Service as critical as pricing in insurance
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Premium pricing is no longer the single most critical issue for superannuation funds looking to issue tenders for their group insurance needs.
The Conference of Major Superannuation Funds in Brisbane was told by Industry Funds Services' insurance broking principal of group risk, Nick Galanakis, that service delivery was now regarded as being an equally key issue.
"Premium price is no longer the big issue, but sustainability of premium price is certainly an issue," he said.
Galanakis said if an insurer could not sustain its premium price then this was ultimately reflected in a diminution in services.
"If insurers are not making the right return on capital then services are affected," he said.
Hannover Life Re senior marketing actuary Rod Berry said trustees should regard price as important but not the only issue.
AUTHOR
Mike Taylor
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