Vero adopts insurance code of practice

Vero Insurance (Vero) has adopted the general insurance code of practice across its business ahead of the insurance ombudsman service July 18 deadline.

The company ensured all its business units were compliant and received the necessary training by early June.

Head of portfolio and risk management Paul Muir said the introduction of the code of practice would bring greater accountability and transparency for all general insurers.

He said many of Vero’s specialist business units were already compliant or operating above the proposed code of practice standards and required only slight adjustments.

However, the introduction of an industry code of practice was completely new for units such as the corporate stream.

“The new code of practice will bring enhanced consistency in claims and underwriting service standards for customers across all Vero business units,” Muir said.

Vero’s internal and external disputes processes have also been revised for greater consistency.

In addition, new measurement and reporting tools have been developed to ensure code of practice requirements continue to be met by all business units.

During May, all Vero staff participated in code of practice training through an online assessment.

To further increase knowledge and compliance, underwriting and claims staff also attended face-to-face training to complete specifically developed case studies relevant to their business functions.