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Educate members on insurance products
While rising premiums remain the most pressing issue confronting insurance industry professionals there is growing recognition of the need to better educate superannuation fund members and employers about insurance products.
New research released by major insurer AIA Australia has revealed that nearly half of respondents to a survey conducted during a recent conference had pointed to the need to educate members on life insurance products or the role work could play in rehabilitation with respect to total and permanent disability (TPD) claims.
The survey also suggested strong support for the view that the greatest challenge to implementing a successful rehabilitation program was engaging stakeholders including employers, members and their doctors to participate.
Commenting on the findings, AIA Australia chief executive, Damien Mu said that insurers needed to think more broadly about the ways they managed claims, so implementing rehabilitation programs backed by comprehensive support, training and education for members and employers needed to be a key capability for group insurers.
According to AIA, insurance education also emerged as the primary theme of the survey, with 26 per cent of respondents indicating insurers could best demonstrate their value to super funds by educating their members around the claims process.
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