The last few years have brought many changes to the Australian Life Insurance market with increased regulator and consumer expectations. As this new order becomes clearer, Life Insurance businesses must continue to adapt their strategies, and increase their capabilities and professionalism. As an industry it is important that we all work together to increase the professionalism, ethics and standards of the industry.
ALUCA recognised the critical need for the life insurance industry to proactively and very clearly demonstrate greater professionalism and transparency via an industry led, high level, best practice Life Insurance capabilities framework that was required to:
- Clearly articulate the competencies that are required to perform professionally in Underwriting, Claims and Rehabilitation roles.
- Be an externally benchmarked tool that would define the minimum level of competence for a variety of roles.
- Provide a mechanism that would demonstrate compliance with these competencies (the competency framework is now the anchor for ALUCA’s refreshed accreditation and CPD program).
A cross-industry working party was brought together in August 2016 to produce a clear, high level industry capabilities framework to enhance the professionalism, ethics and community standing of those working in this sector that could also serve to satisfy any regulatory requirements. Many companies and industry bodies provided their input including the FSC and Actuaries Institute.
The ALUCA Life Insurance competency framework was launched in November 2017. It is being used by a number of Life Insurance and reinsurance companies in Australia to fit their own job roles framework and competency frameworks specific to their own Underwriting, Claims and Rehabilitation operations in the market.
However it is important for this framework to be regularly reviewed and updated. ALUCA’s Board have approved ongoing work in this regard to be led by ALUCA life member, Tony O’Leary, to ensure it remains up to date and relevant (along with the CPLI program) and will include any changes that are relevant to it coming out from the Royal Commission report.
For a full copy of the ALUCA Life Insurance competency framework head to ALUCA’s website and login to the members centre. You will need your email that you signed up to ALUCA with and your password or you can simply reset your password.