Professional Development Compliance

Life Insurance Professional Standards

As part of a shared commitment to unifying professional standards and further enhancing industry trust and confidence within the community, Australia’s life insurance industry has developed an industry-wide Professional Standards Framework, with support from ANZIIF. The framework formalises standards for professional excellence by implementing a consistent Foundation Requirement for all Life Insurance claims and underwriting professionals.

Life and Retirement Income
Attain Affiliate Membership Level

The Professional Standards is an important milestone that was reached in a collaboration between insurers AIA Australia, AMP Life (Part of the Resolution Life Group), BT Life Insurance, ClearView, MLC Life Insurance, TAL and Zurich, who collectively comprise 95% of the gross written premium in the retail life industry, with support from ANZIIF.

Senator Jane Hume, Minister for Superannuation, Financial Services and the Digital Economy, welcomed the industry's commitment to the implementatin of professional standards at the FSC Life Summit. 

“I applaud the Australian and New Zealand Institute of Insurance and Finance and industry for their hard work putting together these standards and welcome industry taking a proactive approach to create codes and standards enhancing consumer outcomes,” Minister Hume said.

 

View more in the media release.

Pathways

ANZIIF offers three pathways for life insurance professionals to achieve the Foundation Requirement, based upon experience and qualifications.   

Experience / Qualifications

Pathway

Price

Study / RPL Period

New talent

Study

$425 per skills unit – Study
$295 per skills unit - RPL

Skills units fall into a 5-week study period. You can enrol in multiple units in one study period.

 

The RPL** assessment can be completed anytime within three months, once formally applied with payment made.

Hold Certificate IV in Life Insurance or Diploma of Life Insurance

Study* or RPL**

Experienced professionals without a relevant qualification

Study or RPL**

* Credits into LI20006-20 and LI20005-20 subject to ANZIIF check for recognition. 
**  Recognition of Prior Learning, an assessment process that aims to recognise the competencies you have obtained through formal and informal learning to achieve a full or part of a qualification.

See more details about the RPL assessment.

Competency Frameworks

Competency Frameworks documents have been developed for Claims, Underwriting, Product Management and Distribution functions in Life Insurance in Australia. Digital copies are available to download.  

Claims
 Underwriting  Product Management Distribution

The Professional Standards 

The Foundation Requirement came into effect at the end of 2022. The Life Insurance Professional Standards Framework consists of four Certificate IV competencies including ethics; sustainability; products and services; and law and regulation, that are acquirable from the ANZIIF skills units listed below.

Explore Skills Units

Compulsory