Advisers must be aware of the ‘perception gap’ that exists in the minds of Australians in order to\u00a0assist them in \u00a0tackling the underinsurance gap, according to reinsurer, Swiss Re.<\/p>\n
Addressing the recent IFSA Life Insurance Conference, Swiss Re ‘s Managing Director, Life & Health, David Gott<\/strong>, said the Global Financial Crisis appears to have opened the minds of\u00a0many Australians to the need to address their financial future, but warns there is a gap between what consumers believe they need, compared with what they actually need in order to\u00a0secure their future and that of their family.<\/p>\n According to Mr Gott,\u00a0key messages stemming from the firm’s Insurance Report 2009 include:<\/p>\n The report also suggests that although the GFC is being seen as\u00a0a trigger for action, many Australians are thinking about it,\u00a0some are making plans, but few are actually taking material steps to address their financial future.<\/p>\n Another\u00a0key message is that when\u00a0consumers do take steps to address their financial future, financial advisers rate below all of the following sources when it comes to accessing financial information:<\/p>\n While the\u00a0challenge for adviser is to\u00a0 find a way to engage with this growing number of prospective clients\u00a0in the first place, and then to address issues of perception about\u00a0their medium to long term needs, another Swiss Re report, the Swiss Re Survey of Risk Appetite Asia-Pacific 2009, indicates that the importance of word of mouth has declined and the use of financial planners as a source of financial information is increasing.<\/p>\n\n
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