Truck Loans Australia :: News
SHARE

Share this news item!

Navigating the End of Cheque Usage in Australian Insurance Payments

Navigating the End of Cheque Usage in Australian Insurance Payments

Navigating the End of Cheque Usage in Australian Insurance Payments?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

As Australia marches towards the cessation of cheque payments, the Insurance Council of Australia (ICA), in partnership with the National Insurance Brokers Association, is addressing key considerations for a seamless transition, focusing on client interaction and data safeguards.
ICA's chief, Andrew Hall, has emphasized these focal points amidst the government's push to eliminate cheques by 2030.

Proactive measures are underway within insurance circles to usher retail consumers into alternative payment methodologies. Commenting on the evolving landscape, Mr. Hall noted disparities in adaptation timelines among insurers, with 2024 serving as a potential operative target. This adaptation is in anticipation of banks phasing out cheque services starting this year.

The Treasury has expressed cognizance of cheque-based proclivities in insurance practices, a challenge compounded by brokers' exclusive custody of clients' banking details and the necessity of cheques for customer reimbursements.

Confronted with the ceasing of cheque utilities, insurance vendors are considering limited claims settlements to methods like gift cards or digital transfers. Yet, compliance with anti-money laundering laws constrains gift card usage, sparking demands for added settlement versatility during the migratory term, as advised by the ICA.

Challenges germinate in processing particular payments for claims, policy cancellations, and delivering prompt aid to financially-strapped policyholders, a sentiment vocalized by Mr. Hall. Detailed are the conundrums in locating previous customers for rectification payouts, correspondingly more intricate than contact issues in current claims or policy annulments.

Expedited claims handling faces additional pressure where legal procedures like subpoenas and freedom of information requests rely on cheques. The initial phase-out stages could impede crucial information retrieval for claims processing, even in the wake of potential government concessions.

Furthermore, entities such as health care institutions, which predominantly opt for cheque-based payments for workers' compensation claims, necessitate governments to refine public sector cheque practices. Collaborative government synergy is encouraged to cushion this paradigm shift in transaction means.

The ICA forecasts escalated inquiries related to insurance and anticipates a rise in unclaimed funds, indicative of a pivotal need for industry-government harmony in ushering a fluid progression from cheque-based transactions to digital alternatives.

Published:Thursday, 8th Feb 2024
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Finance News

Hanwha's Stake in Austal: Australia's Conditional Approval
Hanwha's Stake in Austal: Australia's Conditional Approval
13 Dec 2025: Paige Estritori
In a significant development for Australia's shipbuilding industry, the Australian government has approved South Korean conglomerate Hanwha's proposal to increase its shareholding in Austal Limited from 9.9% to 19.9%. This decision comes with stringent conditions aimed at protecting national security interests. - read more
Yamaha Tops Australian Marine Market Searches Ahead of Summer
Yamaha Tops Australian Marine Market Searches Ahead of Summer
13 Dec 2025: Paige Estritori
As Australia gears up for the summer season, Yamaha has solidified its position as the most-searched marine brand in the country. According to Retain Media's Q3 2025 Marine Market Brand Consideration Report, Yamaha holds an 8.4% share of search queries, maintaining its lead from the previous quarter. - read more
South Australia Invests in Advanced Coastal Research Vessel
South Australia Invests in Advanced Coastal Research Vessel
13 Dec 2025: Paige Estritori
The South Australian government has committed $44 million in the 2025-26 State Budget to fund a new state-of-the-art coastal research vessel. This 37.7-metre vessel is designed to support a wide range of marine research activities, including fisheries, aquaculture, climate science, and oceanography. - read more
AFCA Advises SMEs to Verify Lender Membership
AFCA Advises SMEs to Verify Lender Membership
13 Dec 2025: Paige Estritori
The Australian Financial Complaints Authority (AFCA) has recently highlighted a critical issue affecting small and medium-sized enterprises (SMEs): the necessity of verifying a lender's membership status before securing business financing. This advisory comes in response to a significant number of complaints that AFCA is unable to address due to the lenders' non-membership status. - read more
Coalition Proposes Easier SME Loans Without Home Collateral
Coalition Proposes Easier SME Loans Without Home Collateral
13 Dec 2025: Paige Estritori
In a recent policy proposal, the Coalition has advocated for easing lending regulations to facilitate small and medium-sized enterprises (SMEs) in obtaining business loans without the necessity of using their homes as collateral. This initiative is part of a broader effort to support the SME sector by addressing one of the significant barriers to accessing finance. - read more


Truck Loans Articles

5 Tips on Securing Low-Interest Rates for Your Vehicle Purchase
5 Tips on Securing Low-Interest Rates for Your Vehicle Purchase
Embarking on the journey of acquiring a commercial vehicle is a significant decision for any business. Securing a loan with a low-interest rate is not just a matter of luck; it involves meticulous planning and a thorough understanding of the lending landscape. This opening section sets the scene for our deep dive into navigating the commercial vehicle loan process with an eye toward minimizing costs and maximizing value. - read more
The Pros and Cons of Leasing vs. Buying a Truck for Your Business
The Pros and Cons of Leasing vs. Buying a Truck for Your Business
Small businesses that require regular transportation of goods may find it essential to purchase a truck. However, this acquisition can become a significant investment that requires careful consideration before making a decision. The two options available are buying or leasing a truck. In this article, we will explore the pros and cons of each option to help you make an informed choice. - read more
Understanding Credit Scores and Their Impact on Your Commercial Vehicle Loan Terms
Understanding Credit Scores and Their Impact on Your Commercial Vehicle Loan Terms
Finding the right financing for a commercial vehicle in Australia can be a critical step for businesses and individuals alike. Whether it's for a single van or an entire fleet of trucks, understanding the intricacies of commercial vehicle loans is key to securing a deal that aligns with your financial goals. One factor that stands out in determining your loan terms is the credit score—a numerical representation of your creditworthiness. - read more
Maximizing Your Fleet Potential: How Truck Financing Shapes Success
Maximizing Your Fleet Potential: How Truck Financing Shapes Success
Trucks play a pivotal role in the Australian logistics and transport industry, serving as the lifeblood that keeps commerce flowing. The dependable rumble of engines crisscrossing the nation's highways is more than just a symbol of industry; it's a critical component of productivity and economic stability. Without these workhorses facilitating the timely movement of goods, the Australian market would face significant challenges meeting the demands of both businesses and consumers alike. - read more
Understanding the Fine Print: What to Look Out for in Truck Loan Contracts
Understanding the Fine Print: What to Look Out for in Truck Loan Contracts
Stepping into the realm of commercial truck financing can be a highway riddled with complex terms and conditions. Understanding commercial truck loans is not only about getting the keys to a new vehicle; it's a crucial investment in your business's future. As a borrower, you need to navigate through the fine print to find a loan that fits like a glove. - read more


Start Here

Get a free truck loan eligibility assessment and compare truck finance and leasing options without accessing your credit file!!
Loan Amount:
Postcode:

All quotes are provided free and without obligation by a Specialist from our National Broker referral panel. See our Privacy Statement for more details.


Knowledgebase
Capital Market:
A financial market in which long-term debt or equity-backed securities are bought and sold.