Resolving problems with insurance companies
There are three steps you can take to resolve issues with your insurance company:
- Contact the insurer – Explain the issue to them by phone, in person, or in writing.
- Make a formal complaint – If you are not happy with their response or if the problem can’t be resolved, ask for their complaints handling procedure and put your complaint in writing.
- Complain to AFCA – If you don’t receive a response in a reasonable time or you’re unhappy with the response, you can make a complaint to the Australian Financial Complaints Authority.
ASIC also has specific guidance on how to deal with disputes about life insurance.
Insurance codes of conduct
To progress your complaint, you could refer to the insurance codes of conduct. A code of conduct (or a code of practice) is a set of enforceable rules setting out an industry’s commitments to deliver a certain standard of practice. ASIC does not approve or enforce these particular codes.
Codes of conduct are intended to raise industry standards and complement legislative requirements and encourage consumer confidence.
Here are the Insurance Codes of Conduct:
- General Insurance Code of Practice
- Insurance Brokers Code of Practice
- Life Insurance Code of Practice
- Insurance in Superannuation Voluntary Code of Practice
If you believe that an insurer has breached one of these codes, you can report your concerns to the Australian Financial Complaints Authority
Source: https://asic.gov.au
