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Retain AALs says specialist panel
Superannuation funds and insurers should seek to maintain automatic acceptance limits (AALs) albeit the criteria could be tightened.
That was the bottom line assessment of a Super Review-initiated discussion panel at the Workplace Super Specialists Association (WSSA) inaugural annual conference in Sydney yesterday during which Energy Industry Super chief executive, Alex Hutchison, said he believed that AALs were a necessary part of the insurance within super equation.
However, both he and Deloitte superannuation specialist partner, Russell Mason agreed that there was room for tightening the AALs in circumstances where they had given rise to problematic outcomes.
Further, Mason suggested it was possible for people to obtain insurance cover across multiple funds by utilising both the AALs and the privacy laws to avoid disclosure.
AON Hewitt principal, Andrea McDonnell said she also agreed that AALs were integral to the success of insurance within super.
While acknowledging the importance of claims handling in the group insurance environment, all three panellists were sceptical about the degree to which a code of conduct for life insurers could succeed in improving outcomes.
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