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APRA’s update on life insurance claims shows a rise in claims acceptance, falling claims time frames and high loss/claims ratios, particularly in group insurance.
In advocating for the passing of the Protecting Your Super and Putting Members’ Interests First bills, numerous decision-makers and thought leaders external to the industry indicated they didn’t recognise the value provided by default insurance in super.
Twenty years since the organisation’s founding, Fund Executives Association Ltd (FEAL) continues to empower its members to demonstrate and develop leadership in an industry undergoing rapid transformation.
The cooperate watchdog's report into TPD claims has finally landed with ASIC applying a blowtorch to bad practices and products.
As insurance companies grow, so too does the amount of claims they receive. Ultimately, this is a positive thing: more claims doesn’t necessarily indicate that more people are becoming sick or getting injured, but that increasing numbers are taking the time to assess their insurance needs, take out cover appropriate to their situation, and become better informed about what they might be eligible to claim for.
The government has negotiated the Putting Members First Bill with crossbenchers, who were concerned about the loss of valuable insurance for workers in high-risk occupations who may not be able to get cover elsewhere.
The corporate watchdog proposes to cut the time for decision-making on an IDR complaint to 45 days for superannuation disputes.
Whether manifesting as anxiety, depression or stress, periods of psychological ill-health can affect virtually anyone. Often these instances are temporary and circumstantial, occurring in response to difficult life events and subsiding naturally enough with time, self-care and the support of loved ones. For many, however, debilitating mind-sets persist and sources of support aren’t always at hand.
