{"id":35111,"date":"2016-10-25T21:05:56","date_gmt":"2016-10-25T10:05:56","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=35111"},"modified":"2025-09-02T11:34:31","modified_gmt":"2025-09-02T01:34:31","slug":"latest-poll-publish-decline-rates","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2016\/10\/25\/latest-poll-publish-decline-rates\/","title":{"rendered":"Latest Poll &#8211; Publish Decline Rates?"},"content":{"rendered":"<div id=\"polls-173\" class=\"wp-polls\">\n\t\t<div class=\"pollHeader\"><strong>Should ASIC publish details of individual life company claims decline rates?<\/strong><\/div><div id=\"polls-173-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li>No <small>(46%)<\/small><div class=\"pollbar\" style=\"width: 46%\" title=\"No (46% | 85 Votes)\"><\/div><\/li>\n\t\t<li>Yes <small>(42%)<\/small><div class=\"pollbar\" style=\"width: 42%\" title=\"Yes (42% | 77 Votes)\"><\/div><\/li>\n\t\t<li>Not sure <small>(12%)<\/small><div class=\"pollbar\" style=\"width: 12%\" title=\"Not sure (12% | 23 Votes)\"><\/div><\/li>\n\t\t<\/ul><div style=\"text-align: center\"><\/div><\/div>\n\t\t<input type=\"hidden\" id=\"poll_173_nonce\" name=\"wp-polls-nonce\" value=\"8af951cb62\" \/>\n<\/div>\n\n<p>Our latest poll asks whether you think the proposed publishing of individual life company decline rates would be a positive for the industry and for the consumer.<\/p>\n<p><!--more-->Last week, we reported details of to <a href=\"https:\/\/riskinfo.com.au\/news\/2016\/10\/12\/direct-insurance-to-be-reviewed-as-asic-finds-claims-issues\/\" target=\"_blank\">ASIC&#8217;s life insurance claims industry review<\/a>. In its report, the regulator indicated one of its future actions would be to link with the Australian Prudential Regulation Authority to establish a new public reporting requirement for life insurance industry claims data and claims outcomes.<\/p>\n<p>ASIC noted the public release of decline rates would serve to inform consumers to assist them in their choice of insurer to cover their life insurance needs.<\/p>\n<p>While this proposal appears to be well-intended, it has drawn immediate opposition from the risk store&#8217;s <strong>Sue Laing<\/strong>, who is one of the life insurance industry&#8217;s respected stakeholders and a best practice expert in all elements related to the life insurance claims process.<\/p>\n<h6>&#8230;this inevitable competitive environment will lead to insurers accepting some claims they might normally reject<\/h6>\n<p>The basis of Laing&#8217;s opposition to the public release of individual life company claims decline rates is that it will spark a race by insurers to the bottom to achieve the best (lowest) claims decline rates (see: <a href=\"https:\/\/riskinfo.com.au\/news\/2016\/10\/25\/warning-to-asic-on-danger-of-releasing-insurer-claims-decline-rates\/\" target=\"_blank\">Warning to ASIC on Danger of Releasing Insurer Claims Decline Rates<\/a>). Laing says this inevitable competitive environment will lead to insurers accepting some claims they might normally reject, simply to achieve a better rating. This in turn would inevitably lead, according to Laing, to an affordability issue created by the necessity for insurers to increase premiums to accommodate a future in which a historically higher proportion of claims would be paid.<\/p>\n<p>Laing&#8217;s &#8216;unintended consequences&#8217; argument appears to make sense. But it&#8217;s now over to you to provide your own take on this question. Add your vote and make your voice heard&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our latest poll asks whether you think the proposed publishing of individual life company decline rates would be a positive for the industry and for the consumer.<\/p>\n","protected":false},"author":3,"featured_media":35152,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8294,8,49],"tags":[4247],"class_list":["post-35111","post","type-post","status-publish","format-standard","has-post-thumbnail","category-claims","category-compliance-regulation","category-polls","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/35111","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=35111"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/35111\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/35152"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=35111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=35111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=35111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}