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Paperwork, Compliance Hassles Top Risk Advice List of Challenges

Paperwork and compliance top the list of issues advisers say they face when providing advice on life insurance, according to early findings from the 2017 Investment Trends Planner Risk Survey.

The 2017 survey, which is nearing completion, asked advisers this question:

“What are the most significant issues facing you/your business with regards to providing life insurance advice?”

Asked to select all of the 16 options that applied to the respondent, the most ‘popular’ issue for advisers (58%) was the level of paperwork and administration required to deliver their services. This was followed closely by compliance obligations (56% of advisers), with daylight to the third most significant issue, being high premiums as a result of insurer repricing (37%).

Rated fourth was regulatory uncertainty/increasing regulation (34%), followed by another pricing issue, that of high premiums due to age-related reasons (31%).

Another 11 issues were detailed., all of which rated mentions from the adviser survey respondents. These included issues such as:

  • Demonstrating the value of insurance to clients
  • Finding new clients
  • Negative press around financial planners and insurers
  • Slow/complex claims, application and underwriting processes
  • Competition from direct insurance
  • Limited integration of systems
  • Changing remuneration structures

Riskinfo will report more findings from the 2017Investment Trends Planner Risk Survey as they are released.