ICRM can easily help you manage the Informed Consent regulations coming in on July 10th 2025.

Australia’s new Informed Consent regulations, effective 10 July 2025, aim to enhance transparency and client trust in the insurance industry. These rules, part of the Delivering Better Financial Outcomes (DBFO) Act 2024, will require brokers to obtain explicit, informed consent from clients before receiving commissions for personal advice related to insurance products (general, life, and consumer credit insurance).

Key points to remember:

• Consent Requirement: Brokers must get consent for new policies and certain renewals before they are sold or renewed. This consent can be written or verbal (with a written record), and the client must receive a copy.

• Record Keeping: Brokers must maintain all records for at least 5 years, including any changes to consent.

• Disclosure: Clear, specific details must be provided to clients, including the insurer's name, the commission structure (percentage range), frequency of payments, and the services offered. Consent is irrevocable, meaning clients cannot change their mind after agreeing.

Failure to comply can result in significant penalties, including fines and the suspension or cancellation of a broker’s AFS license.

These changes are a response to findings from the Royal Commission into Misconduct in the Banking and Financial Services Industry, which revealed issues such as undisclosed fees and poor client communication. The goal is to rebuild trust and ensure clients fully understand what they’re agreeing to when purchasing insurance.

What can you do?

ICRM is built to empower brokers with a holistic client CRM and automation solution that streamlines the client on-boarding, management and pre-renewals process.

Brokers can simply direct clients to the ICRM AI Agent Chatbot embedded into their website, new clients and policy renewals complete a self-service guided experience that captures all necessary information to be compliant with the new Informed Consent Regulations.   

For more information and to request a demo contact us here.