Category | Claims

Integrated Data Tools to Speed Claims Process

Health care services facilitator Unified Healthcare Group (UHG) has partnered with a claims management software provider to greater access to medical information and records to reduce the time required to process a life insurance claim. (more…)

Continue Reading
0 · December 11, 2018 in Claims, Technology  

Claims Processing Still Too Slow For Policyholders

Further work needs to be done to increase the speed of the processing of life insurance claims, according to a number of consumer reviews collated by an online insurance comparison and information website. (more…)

Continue Reading
1 · December 11, 2018 in Claims, Products, Services  

Consumers Unwilling to Subsidise Genetic Test Affected Premiums

Around 50 percent of consumers believe life insurance premiums should be based on the likelihood of making a claim but nearly two third have rejected the idea of paying higher premiums to subsidise people with an adverse genetic test result, according to the FSC. (more…)

Continue Reading
1 · December 9, 2018 in Associations, Claims  

OnePath Named as Consumer’s Choice

OnePath has been named as the leading life insurer among consumer policy holders and claimants at the third annual Consumer Choice Awards. (more…)

Continue Reading
0 · November 16, 2018 in Associations, Claims, Conferences and Events, Products  

Revised FSC Life Code to Cover All Distribution Channels

The Financial Services Council (FSC) has released a draft of the second version of its Life Insurance Code of Practice (LICP) which it intends will apply to all distributors of the products of a life insurer. (more…)

Continue Reading
0 · November 13, 2018 in Associations, Claims, Compliance & Regulation, Products, Remuneration, Services, Underwriting  

PJC Rejects Proposal for Insurer Funded Rehabilitation

A proposal to allow life insurers to pay for treatments not covered by health insurance or Medicare has been rejected by a Parliamentary Joint Committee (PJC), which claimed it could create conflicts of interest and may disadvantage consumers. (more…)

Continue Reading
0 · October 25, 2018 in Associations, Claims, Products, Services  

APRA to Release Insurer-Specific Claims Data in 2019

Consumers will have access to insurer-specific information relating to the claims and disputes by early 2019, according to APRA, which has released the final version of its reporting standard to the life insurance sector. (more…)

Continue Reading
1 · October 25, 2018 in Claims, Compliance & Regulation, Products  

Royal Commission Does Not Understand Risk Advice – AFA

The AFA has claimed the Financial Services Royal Commission has not fully understood the nature of financial advice, nor the role of commissions in the remuneration of adviser, and will push to improve the latter’s view of these issues. (more…)

Continue Reading
2 · October 2, 2018 in Associations, Claims, Compliance & Regulation, Products, Remuneration, Services  

Royal Commission Questions Ongoing Use of Life Insurance Commissions

The Banking Royal Commission has questioned why life insurance commissions should remain as a carve-out to the conflicted remuneration provisions of the Corporations Act and why they should not continue to be reduced to zero. (more…)

Continue Reading
13 · September 26, 2018 in Claims, Compliance & Regulation, Products, Remuneration, Services  

Insurers Report Code Breaches But No Sanctions

The body tasked with enforcing the FSC’s Life Insurance Code of Practice (LICP) made no sanctions against any life insurer in its first year, despite being aware of 25 breaches of the Code and receiving more than 700 breach allegation referrals. (more…)

Continue Reading
0 · September 25, 2018 in Associations, Claims, Compliance & Regulation, Products, Services