ASIC Calls for Urgent Improvements in Insurers' Complaints Handling Processes
ASIC Calls for Urgent Improvements in Insurers' Complaints Handling Processes
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The Australian Securities and Investments Commission (ASIC) has identified significant deficiencies in the complaints handling processes of several insurers, prompting calls for immediate improvements.
A recent review revealed that insurers failed to recognize one in six customer complaints, neglected to identify systemic issues, and frequently missed communication deadlines.
These shortcomings are attributed to inadequate systems, insufficient staff training, and a lack of resources. ASIC emphasized the necessity for insurers to cultivate a positive complaints management culture that values customer feedback and proactively addresses recurring problems.
For beauticians and small business owners in the beauty industry, these findings highlight the importance of choosing insurers with robust customer service and efficient complaints handling processes. Delays or mishandling of claims can have significant financial implications, especially when dealing with liability issues or property damage.
To mitigate potential challenges, beauty professionals should:
Research insurers' reputations regarding customer service and complaints resolution.
Seek recommendations from industry peers about their experiences with various insurance providers.
Ensure clear communication with insurers about coverage details and claims procedures.
By prioritizing insurers who demonstrate a commitment to customer satisfaction and regulatory compliance, beauticians can better protect their businesses and navigate the complexities of the insurance landscape.
Published:Tuesday, 3rd Feb 2026 Source: Paige Estritori
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Knowledgebase
Insurance Policy: Broadly, the entire written contract of insurance. More narrowly, the basic written or printed document, as distinguished from the forms and endorsements added thereto.
