The majority of advisers believe the publicity and confusion surrounding general insurance claims stemming from the January 2011 floods has had a negative impact on Australia’s life insurance industry.
Responding to our question:
Has consumer perception of Australia’s life insurance industry been adversely impacted by fallout from the Queensland floods?
57% of respondents agree with this question. The remaining 43% of advisers either disagree or are not sure, meaning opinion is divided.
While the main focus for many advisers is centred on maintaining and growing their practice and/or the end of financial year rush, the ongoing issues associated with the public perception of the life insurance industry remain.
This less than favourable perception relates not just to ‘insurance advisers’ but includes a perception by the public (if mainstream media opinion reflects the public mood) that life insurance companies, or at least the more broadly-termed ‘insurance companies’ are not on the side of those who need their help. This perception appears to have been reinforced by the fallout from the January floods.
Addressing and correcting this perception is a challenge for all sectors of the life insurance industry.
Our poll remains open and we welcome your opinions about this issue and what it will take to improve the public perception of the value of the life insurance industry in Australia…
This is yet another example of the lack of community awareness as to what it is we do.
Why would the situation regarding general insurance claims due to the floods have any bearing on the reputation of life insurance advisers other than for the public misconception that both life and general insurance matters are handled by the same companies and advisers?
These results are not surprising.
Most “life insurance companies” also offer general insurance so I can see how the general public perceives these companies. Public perception could have been improved if a particular insurance company came out early saying that it would pay (within reason) for most of the claims during the Queensland floods.
Life Blogger
http://www.lifeinsuranceblog.com.au
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