--- title: "Charting the Course for Compliance: Insights from the IBCCC’s 2022 Annual Data Report" description: "IBCCC 2022 report analysis: Boosting compliance in insurance with tech-driven solutions" image: https://blog.insuredhq.com/hubfs/2023-11-03_17-02-06.png --- [![IHQ Logo - Banner RIGHT IHQ ONLY](https://blog.insuredhq.com/hs-fs/hubfs/IHQ%20Logo%20-%20Banner%20RIGHT%20IHQ%20ONLY.png?width=473&height=70&name=IHQ%20Logo%20-%20Banner%20RIGHT%20IHQ%20ONLY.png "IHQ Logo - Banner RIGHT IHQ ONLY")](https://www.insuredhq.com/insuredhq-insurance-made-simple) - [PLATFORM](https://www.insuredhq.com/solutions) - [RESOURCES](https://www.insuredhq.com/stories) - [Blog](https://blog.insuredhq.com/blog) - [News](https://www.insuredhq.com/media-pr) - [Use Cases](https://www.insuredhq.com/testimonials) - [Glossary](https://www.insuredhq.com/glossary) - [STORIES](https://www.insuredhq.com/stories) - [Customers](https://www.insuredhq.com/testimonials) - [ABOUT](https://www.insuredhq.com/company) - [Company](https://www.insuredhq.com/company) - [Privacy](https://www.insuredhq.com/privacy-policy) - [Glossary](https://www.insuredhq.com/glossary) - [CONTACT](https://www.insuredhq.com/contact) - [Demo](https://www.insuredhq.com/contact) - [Media Inquiries](https://www.insuredhq.com/en/media_inquiry) - [BOOK A DEMO](https://www.insuredhq.com/contact) [![IHQ Logo - Banner RIGHT IHQ ONLY-1](https://blog.insuredhq.com/hs-fs/hubfs/IHQ%20Logo%20-%20Banner%20RIGHT%20IHQ%20ONLY-1.png?width=473&height=70&name=IHQ%20Logo%20-%20Banner%20RIGHT%20IHQ%20ONLY-1.png "IHQ Logo - Banner RIGHT IHQ ONLY-1")](https://www.insuredhq.com/) - [PLATFORM](https://www.insuredhq.com/solutions) - [RESOURCES](https://www.insuredhq.com/stories) - [Blog](https://blog.insuredhq.com/blog) - [News](https://www.insuredhq.com/media-pr) - [Use Cases](https://www.insuredhq.com/testimonials) - [Glossary](https://www.insuredhq.com/glossary) - [STORIES](https://www.insuredhq.com/stories) - [Customers](https://www.insuredhq.com/testimonials) - [ABOUT](https://www.insuredhq.com/company) - [Company](https://www.insuredhq.com/company) - [Privacy](https://www.insuredhq.com/privacy-policy) - [Glossary](https://www.insuredhq.com/glossary) - [CONTACT](https://www.insuredhq.com/contact) - [Demo](https://www.insuredhq.com/contact) - [Media Inquiries](https://www.insuredhq.com/en/media_inquiry) - [BOOK A DEMO](https://www.insuredhq.com/contact) [![Request a Demo](https://hubspot-no-cache-ap1-prod.s3.amazonaws.com/cta/default/579587/c54a9440-5c58-4dcf-8f9a-b1500dd0b6ff.png)](https://hubspot-cta-redirect-ap1-prod.s3.amazonaws.com/cta/redirect/579587/c54a9440-5c58-4dcf-8f9a-b1500dd0b6ff) **Menu** [![Request a Demo](https://hubspot-no-cache-ap1-prod.s3.amazonaws.com/cta/default/579587/c54a9440-5c58-4dcf-8f9a-b1500dd0b6ff.png)](https://hubspot-cta-redirect-ap1-prod.s3.amazonaws.com/cta/redirect/579587/c54a9440-5c58-4dcf-8f9a-b1500dd0b6ff) - [Solutions](https://www.insuredhq.com/solutions) - [Company](https://www.insuredhq.com/company) - [Blog](https://blog.insuredhq.com/blog) - [Contact](https://www.insuredhq.com/contact) ![](https://blog.insuredhq.com/hubfs/2023-11-03_17-02-06.png) [broker](https://blog.insuredhq.com/blog/topic/broker) | [insurance](https://blog.insuredhq.com/blog/topic/insurance) | [australia](https://blog.insuredhq.com/blog/topic/australia) | [ASIC](https://blog.insuredhq.com/blog/topic/asic) | [compliance](https://blog.insuredhq.com/blog/topic/compliance) | 1 min read # Charting the Course for Compliance: Insights from the IBCCC’s 2022 Annual Data Report [![Jon Davies](https://app.hubspot.com/settings/avatar/1519aefee29a33cac98c0bceff42b89c)](https://blog.insuredhq.com/blog/author/jon-davies) Written by [Jon Davies](https://blog.insuredhq.com/blog/author/jon-davies) 8 Nov 2023, 13:04:00 [IBCCC](https://insurancebrokerscode.com.au/) is an independent body that monitors compliance with the Insurance Brokers Code of Practice and their recent [2022 Annual Data Report](https://insurancebrokerscode.com.au/app/uploads/2023/10/IBCCC-2022-Annual-Data-Report-Oct-2023.pdf) reveals critical insights into the compliance dynamics of the Australian insurance broking sector. A notable increase in reported breaches and complaints suggests a shift towards greater transparency and a developing compliance culture yet underscores the necessity for more robust reporting practices. The key findings include: **1. Reporting Culture**: The uptick in reported breaches to ASIC and complaints in 2022 highlights a positive trend. Nevertheless, the lack of reporting by several larger firms signals potential areas of non-compliance, an issue that advanced automated systems can mitigate. **2. Breach Data**: Despite a 5% decrease in reported breaches, the financial impact was significant, totaling $3.2 million and affecting over 400,000 clients. This points to a need for stringent controls in insurance cover arrangements and claims management. **3. Complaints Data**: With a 29% rise in complaints, most of which pertained to domestic products and service issues, the industry's response rate is commendable. However, this also highlights the need for efficient service remediation processes. **4. Severity of Breaches**: A marked increase in the severity of breaches calls for a deeper analysis of systemic issues, particularly in claims management and policy renewals. ![](https://blog.insuredhq.com/hs-fs/hubfs/image-png-Nov-03-2023-03-54-55-9237-AM.png?width=686&height=595&name=image-png-Nov-03-2023-03-54-55-9237-AM.png) To address these issues, the [IBCCC](https://insurancebrokerscode.com.au/) suggests: - Implement and maintain accurate breach and complaint recording systems. - Define clear roles within the compliance framework. - Ensure consistent oversight of breach registers. - Provide targeted training for staff. - Cultivate a culture that encourages proactive compliance. ![](https://blog.insuredhq.com/hs-fs/hubfs/image-png-Nov-03-2023-03-56-23-7433-AM.png?width=632&height=395&name=image-png-Nov-03-2023-03-56-23-7433-AM.png) [InsuredHQ](https://www.insuredhq.com) is fully aligned with the vision of the [IBCCC](https://insurancebrokerscode.com.au/). As we analyze the report's findings, it becomes clear that adopting dependable and intelligent systems of record is not just a necessity, but an industry imperative. Doing so will enable underwriters, agencies, and brokers to exceed these standards. 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