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SOCAP AUSTRALIA INTERNATIONAL SYMPOSIUM 27 – 29 OCTOBER 2004

SOCAP AUSTRALIA INTERNATIONAL SYMPOSIUM 27 – 29 OCTOBER 2004. Sam Parrino Chief Executive Officer Insurance Enquiries & Complaints Ltd (IEC). The Future Role of Industry Based EDR Schemes. Principles of ADR i.e. “ speedy, economical and efficient” Accessibility Independence Fairness

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SOCAP AUSTRALIA INTERNATIONAL SYMPOSIUM 27 – 29 OCTOBER 2004

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  1. SOCAP AUSTRALIA INTERNATIONAL SYMPOSIUM27 – 29 OCTOBER 2004 Sam Parrino Chief Executive Officer Insurance Enquiries & Complaints Ltd (IEC)

  2. The Future Role ofIndustry Based EDR Schemes • Principles of ADR i.e. “speedy, economical and efficient” • Accessibility • Independence • Fairness • Efficiency • Effectiveness, and • Accountability

  3. Starting Point • Since 1991/1992 • Almost 20,000 disputes • Over 400,000 requests for information and assistance

  4. Claims Handling andCustomer Service • Ability to influence the industry, i.e. bring about a change in behaviour • Industry Decision-Making • Success rate only 33% in 1993 • Following introduction of Code, Doubled to 66% • Fraud • 24% of all denials in 1993 • Introduction of Referee, now approx. 10%

  5. Result • Better understanding of: • The law • Policy Wordings, and • Shared Benefits of a mutually satisfactory resolution

  6. Educational & Training Role • Enquiries & information service • Collection & distribution of statistics • Informative periodicals • Bulletins/updates/annual reports • Written & reasoned determinations - indexed • Website • Industry & Consumer/community forums • ‘One on One’ meetings & training sessions • Conference

  7. Internal Dispute Resolution(IDR) • Almost 40% of reviews overturned from over 12,000 requests • Growth in referrals from 435 to 2557 in 2001/2002 • Last year’s tally was 1734 • ↓ 32%

  8. Scheme Criteria • Fair & Reasonable, having regard to the law, policy wording & good industry practice • Further criterion: • The improvement of industry standards and performance in the area of consumer service • Systemic issues reporting role

  9. Industry Code of Practice • Review compliance by each member on annual basis • Conduct of audits • Corrective action implemented • Code Compliance Committee • Naming

  10. Financial Services Sector • Proliferation of Schemes • Seven, soon to be eight Schemes • Response includes general amalgamation • A Partnership arrangement

  11. Harmonisation • IEC, BFSO (Banking & Financial Services Ombudsman) and FICS (Financial Industry Complaints Service) • Sharing Services • Single gateway call-centre • Invite others to take advantage

  12. SOCAP AUSTRALIA INTERNATIONAL SYMPOSIUM27 – 29 OCTOBER 2004 Sam Parrino Thank You

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