Group insurance knowledge deficit
Fewer than 20 per cent of superannuation fund members are likely to understand the insurance cover the receive as a result of belonging to a fund, according to the latest Pillar/Super Review survey conducted during the recent Conference of Major Superannuation Funds (CMF).
Suggesting that both superannuation funds and insurers need to do more to inform their members about their insurance cover, the survey revealed that nearly half of all respondents to the survey believed that fewer than 20 per cent of their members understood their insurance cover.
What is more, a further 32 per cent of respondents believed it was likely that the number of members who understood their insurance cover stood between 20 per cent and 40 per cent.
The problem for the superannuation fund and their insurers is that in the nearly four years that Super Review has been asking survey questions about the level of member understanding of insurance, there has been no discernible improvement in the data.
The same question asked at the same conference in 2013 resulted in only an almost identical response.
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