Huge potential for insurance advisers

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More than half (65.3%) of Australians don’t have adequate life insurance, and 78.2% of these have no intention of taking out insurance. According to insurance comparison site, 39% of respondents say it is too expensive.

“Surprisingly, the research showed that 41% of respondents were unaware of the pitfalls of not having life insurance,” said publisher Fred Schebesta. “Australians need to be aware of the consequences of not having life insurance and what this will mean for their loved ones in the event of their death.”

The Plan for Life/AFA 2012 Life Company of the Year awards celebrated firms that had tapped into this market and promoted the importance of life insurance to consumers, this week. The AFA launched new service awards this year in conjunction with RiskInfo and the Beddoes Institute to place more focus on the adviser experience in dealing with the claims, underwriting and business development teams. 

Fox said that life companies were taking the needs of advisers and their clients seriously and the judging process was also recognizing the impact companies could have on the productivity of advisers and their practices.

“The new awards ensure that the adviser experience is measured and celebrated,” he said. “As the conduit between the client and the insurer, it is right that we celebrate the excellence demonstrated by those companies that are best at interacting with advisers in the critical areas of underwriting, claims and business support.”