Educating consumers on advisers’ insurance help
ClearView has released a booklet of customer reviews to highlight the benefits of life insurance advice and urge the industry to share their success stories, amidst Treasury’s Quality of Advice Review.
Featuring testimonials from ClearView customers, ‘Claims at ClearView: What our customers say about us’, showcased the value that financial advisers could add, particularly at claim time.
According to Simon Swanson, ClearView managing director, it was up to the financial services community to educate consumers, policy makers and regulators about the value of professional advice and the difference it makes in peoples’ lives.
“Educating the community about the value of life insurance is a core part of ClearView’s customer engagement strategy. The industry has historically struggled to clearly articulate the tangible value it adds but it’s on full display during claim time,” he said.
“That looks like helping a client in desperate need complete and lodge a claim application, arrange doctors’ appointments, liaise with insurers and, ultimately, telling them that their claim has been accepted.”
Using the power of storytelling, nine ClearView customers shared their experience getting life insurance and, ultimately, claiming on their policy, after suffering an unexpected accident, injury or illness. Of the nine customers, seven had a claim paid in the last 24 months including five in the past year.
The booklet included customer reviews from Suzanne, who lost her husband of 50 years, Laurence, to pancreatic cancer in 2021; Greg who had terminal cancer and had been given roughly five years to live; and Stuart who was recently diagnosed with Lewy Body Disease.
“Life insurance advice and the impact of the Life Insurance Framework are key focus areas of the Quality of Advice Review, which creates a unique opportunity for life insurers and financial advisers to get their clients to advocate for them,” Swanson said.
“Customer reviews are extremely powerful and if we don’t talk about our successes then no one else will.”
The release followed ClearView’s submission to the Quality of Advice Review, which petitioned for no further adverse changes to life insurance commission caps.
Last month TAL that advisers needed to improve their emotional intelligence skills to help consumers who were going through a life insurance claim.
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