Group insurance summit

Investment Strategy

AustralianSuper spends to save on premiums

Sustainable group insurance is a scale game that needs significant resources, Richard Weatherhead, head of group insurance at AustralianSuper, told delegates at the Group Insurance Summit. He revealed how in the fund’s bid to weather a storm of rising claims, lawyer intervention in such claims and higher premiums it had raised the numbers employed in […]
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

QSuper sees insurance claims involving lawyers fall

Insurance claims at QSuper involving legal representation has fallen across all types of claim since 2013 due to higher member service levels. Legal representation in income protection claims fell from 4.1 per cent in FY2013 to 1.9 per cent in FY2015, while involvement in death claims fell from 3.3 per cent in FY 2013 to […]
Investment Strategy

Widespread call for hybrid TPD/IP insurance cover

Funds, insurers and consultants are calling for the creation of an insurance product that sits half way between TPD cover and income protection. Speakers and delegates at the third annual Conexus Financial/ AIA Group Insurance Summit, held in Sydney, found common accord not only that TPD was a major cause of soaring premiums, but it […]
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

Funds can make impact in cutting chronic diseases

Funds and their insurers should play a bigger role in helping to prevent chronic diseases that stem from poor lifestyle and dietary choices, according to leading health experts at the Group Insurance Summit. Kerry Doyle, chief executive of the Heart Foundation NSW, said Australia had reached a “tipping point” in obesity, which compelled change across […]
Investment Strategy

TPD lump sums failing members’ mental health

People suffering mental health issues are being let down by a lump sum system that provides little to no incentives or support to return to work, industry delegates heard at the Group Insurance Summit. Michael Rooney, deputy chief executive Media Super, said there is a “clear problem” in having a product design that discourages people […]
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