (2020 Code) was released by the Insurance Council of Australia (ICA) on 1st January 2020. Insurers must comply with the 2020 Code by 1 January 2021 and must have a family violence policy in place by 1 July 2020.
The 2020 Code is significant and will be an enabler to meet community needs, standards and expectations.
‘The 2020 Code is the result of a thorough two-year review. The Insurance Council of Australia considered feedback and input from various organisations, including member insurers, consumer advocates, government and regulators.’
Gary Dransfield, President Insurance Council of Australia 1 January 2020
Impact of Financial Services Royal Commission reforms
The challenge for insurers is that the 2020 GI Code comes at a time of unprecedented regulatory reform and heightened regulator scrutiny of the insurance industry by ASIC, APRA, AFCA and the Code Governance Committee. It is important therefore that a holistic approach is adopted when implementing the 2020 Code to ensure awesome customer experiences and meeting community needs, standards and expectations.
With our 35 years of industry experience and practical experience with the 2014 Code, Compliance Advocacy Solutions is well placed to deliver training on the 2020 Code tailored to your specific needs and requirements. Our founder, Paul Muir, facilitated the insurance industry response to the ICA during the 2020 Code review process. Paul is well placed to share his insights and the underlying customer benefit of each part of the 2020 Code.
Our 2020 Code training workshops
We understand the costs of taking your team away from your customers. Our workshops have been designed to optimise the learning experience and minimise the disruption to your business.
1. A full day workshop covering the entire 2020 GI Code. This will suit firms looking to refresh their people’s knowledge or who are looking to create an awesome customer experience using the 2020 Code as an enabler.
2. A half day workshop exploring the key changes between the 2020 Code & 2014 Code. This workshop assumes a practical knowledge of the 2014 Code.
Alternatively we can design a workshop to compliment your business requirements. All sessions are facilitated by Paul Muir & include practical tips & insights & are tailored to your firms obligations & way of working with scenarios to test understanding.
We do all the work, freeing up your hard worked compliance team.
We adopt an interactive & engaging approach utisiling Paul’s industry experience and insights. Paul assists your teams to understand the customer problem that each part of the Code sets out to resolve focusing upon the customer experience. The workshop uses practical examples & scenarios considering people, system & process impacts.
We explore current regulatory reform & how the Code will interact with these obligations. We then explore the role & influence of ASIC, APRA AFCA & the Code Governance Committee. The workshop is designed to assist with practical business impacts of the Code with Paul’s insights to encourage curiosity, deeper thinking & open discussion.
Who are the training workshops for?
The 2020 Code not only applies to insurers. The 2020 Code also applies to distributors and claims service suppliers. Our training workshops are individually tailored to your needs whether you are an insurer, online distributor, underwriting agency, authorised representative, claims manager, loss assessor or adjuster or service supplier providing insurance repairs. We also cater to the needs of Insurtech and Regtech organisations.
Our workshops focus upon your role and obligations.
To obtain details of costs and further information on our 2020 Code training workshops contact us at email@example.com