Investment Strategy

Insurance claimants give sobering feedback

The group insurance industry had a wake-up call at the 4th annual Group Insurance Summit yesterday, hearing from claimants about the slow, drawn out, and impersonal claims process and the debilitating experience it can prove to be. At age 32 Jay Allen, a former TWU Super member, was diagnosed with melanoma. An initial claim in […]
Investment Strategy

The impact of reinsurance on product design

Over the past few years several direct insurers and reinsurers have exited the superannuation market in Australia over high claims and concerns over poor data, which has done little to help the reduced but still persistent life underinsurance gap. This exit has caused a lack of capacity, particularly reinsurance capacity, and is the biggest problem […]
Investment Strategy

Bernie Ripoll and AIA call for innovation on group insurance

The shadow minister for financial services and superannuation, Bernie Ripoll, and chief executive of AIA one of Australia’s largest insurance providers, Damien Mu, called on the group insurance industry to continue its path of innovation in finding solutions to the challenges in the industry. In his opening remarks at the Conexus Financial/AIA Group Insurance Summit, […]
Investment Strategy

Michael Dwyer calls for industry unity to save group cover

The survival of group insurance depends on funds, trustees, regulators and insurers working as a team, says Michael Dwyer, chief executive of First State Super, as none individually has the answer. The risk is that the youngest and healthiest members will exit insurance cover in response to large hikes in premiums, impacting further on the […]
Investment Strategy

Innovation the key to insurance sustanability

The group insurance market in Australia is under the spotlight. We are seeing a period of rising claims and premiums, increased regulatory requirements and heightened solicitor involvement. Recent media reports have questioned the sustainability of the current group insurance market in Australia. The word sustainability is something that gets talked about a lot. In fact, […]