Association of Financial Advisers (AFA) chief executive officer Brad Fox has called for a new life insurance awareness campaign after a white paper revealed a huge gap between reality and client perceptions when it comes to claims.
Fox said the industry needed to do something to combat the ongoing issue of under-insurance and lack of awareness, and that the AFA will work with life insurers and financial advisers to develop the next step.
The white paper also has implications for financial advisers and their handling of a claim, Beddoes noted.
"It highlights that most consumers believe that a claim requires a relationship with the insurer and cannot be dealt with in isolation by their financial adviser," the report read.
"This has implications for how financial advisers can facilitate the relationship between the consumer and the insurer to help create an easy and efficient claims process that optimises the outcome for their client."
