{"id":32789,"date":"2016-03-22T17:18:03","date_gmt":"2016-03-22T06:18:03","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=32789"},"modified":"2016-03-23T10:52:03","modified_gmt":"2016-03-22T23:52:03","slug":"senior-insurers-call-for-consistency-between-firms","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2016\/03\/22\/senior-insurers-call-for-consistency-between-firms\/","title":{"rendered":"Senior Insurers Call for Consistency Between Firms"},"content":{"rendered":"

Standard definitions may be a useful step forward for consumers but an increase in plain language communication and less technical complexities would be widely received according to the heads of two life insurance companies.<\/p>\n

\"MetLife's<\/a>
MetLife’s Australian CEO, Deanne Stewart<\/figcaption><\/figure>\n

Speaking at the recent Financial Services Council Life Insurance Conference in Sydney, Metlife Insurance, Chief Executive, Deanne Stewart<\/strong> said there should be more standard definitions to remove confusion between insurers and consumers.<\/p>\n

\u201cWe all have different definitions and use different medical codes which is not only confusing for us and our staff but very confusing from a customer perspective,\u201d Stewart said.<\/p>\n

\u201cI believe we should have more standard definitions. Also the way we collect data in the underwriting and claims process would really help both consumers and us in terms of understanding the risks and natures across the industry.\u201d<\/p>\n

\u201cWhat I would say in creating the standard definitions is that we don\u2019t do that on our own but do that with customers in real customer language”<\/h6>\n

\u201cWhat I would say in creating the standard definitions is that we don\u2019t do that on our own but do that with customers in real customer language because the events of the last week have shown just how technical that nature is, so much so that a lot of us in the industry don\u2019t understand the underlying definitions.\u201d<\/p>\n

While ANZ Group, Australia Wealth \u2013 Managing Director, Alexis George<\/strong> was unsure whether insurers competed on standard definitions she agreed with the need to tackle the complex language in life insurance directed at consumers.<\/p>\n

\u201cWe absolutely have to do something about the technical language we use. I like to think I am a reasonably intelligent woman but some of these things are well beyond my mental capability. If we can\u2019t understand it in this room, then how can a customer understand it,\u201d George said.<\/p>\n

\u201cWe are not an easy industry to deal with. Print a TPD claims form in your area and attempt to go through it yourself and you\u2019ll get a sense of that.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Standard definitions may be a useful step forward for consumers but an increase in plain language communication and less technical complexities would be widely received according to the heads of two life insurance companies.<\/p>\n","protected":false},"author":3,"featured_media":32801,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241,4,5],"tags":[4247],"class_list":{"0":"post-32789","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-conferences-and-events","8":"category-products","9":"category-services","10":"tag-feature"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/32789","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=32789"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/32789\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/32801"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=32789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=32789"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=32789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}