Why this review matters to your daily work

The recently released Independent Review of the 2022 Insurance Broker’s Code of Practice makes one thing clear.

Expectations of brokers have shifted. Consumer scrutiny is higher, regulators are watching more closely and long-standing practices are being reassessed against modern standards of transparency, conflicts management and trust.

Conducted by Phil Khoury of consulting firm Cameron. Ralph. Khoury., the Review concluded that the profession faces “significant challenges to its reputation and its self-regulation” and must respond in a substantive way, even if that involves change and cost for brokers.

While Australia’s National Insurance Brokers Association (NIBA) agrees change is needed, its response draws important boundaries around how far the Code should go and how those changes should work in practice.

For brokers, the key question is practical. What will this mean for how you engage clients, negotiate with insurers, disclose remuneration and manage conflicts?

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