Westpac’s wealth management arm BT Financial Group says an independent review of its denied total and permanent disability (TPD) claims revealed “no material or systemic issues”.
BTFG said in a statement that the review found that its TPD claim denials were “evidence based” and "transparent”, and that “there were no material or systemic issues identified”.
The review was conducted by an independent legal firm with oversight from EY, and confirmed that "no TPD claim had been incorrectly denied", BTFG said.
The independent review aimed to investigate BTFG’s denied 141 TPD claims over a three-year period that were disclosed to ASIC as part of its own life insurance review.
ASIC announced its review in March last year and released the results in October without revealing the names of the insurers.
BTFG general manager insurance Sue Houghton said the review highlights the need for standardised reporting and increased transparency.
“We have been open about our claims data, this review and the outcome,” she said.
“We strongly believe the same level of transparency is needed across the industry so consumers are not misled by confusing and misleading headlines.
“All insurers need to report claims outcomes using common definitions and data to help restore consumer confidence in an essential financial product for many Australians.”
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].
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