APEX InsightsInsurance > What’s shaping insurance? We ask industry veterans to examine the industry

Clockwise from left: Roundtable participants included Darryl Pereira, TurksLegal, Gerard Kerr, OnePath, and Ben Marshan, Financial Planning Association of Australia, facilitated by Kate Cowling.

18 May 2018

Advice leaders discuss the big insurance issues

From innovation to risk specialisation, experts examine what’s shaping insurance. By Melissa Downes.

OnePath 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 OnePath. Participants were asked their thoughts privately, these were captured in these three informative videos to give you the inside story.

  1. 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.
    Watch video now
     
  2. 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.
    Watch video now
     
  3. Finally, we examine the future of risk specialists in our third video and the importance of specialising in this area.
    Watch video now

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 OnePath head of life insurance Gerard Kerr.

Read Professional Planner’s roundtable summary, Which way to cover?

 


Related Articles

INSURANCE

How risk products are priced

March 2017


 

This material is intended for the use of financial advisers only and is distributed by OnePath Life Limited (OnePath Life) (ABN 33 009 657 176, AFSL 238341).

The information, opinions and conclusions in articles ("information") are current as at the date articles are written as specified within but are subject to change. The articles are provided and issued by OnePath Life unless another author is specified in the article, in which case it is provided and issued by that author. The views expressed are those of the authors only and do not necessarily reflect the opinions or views of OnePath Life, its employees or directors. Whilst care has been taken in preparing this material, OnePath Life and its related entities do not warrant or represent that the information is accurate or complete. To the extent permitted by law, OnePath Life and its related entities do not accept any responsibility or liability from the use of the information.

The information is of a general nature and has been prepared without taking into account a potential or existing investor’s objectives, financial situation or needs. Investors should consider whether the information is appropriate for them having regard to their objectives, financial situation or needs. For any product referred to above, OnePath Life recommends that investors read any relevant offer document or product disclosure statement and consider if the product is appropriate to them. For products issued by OnePath Life, these documents are available at www.onepath.com.au.

Past performance is not indicative of future performance and any case study shown is for illustrative purposes only. Neither are a prediction of the actual outcomes which will be achieved. Where tax or technical information is included, the information is our interpretation of the law and does not represent tax advice. An investor is advised to obtain professional advice relevant to their individual circumstances.