Page 208 - Be Reasonable – Do It My Way , Peter E. Daly AM, My Story

CHAPTER 19 - CONSUMER INTERESTS - THE 1990’S A PERIOD OF MASSIVE CHANGE
There is now much more effective competition between insurers in respect of standards of service adding to the already strong price competition
IEC has had a substantial role in this transformation of the industry towards consumer orientation
In short there is no doubt that the code is a success. The success the code is a function of a number of factors especially the sense of ownership engendered by self-regulation.... even so the industry should not be sanguine about its progress nor take consumers for granted. Much remains to be done. Training could be improved. The absence of cover against flood by most insurers is perceived to be a problem.
George Pooley made a number of recommendations. The most important of these related to training, not only of industry employees, but also agents and loss adjusters, clearer policy wordings, providing reasons for adverse decisions on claims and extending the duty on insurers to ask relevant questions for new business to renewal.
Not all of the recommendations were accepted at the time. Notably one that was rejected was that IEC should publish the number of IDR decisions for insurers.
I’m pleased to say however that the concept of the Code as a living document has lived up to expectations and has been a catalyst for continual change in the industry. Things that we take for granted today were the result of the drive and foresight of ICA and the leadership of a farsighted group of chief executives on the board. Today every company has an internal dispute resolution process. Could you imagine not having one? However, it was the introduction of the code in 1994 that actually required insurers to have an IDR procedure for the first time.
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