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Zurich welcomes new life code


30 June 2023

Zurich Financial Services Australia (Zurich) today welcomed the new Life Insurance Code of Practice (LICOP 2), ahead of its implementation on 1 July 2023. 

Developed in consultation with life insurers including Zurich, LICOP 2 outlines the life insurance industry’s key commitments and obligations to customers on standards of practice, disclosures, and principles of conduct. 

Justin Delaney, Chief Executive Officer, Zurich Australia & New Zealand, said: “The new code represents a significant milestone for Australian life insurers, underlining the industry’s commitment to protecting customers and continually evolving.” 

“At Zurich, we take acting in the best interests of our customers seriously and we support maintaining an industry-wide approach that holds all insurers to a high standard. The new code will impact all facets of our customer interactions, from how products are designed, to how they are sold, through to the claims experience,” Mr Delaney said.  

LICOP 2 reflects numerous changes to the first LICOP introduced in 2016, spanning sales, underwriting, premium disclosures, claims, mental health, vulnerable customers, sanctions, clarity on navigating the code, and the introduction of new enforceable provisions. 

“In preparation for the new code, Zurich revised its policies and procedures, made systems enhancements, improved customer communication approaches, rolled out employee training, and uplifted its vulnerable customer and complaints management frameworks,” Mr Delaney said. 

Zurich has also worked closely with supply and outsourcing partners, implementing new frameworks and procedures to ensure their compliance with LICOP 2.  

Details of the new code can be found: https://zurich.com.au/licop 


-ENDS-

Zurich Financial Services Australia is a life insurance, commercial insurance and investments specialist that has been participating in the Australian market since 1920. Since its acquisition of OnePath Life from ANZ in 2019, the company provides life insurance to more than 1.5 million Australian customers under both the Zurich and OnePath Life brands.  Further information about Zurich Financial Services Australia is available at www.zurich.com.au.
 

Zurich Insurance Group (Zurich) is a leading multi-line insurer serving people and businesses in more than 200 countries and territories. Founded 150 years ago, Zurich is transforming insurance. In addition to providing insurance protection, Zurich is increasingly offering prevention services such as those that promote wellbeing and enhance climate resilience.

Reflecting its purpose to ‘create a brighter future together’, Zurich aspires to be one of the most responsible and impactful businesses in the world. It is targeting net-zero emissions by 2050 and has the highest-possible ESG rating from MSCI. In 2020, Zurich launched the Zurich Forest project to support reforestation and biodiversity restoration in Brazil.

The Group has about 60,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information is available at www.zurich.com.