AXA is set to launch a risk learning program that will attempt to go someway to addressing the underinsurance problem in Australia by means of adviser education.
By helping to educate advisers it will generate a better understanding of life insurance for the consumer, AXA head of individual insurance Stephen Rosengren said.
“Our view is that if we can help educate and help advisers grow their business, by default those messages will start to get out,” Rosengren said.
“It won’t solve the underinsurance problem in Australia, but certainly it will aid in reducing some levels of that through the advice process.
“If we can better educate the market, whether it be at the adviser level or at the consumer level, the greater awareness should lead to people better understanding the products that we offer and why they’re important in terms of their lifestyle and certainly in terms of their financial risk management.”
The series of workshops consist of 10 modules and will run over a period of six months from May to October.
Module topics range from ‘what is insurance’ and ‘why is it important’ to how the selling process works and how to engage a client and ensure they understand the need for insurance, Rosengren said.
The program also tackles the issue of dealing with grief when a claim comes through.
“You are going to sell the insurance, there is going to be that inevitable time when a claim does come through, it is going to be difficult … understanding what the person you’ve sold insurance to is going through at that particular stage.
“It’s a bit like the old saying, until you’ve been through it you don’t really know what to expect.”
Rosengren said this was especially important with younger planners being encouraged to join the industry.
“There’s a fair chance that a lot of those [recruits] haven’t had to deal with the grief cycle on a personal level, but if they work within this industry then that’s reality, you will have to go through that stage along the way,” Rosengren said.
“It’s putting the right people in there so that the right message and professional message is put across,” Rosengren said.
The program is initially aimed at around 100 AXA and non-AXA aligned advisers nationally. It will begin in Perth next week.
