Insurance Watch<\/a> claimed that consumers wanted faster payment of claims as well as more communication about the claims process.<\/p>\nInsurance Watch Managing Director, Wally Ripper<\/strong> said the reviews, on which the analysis was based, were provided by current Term, TPD, Trauma and Income Protection insurance policyholders, with the leading cause of complaints within the reviews related to the treatment of claims.<\/p>\nAccording to Insurance Watch, the most critical reviews came from policy holders whose claim had been declined but even those with successful claims were critical of long payment delays and the volume of documentation required by insurers.<\/p>\n
\u201cThe Royal Commission emphasized the need for life insurance companies to meet community standards and expectations,\u201d Ripper said, adding \u201cInsurers would therefore do well to listen to this feedback about their claims processes\u201d.<\/p>\n
The reviews also found that consumers disliked\u00a0large premium increases, lengthy wait times when contacting an insurer by phone, and being passed between multiple insurance company representatives, with Ripper adding, “The reviews reveal that if a consumer receives poor customer service from an insurer, they are likely to assume they will also have a poor claims experience”.<\/p>\n
\u201cThe message for insurers is that they shouldn\u2019t take policyholders for granted. Today\u2019s consumers expect more than just a renewal notice each year.\u00a0 And at claim time they want fair and fast payment,” he added.<\/p>\n
Areas in which some insurers received positive reviews included:<\/p>\n
Clear and regular communication<\/p>\n