Push for common risk forms
Risk insurance advisers have thrown their support behind a push for the adoption of a common risk insurance application form being spearheaded by Associated Planners risk products marketing manager Col Fullagar.
The generic application form, if approved and adopted by risk insurance companies, would cover the medical, occupational and pursuits details required in applications.
Fullagar says the standard form would not replace those produced by risk insurance companies. Instead, it would be used alongside existing forms, with the standard form used in typical cases while company specific forms employed for clients with particular insurance needs.
According to Fullagar, risk insurers believe the application form is a strategic product, yet advisers who have been contacted regarding the use of a common form have instead asked for simplicity and uniformity in the documentation they must use.
Fullagar says the idea has not been supported in the past by risk insurers. However, plans are in place to create an industry group comprising insurers, reinsurers and advisers to investigate the creation of a common form.
Fullagar says risk insurance consultant Sue Laing, from Laing Advisory, has agreed to head the panel which would drive the process. The panel would need to move on the issue before too many risk insurers commit to electronic forms, which would be incompatible with a common application form.
AUTHOR
Jason Spits
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