Poll Results – Support for Standardised Trauma Definitions

Advisers have indicated support for the concept of standardising key trauma definitions.

At time of publishing, 59% of poll respondents said they were in favour of standardising key trauma definitions, while 35% were against (5% are undecided).

These results to date are not overwhelmingly in favour of standardised definitions, or the concept.  This suggests that more debate is needed on this subject, and that perhaps opinion may well remain divided.  However, given the majority of feedback is in favour of this concept it does suggest that it may well be time to have the debate.

Responding to this poll topic, 2006 AFA Adviser of the Year, Troy Edmondson, commented that a standardisation of key trauma definitions would encourage insurance companies to raise the level of their support services across administration, underwriting and claims.  The rationale for this point of view is that insurance providers will seek areas other than price in order to differentiate their offerings to advisers and their clients:

“An insurer who excels in these areas will outperform an insurer providing lower premiums but sub-standard services.

Mr Edmondson also suggests that only the top four definitions should be considered for standardising definitions, which would still allow insurers to personalise their product around other definitions.

Further comments on this topic will follow in a special bulletin later this week, which will summarise a number of the key issues stemming from this week’s risk store Mastering the Pipeline Conference on the Sunshine Coast.

If you have yet to add your opinion to the question of standardised trauma definitions, the poll will remain open until next week.  And we will also soon provide access to all previous poll results…