Despite 'shouting' in capitals, which may be inadvertant or perhaps not, Comment of the Week goes to GH.
She or he commented on Bringing life profits back from the dead
, which discussed ways life insurers could boost ailing profits. The adviser Wealth Professional
talked to for the story thought one thing that would help would be to have a concrete definition industry-wide of what a 'lapse' really is.
YOU DON'T SUPPOSE THAT THE MASSIVE AMOUNT OF COVER THAT'S GRANTED, DISCOUNTED AND WITHOUT UNDERWRITING ,TO GROUPS AND SUPERANNUATION FUNDS, AND THE HUGE LAPSE RATES OF ONLINE INSURANCE HAS ANYTHING TO DO WITH POOR PROFITABILITY, DO YOU? AND I'VE YET TO SEE ANY CONSIDERED DEFINITION OF WHAT CONSTITUTES A "LAPSE" - CHANGE OF INSURERS, CONSUMER DRIVEN PROBLEMS LIKE UNABLE TO PAY PREMIUMS, CLAIMS, REDUCTIONS IN COVER, CANCELLATIONS WHEN COVER NO LONGER NEEDED OR REQUIRED? LET'S GET SOME DEFINITIONS IN THE OPEN SO WE CAN SEE WHO "CAUSES" LAPSES AND UNSUSTAINABLILITY...gh