What the Code Means for Brokers
WHAT IS THE INSURANCE BROKERS CODE OF PRACTICE?
The Code is an agreement between NIBA and its members (and other brokers who subscribe to the Code) which sets out the minimum service standards that clients can expect from brokers.
It also outlines how complaints and disputes regarding potential breaches of the Code can be resolved.
NIBA's updated Insurance Brokers Code of Practice comes into effect on 1 January 2014.
WHAT'S DIFFERENT ABOUT THE CODE?
The Code has been written and designed specifically to make it truly accessible to brokers and clients. It is a vibrant and easy-to-navigate document clearly spelling out the benefits of using a broker, the service standards clients can expect from brokers
In order to aid consumer understanding, the Code also includes a 'Words with special meanings' section to ensure any unfamiliar terms are carefully explained.
This online version of the Code of Practice features additional guidance notes to help brokers and their clients understand the Code more fully. Clicking on this icon will bring up the additional guidance notes.
WHY DOES IT MATTER?
The Code aims to:
The service standards outlined in the Code are also aimed to safeguard self-regulation of the broking industry.
HOW CAN I USE IT TO BENEFIT MY BUSINESS?
Engage your staff in the Code and what it seeks to achieve. This is a very important document, which we hope all brokers and their fellow staff members will be proud of.
Talk to your clients about it. While the Code is not a marketing product, the protection it offers clients, and the key service standards contained within it are of enormous benefit.
If used well, the Code can reinforce a broker's commitment to professionalism, competence and integrity, and can act as a positive point of differentiation between brokers who subscribe to the Code and those who don't.
THE 12 KEY SERVICE STANDARDS
The Code outlines 12 service standards that apply to Covered Services. If you consider these the fundamentals of best practice in broking and apply them to all transactions with clients, your business is very likely to thrive.
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