Geoff Brooks: That’s the communication problem with insurance. I mean we started PDSs and everyone loved them and then we started saying what shall we include about insurance. So we started adding pages and adding pages and adding pages. And now the insurance section is as long as the stuff about the super, you know. So a member looks at it and says, no, don’t trust it. Not that I don’t understand it, I don’t trust it.

Mark Griffiths: Calculators I think is one way of engaging with that section of the population that’s self directed. We did a study of calculators on web sites. We surveyed 100 odd plans. We talked to 79 of them about insurance calculators. Only 21 had an insurance calculator and virtually all of those were just basic, very basic calculators. So there’s really an opportunity for people who do have enough members who are interested in interacting via the web and taking control of these things to develop some good calculators. We also build calculators too.

Michael Bailey: Someone mentioned the ‘Compare the Pair’ television commercials which have been a huge success. Why isn’t there, from an industry perspective, ads about insurance generally?

John Jones: It is something that the Industry Fund Network has on its radar screen for some time in the future.

Geoff Brooks: I think one of the psychological problems to be overcome is the link between superannuation and retirement with young members. I’ve been thinking about removing the word retirement from all our communications to young members because it immediately creates a deferred benefit space of 30 to 40 years.

Frances Magill: We have a good story to tell because if somebody wants insurance, they’ve normally got to pay for it in after tax dollars, and they’ve got to find extra money. Whereas the 9%’s going in, it’s a pre tax dollar and the insurance can come out of that. You don’t have to find extra money. If you want to put the extra in, you put it into your super, then you usually get some co-contribution or some extra just to cover that. So it’s a good story to tell. I don’t know that we’re doing a good job from an industry perspective in selling it like that because we keep trying to separate it.

Michael Bailey: The Industry Super Network has some insurance related ads on the radar at least. Is it going to be possible to produce something as simple as the ‘Compare the Pair’ ads?

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