What is the General Insurance Code of Practice

Sep 29, 2022

Angus McNicol

Hello there. Congratulations, you made it to the number one GICOP resource on the web. We're guessing you found this page, busily searching for resources/information on how GICOP fits in with your day-to-day as an investigator. Or, perhaps you manage investigators and are looking to find a way to help them navigate through the myriad of changes that came into effect July 21'. At first sight, GICOP may seem an overtly difficult, obtuse and cruel beast. You’ve probably found remaining compliant under GICOP is a difficult and significant administrative burden with potentially huge penalties for getting it wrong. You could have even put your head in the sand. Eep! But, what if it weren't all doom and gloom? Maybe we CAN keep GICOP happy…

  • What if the performance of your investigations team could increase while complying with the GICOP regulations?

  • What if remaining GICOP compliant allowed you to improve your customer experience and NPS?

  • What if software could reduce your reporting burden while ensuring you remain compliant?

What is GICOP?

The General Insurance Code of Practice sets out the standards that general insurers must meet when providing services to their customers.

Why was GICOP introduced?

ICA identified a number of failings in the industry which led to claimants being treated in an unfair manner. The reforms were created to build more openness and transparency for the claimant.

Is fraud even a problem in Australia?

  • Fraudulent cases make up around 10% of all total claims.

  • General insurance in Australia has a GWP around $50 Billion a year

  • Our own studies have found that with best-in-class AI-powered fraud and analytics software, insurers should be able to find, prosecute or not pay 20-50% of all frauds

Investigations/case management software can:

  • Reduce open cases by 50%

    • Reduce administration costs by 30%

    • Reduce investigation time by 33% 90 days after implementation

    • Improve employee productivity by up to 47%

A few quick ideas around GICOP

  • Non-compliance could cost your organization $100,000+

  • But, insurers can audit themselves, self-report, and not face as severe penalties

  • 48 insurers adopted the code on July 1 2021

  • There are 40 key points of compliance that require monitoring during the course of an investigation to ensure ICA standards are met by investigative teams.

  • 90-minute maximum new interview time. 4hrs total interview time. Swoosh.

  • All interactions with a claimant need to be recorded in detail, in real-time and retained for 7 years

  • Prior to the investigation, the claimant needs to be notified in writing. The claimant must be informed of the process, their primary contact in the investigation team and the frequency of communication

If you're like us, when we come across something as intricate and potentially resource-heavy as GICOP, not to mention the potential financial loss for getting it wrong, we first seek knowledge in an attempt to understand. Once we understand. WE AUTOMATE. If you're here, you're in the right place to understand, but what we really love to do is automate. Dive deeper and learn about GICOP in details in our whitepaper: