{"id":45297,"date":"2019-06-28T16:08:20","date_gmt":"2019-06-28T06:08:20","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=45297"},"modified":"2025-09-02T11:33:54","modified_gmt":"2025-09-02T01:33:54","slug":"new-claims-data-to-impact-product-choice","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2019\/06\/28\/new-claims-data-to-impact-product-choice\/","title":{"rendered":"New Claims Data to Impact Product Selection?"},"content":{"rendered":"<div id=\"polls-216\" class=\"wp-polls\">\n\t\t<div class=\"pollHeader\"><strong>Will comparative life company claims data potentially impact your future choice of insurer for your clients?<\/strong><\/div><div id=\"polls-216-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li>Yes <small>(72%)<\/small><div class=\"pollbar\" style=\"width: 72%\" title=\"Yes (72% | 79 Votes)\"><\/div><\/li>\n\t\t<li>No <small>(20%)<\/small><div class=\"pollbar\" style=\"width: 20%\" title=\"No (20% | 22 Votes)\"><\/div><\/li>\n\t\t<li>Not sure <small>(8%)<\/small><div class=\"pollbar\" style=\"width: 8%\" title=\"Not sure (8% | 9 Votes)\"><\/div><\/li>\n\t\t<\/ul><div style=\"text-align: center\"><\/div><\/div>\n\t\t<input type=\"hidden\" id=\"poll_216_nonce\" name=\"wp-polls-nonce\" value=\"390ab60411\" \/>\n<\/div>\n\n<p>Our latest poll asks you to consider whether new data now publicly available on life company claims comparisons may impact your future choice of product solution for your clients.<\/p>\n<p><!--more-->This conversation stems from the release of APRA&#8217;s 2018 Life Insurance Claims and Disputes statistics which provides a comprehensive, dispassionate analysis of how each of the retail insurers, among others, is tracking on key claims metrics (see: <a href=\"https:\/\/riskinfo.com.au\/news\/2019\/06\/28\/apra-releases-world-leading-2018-life-insurance-claims-data\/\" target=\"_blank\" rel=\"noopener\">APRA Releases &#8216;World-Leading&#8217; &#8230;Claims Data<\/a>).<\/p>\n<p>Available on ASIC&#8217;s MoneySmart website (<a href=\"https:\/\/www.moneysmart.gov.au\/tools-and-resources\/calculators-and-apps\/life-insurance-claims-comparison-tool?utm_source=Master+subscriber+list&amp;utm_campaign=5aa3da16ef-EMAIL_CAMPAIGN_2019_06_26_06_54&amp;utm_medium=email&amp;utm_term=0_f588ec9669-5aa3da16ef-4241447\" target=\"_blank\" rel=\"noopener\">click here<\/a>), life insurers are compared across cover types and distribution channels, including the advised channel, on key metrics including:<\/p>\n<ol>\n<li>Percentage of claims accepted<\/li>\n<li>Length of time taken to pay claims<\/li>\n<li>Number of disputes<\/li>\n<li>Policy cancellation rates<\/li>\n<\/ol>\n<p>Here&#8217;s an example of the information available on the MoneySmart website, where the comparison tool only reports data where there are enough insurers and finalised claims to provide a reliable comparison:<\/p>\n<p><a href=\"https:\/\/www.moneysmart.gov.au\/tools-and-resources\/calculators-and-apps\/life-insurance-claims-comparison-tool?utm_source=Master+subscriber+list&amp;utm_campaign=5aa3da16ef-EMAIL_CAMPAIGN_2019_06_26_06_54&amp;utm_medium=email&amp;utm_term=0_f588ec9669-5aa3da16ef-4241447\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-45301\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2019\/06\/190628-ASIC-MoneySmart-Claims-Tables-1.png\" alt=\"\" width=\"862\" height=\"866\" srcset=\"https:\/\/riskinfo.com.au\/news\/files\/2019\/06\/190628-ASIC-MoneySmart-Claims-Tables-1.png 862w, https:\/\/riskinfo.com.au\/news\/files\/2019\/06\/190628-ASIC-MoneySmart-Claims-Tables-1-150x150.png 150w, https:\/\/riskinfo.com.au\/news\/files\/2019\/06\/190628-ASIC-MoneySmart-Claims-Tables-1-300x300.png 300w, https:\/\/riskinfo.com.au\/news\/files\/2019\/06\/190628-ASIC-MoneySmart-Claims-Tables-1-768x772.png 768w, https:\/\/riskinfo.com.au\/news\/files\/2019\/06\/190628-ASIC-MoneySmart-Claims-Tables-1-50x50.png 50w\" sizes=\"auto, (max-width: 862px) 100vw, 862px\" \/><\/a><\/p>\n<p>To what extent might this information, promoted by APRA and ASIC as &#8216;world-leading&#8217;, impact your decision-making on product selection for your clients?<\/p>\n<p>Tell us what you think and we&#8217;ll report back next week&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our latest poll asks you to consider whether new data now publicly available on life company claims comparisons may impact your future choice of product solution for your clients.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8294,49],"tags":[],"class_list":["post-45297","post","type-post","status-publish","format-standard","category-claims","category-polls"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/45297","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=45297"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/45297\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=45297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=45297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=45297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}