Fewer complaints from advised life claims: ANZ

In its submission to the parliamentary inquiry into the life insurance industry, ANZ said an overwhelming majority of claimants with retail life insurance are supported by a financial adviser.

“We experience significantly less complaints where a financial adviser is involved in the claims process,” the submission said.

“Customers who have retail insurance would be encouraged to continue to engage the services of their adviser when making a claim.”

ANZ also said it would support a proposal for an independent claims assistance service for life insurance, funded by the life insurance industry and super trustees.

“We appreciate that some customers may have difficulty with the claims process or will have particular requirements when a claim is made,” the submission said.

“An independent, industry-funded service could assist claimants (many of whom do not have an adviser) through the claims process from initiation to decision.”

AIA Australia also showed support in its submission for an independent claims assistance service.

It said that such a service would be particularly useful for those insured through direct channels, noting that “they do not have the advocacy services provided by superannuation trustees, or financial advisers, to assist them in the same manner as the other channels”.

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].