The New Life Code: supporting better member outcomes

New Life Code

LICOP 2.0 (the Code) commenced 1 July, introducing several enhancements to life insurer commitments and obligations to support better member experiences and outcomes. We have been preparing for the launch of LICOP 2.0 for months to ensure that TAL meets and, where possible, exceeds the new obligation requirements that the latest version of the Code sets out.

What has changed in LICOP 2.0?

The new Life Code introduced a number of changes to insurer commitments and obligations to support provision of products and services to customers, (including your members), in an open, fair and honest way.

What has TAL done?

TAL has uplifted processes across five key streams, including people, underwriting, claims, systems, and communications. The changes only further strengthen Our Claims Philosophy, which is that ‘We will deliver on the promise we make to every member, ensuring they understand and feel confident in how we will handle their claim.’

Next steps

Over the next few months, we will be uplifting the reporting you receive from TAL to incorporate any changes to align with the new Code. 

Work has also begun to transition governance of the Code from the Financial Services Council (FSC) to Council of Australian Life Insurers (CALI) by 30 September 2023. The transition is not anticipated to have any impact to the operation of the Code.

Speak with your Client Manager for more information or if you have any questions on what this means for your fund.