Important: This page is an independent reference summary. Verify classification decisions against the official ABS source before using them for tax, licensing, immigration or compliance purposes.

What this class covers

ANZSIC class 6420 encompasses businesses that provide essential support services to the insurance industry without directly underwriting insurance policies themselves. These auxiliary services facilitate the operation of insurance markets by connecting buyers and sellers, assessing risks, and managing claims processes. The classification applies to businesses operating within Australia's regulatory framework for financial services, requiring appropriate licensing from authorities such as ASIC where applicable.

Typical examples include independent insurance brokers who arrange coverage between clients and multiple insurers, claims assessment firms hired by insurance companies to evaluate property damage or injury claims, and actuarial consulting firms that provide statistical analysis for premium calculations and risk assessment. This class also includes insurance agencies that sell policies on behalf of underwriters and adjustment services that investigate and negotiate claim settlements.

Primary activities in plain English

Businesses in this class typically engage in one or more of these core activities:

  • Actuarial services: Providing mathematical and statistical analysis to assess risk probabilities and calculate appropriate insurance premiums
  • Claim adjustment services: Investigating, evaluating, and negotiating settlement of insurance claims on behalf of insurers
  • Claim assessment services: Professionally examining and determining the validity and value of insurance claims
  • Insurance agency services: Acting as appointed representatives to sell insurance products from specific companies
  • Insurance broking services: Independently arranging insurance coverage between clients and multiple insurance providers
  • Insurance consultant services: Providing expert advice on insurance products, risk management, and compliance matters

Exclusions and nearby codes

Certain activities that might seem related are specifically excluded from this classification. Trading in financial assets on behalf of others, such as stock broking activities, falls under ANZSIC 6411 Financial Asset Broking Services. Similarly, businesses providing nominee or trustee services are classified under ANZSIC 6419 Other Auxiliary Finance and Investment Services.

Direct insurance underwriting activities are covered in separate classes within Division K, including general insurance (6310), health insurance (6320), life insurance (6330), and superannuation funds (6331). These distinctions are important for accurate industry reporting and regulatory compliance.

Practical guidance

When registering your business with the Australian Business Register, ensure you select the correct ANZSIC code as this determines your Business Industry Code (BIC) for tax purposes. Insurance service businesses typically require appropriate professional indemnity insurance and may need Australian Financial Services (AFS) licensing from ASIC depending on the specific services provided.

For workers' compensation insurance, your premium calculation will be based on this classification. Keep detailed records of your primary revenue sources as some businesses engage in activities that span multiple ANZSIC classes, and the predominant activity determines the correct classification. Government grant opportunities and industry-specific regulations often reference ANZSIC codes, making accurate classification important for compliance and eligibility.