March 7, 2017
Is consumer apathy a greater challenge than low levels of trust when it comes to addressing Australia's underinsurance dilemma?
- Yes (84%)
- No (9%)
- Not sure (7%)
In a not-so-surprising outcome to our latest poll, advisers have delivered a clear verdict that consumer apathy trumps the ‘trust’ issue when it comes to solving the Australian underinsurance dilemma.
A resounding 82% of those who have voted in this poll agreed with the suggestion that apathy represents a greater challenge than trust (in the adviser and the sector) when addressing the challenge of underinsurance. 10% of those taking our poll voted ‘no’ to the question, which is only slightly more than the 8% of undecideds.
One detailed and one concise adviser comment seem to contain the grains of thought held by many:
It will never happen to me…
The detailed comment, made by adviser Brian Howard, includes reference to how no logic or argument about the value of life insurance will hold sway unless a consumer has recently had a wake-up call about a friend or family member who has been impacted physically and/or financially or is someone who has always intrinsically believed in insurance.
The other comment also encapsulates an attitude that, while not unique to Australians, seems to be held by a greater proportion of our population: “It will never happen to me.”
Is this your view? If so, what should be done about breaking through this seemingly impenetrable barrier? Or do you hold what would be a minority view in this poll, that the issue of trust in the adviser and the industry is more important and should be addressed first?
Our poll remains open for another week and we’d love to know what you think…