From innovation to risk specialisation, our recent roundtable examined what’s shaping insurance, explains Melissa Downes.
ANZ Wealth recently sponsored a roundtable discussion with Professional Planner to discuss the way forward for the insurance industry and tackle some of the key challenges it’s facing.
In this three part video series, you’ll hear from industry figures in a frank discussion with ANZ Wealth. Participants were asked their thoughts privately, these were captured in these three informative videos to give you the inside story.
In the first video of the series, when asked about the main challenges and needed improvement in the insurance sector, there was consensus amongst all participants that industry-wide simplification from product through to application was required.
This needs to be weighed up against innovation and providing advice in line with advisers’ best interest duty which you’ll hear more about in the second video.
Finally, we examine the future of risk specialists in our third video and the importance of specialising in this area.
Other issues raised among roundtable participants included claim exclusions on mental health grounds and the imperative to reduce the exclusion period. There was also discussion around the perception in the broader community that life insurance claims were not paid. The call to communicate and educate with the actual figures of claims paid by the industry to counter this was unanimous amongst the group.
There was also universal agreement amongst participants that insurance has an important role in society but there was also recognition that the industry needs to get reform right. “Every challenge gives you an opportunity,” said ANZ Wealth head of life insurance Gerard Kerr.
To hear more about the opportunities in the industry, ANZ Wealth’s white paper Life Insurance: A case for change provides additional insights on the challenges and future opportunities of the life insurance industry in Australia.
Read Professional Planner’s roundtable summary, ‘Which way to cover?’
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