When group life insurance was embedded within superannuation, there were clear distinctions between funds within an occupational member recruitment model. Mergers have made fund members more heterogeneous, meaning there is less similarity around roles performed and associated. This session discussed the implications for delivering group insurance as funds draw members across various ages, employment types and risk factors.
The insurance industry has found success in shifting from just paying claims to rehabilitation programs that get as many people back to work as possible. Now its attention is turning to prevention program and reducing the incidence of insurance claims in the first place.
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