ASIC’s review of the internal dispute resolution (IDR) practices of 11 general insurers highlighted shortcomings in several areas, including the failure to identify complaints and systemic issues, as well as inadequate communications to customers. We will discuss these findings, which were published in ASIC Report REP 802 Cause of Complaint: Complaints handling in general insurance.
Key Takeaways
- Consumers have a right to expect that their complaints will be identified and handled in a fair, timely and effective manner. When things go wrong, the complaints process provides an opportunity to get them back on track.
- The extent to which insurers are not meeting the threshold requirement of identifying complaints is unacceptable given the IDR obligations commenced over three years ago.
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ASIC expects all insurers to act on the findings outlined in ASIC Report 802 Cause for Complaint and take steps to uplift their approach to complaints handling. ASIC will ask the insurers in the review to prepare an action plan to explain how they will address these issues and better support their customers.
Speakers
Nathan Bourne, Senior Executive Leader Credit, Banking and General Insurance Regulation and Supervision Group, ASIC