{"id":36126,"date":"2017-02-28T16:21:27","date_gmt":"2017-02-28T05:21:27","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=36126"},"modified":"2017-03-01T07:34:46","modified_gmt":"2017-02-28T20:34:46","slug":"underinsurance-apathy-or-lack-of-trust","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2017\/02\/28\/underinsurance-apathy-or-lack-of-trust\/","title":{"rendered":"Underinsurance &#8211; Apathy or Lack of Trust?"},"content":{"rendered":"<div id=\"polls-177\" class=\"wp-polls\">\n\t\t<div class=\"pollHeader\"><strong>Is consumer apathy a greater challenge than low levels of trust when it comes to addressing Australia's underinsurance dilemma?<\/strong><\/div><div id=\"polls-177-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li>Yes <small>(84%)<\/small><div class=\"pollbar\" style=\"width: 84%\" title=\"Yes (84% | 87 Votes)\"><\/div><\/li>\n\t\t<li>No <small>(9%)<\/small><div class=\"pollbar\" style=\"width: 9%\" title=\"No (9% | 9 Votes)\"><\/div><\/li>\n\t\t<li>Not sure <small>(7%)<\/small><div class=\"pollbar\" style=\"width: 7%\" title=\"Not sure (7% | 7 Votes)\"><\/div><\/li>\n\t\t<\/ul><div style=\"text-align: center\"><\/div><\/div>\n\t\t<input type=\"hidden\" id=\"poll_177_nonce\" name=\"wp-polls-nonce\" value=\"f7f0d7fbaf\" \/>\n<\/div>\n\n<p>Our latest poll asks you to consider the main cause of the nation&#8217;s underinsurance predicament.<\/p>\n<p><!--more-->Research studies, media treatment and anecdotal evidence suggest the life insurance and financial services industry is currently at a low ebb when it comes to trust in the sector by consumers.<\/p>\n<p>The &#8216;trust&#8217; issue has been well-documented and the industry, together with the Government, has been taking serious steps to address this issue. These steps include the introduction of a Life Insurance Code of Practice, the Future of Financial Advice and Life Insurance Framework reforms and the Professional Standards legislation, all of which have and\/or hopefully will, make a positive impact on the perception of the industry in the mind of the consumer, notwithstanding opposition to elements of these initiatives by sections of the industry community.<\/p>\n<p>It has been suggested, however, that apathy is the biggest impediment to more Australians seeking out life insurance and broader financial advice. In our most recently-published industry Round Table discussion conducted in conjunction with the AFA and Zurich, accomplished and experienced advisers appeared to be in general agreement that the biggest roadblock to advisers being able to add value to the 80% of adult Australians who do not seek financial advice is indeed apathy (see: <a href=\"http:\/\/magazine.riskinfo.com.au\/28\/2016-afa-industry-round-table-discussion\/#.WLTwtfLxDgE\" target=\"_blank\">AFA Round Table&#8230;<\/a>).<\/p>\n<h6>&#8230;the greater challenge is finding a way to convince the consumer to come to the dance in the first place.<\/h6>\n<p>Studies have shown that the 20% of Australians who access financial advice hold a high-level of satisfaction with the advice they are provided and trust their advisers to continue to provide them with their wise counsel. The main problem, according to this train of thought, is finding a way for the adviser to sit in front of the client in the first place.<\/p>\n<p>These advisers suggest that it&#8217;s not getting the client to trust them and guide them once they&#8217;re together on the dance floor. Rather, the greater challenge is finding a way to convince the consumer to come to the dance in the first place.<\/p>\n<p>Determining the main reason why Australians mostly shy away from seeking life insurance and financial advice is critically important, as it will naturally inform the industry as to how it should best address the problem and develop a solution or, more likely, a range of solutions.<\/p>\n<p>In your opinion, which issue is more important to address and solve in order to overcome the underinsurance dilemma &#8211; trust or apathy? Or is the issue more complex than simply identifying one issue as more important than another? Both issues are obviously important, but are they equally critical?<\/p>\n<p>It&#8217;s time to hand over this discussion to you, and we&#8217;ll come back to you next week and report what you see as you stand on the balcony overlooking the dance floor&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our latest poll asks you to consider the main cause of the nation&#8217;s underinsurance predicament.<\/p>\n","protected":false},"author":3,"featured_media":36170,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,49],"tags":[4247],"class_list":["post-36126","post","type-post","status-publish","format-standard","has-post-thumbnail","category-general","category-polls","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/36126","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=36126"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/36126\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/36170"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=36126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=36126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=36126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}