FSC members fast track flood victims
The Financial Services Council (FSC), representing the Australian Life Insurance industry and its members, has announced it will be fast tracking enquiries and advance-paying policies to those affected by the floods in south-east Queensland and northern New South Wales.
Life cover will be paid in advance on a case-by-case basis, and flood-related inquiries will be fast tracked through all channels with call centre resources boosted, the FSC stated.
Dedicated resources will be allocated to ensure claims are assessed swiftly; members will be proactively identifying customers who live in flood-affected postcodes in anticipation of potential claims; and information updates and contact details will be provided on member websites, according to the FSC.
Also on a case-by-case basis, members will be negotiating special arrangements for premium payments for those undergoing hardship, and negotiating special arrangements in policy administration — including receipt of renewal notices and claims/underwriting documentation, the FSC stated.
The FSC said it is also acting as a centralised contact point for those affected who cannot determine who their insurer is and for local authorities seeking further information.
The FSC urged people affected to contact their financial planner, insurer and superannuation fund to check on their insurance status. The FSC can co-ordinate a search among its members for people who do not know who their insurer is, to establish if policies exist. People wishing to do this will need to provide as much detail as possible and send it to [email protected], the FSC stated.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
