Claims handling key for life insurer
In survey results which will come as no surprise to life/risk advisers, clients have been found to dislike large premium increases and poor claims handling but to appreciate good communication and faster payment of claims.
The survey, conducted by the Insurance Watch website, looked at client reviews of insurers in the life insurance sector, and noted that the largest number of complaints related to the treatment of claims, particularly where long payment delays were involved.
The survey pointed to insurers getting better marks from clients when they delivered clear and regulator communications, allowed clients to speak to a real person, allowed them to access policy details online and delivered well-priced cover.
“What reviewers disliked were large premium increases, long waits on the phone, not being called back and being bounced from consultant to consultant,” Insurance Watch managing director, Wally Ripper said.
The web site judged the top three life insurance companies in 2018 to be:
- ClearView
- AIA
- OnePath
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
