Webinar: Life CCC Annual Data and Compliance Report

In March 2025, the Life CCC released it’s 2023-24 Annual Data and Compliance Report, covering the period from 1 July 2023 to 30 June 2024. Our discussion will provide deeper insights into industry performance and areas for continued focus. Some key findings were:

• Varying compliance with financial hardship obligations, with some insurers needing to improve their processes to ensure adequate support for vulnerable customers.
• Communication breaches remain a major issue, with insurers urged to provide clearer and more timely information to reduce customer frustration.
• Improvements in claims handling timeframes by some insurers, though delays in TPD and Income Protection claims continue to be a concern.
• A rise in significant breaches, suggesting better identification and transparency, but also highlighting the need for stronger systemic responses.

Key Takeaways

• There is need for stronger support for vulnerable customers
• Communication challenges remain a critical area for improvement
• There were overall improvements in claim handling but mixed results.

Speaker

Elizabeth McNess, Senior Manager Code Compliance, Australian Financial Complaints Authority 

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