July 9, 2019
Our latest poll results suggest life company claims records will impact advisers’ selection of product solution for their clients.
As we go to press, two advisers in three think the new data, which includes comparative life company claims records, will contribute to helping them with their future choice of product solution.
In case you missed our earlier reporting, APRA will now be updating life company claims data every six months (see: APRA Releases ‘World-Leading’ …Claims Data), where comparative analysis at life company level will include metrics on:
- Percentage of claims accepted
- Length of time taken to pay claims
- Number of disputes
- Policy cancellation rates
Not all advisers, however, rate this information in terms of its impact on their future product selection. One adviser’s opinion was summed up in this comment:
“…I’m not making long term protection recommendations based on a company’s fluctuating operational performance today.”
His opinion, though, reflects that of the minority, with most advisers giving their thumbs-up to the potential impact of the data for their future product selection.
As we look forward to monitoring and reporting APRA’s six-monthly claims data updates, our poll remains open for another week if you want to have your say…