CommInsure has named the three independent members who will serve on its Claims Review Panel, which was formed in response to allegations of claims mishandling.
In a statement, the insurer said it appointed Justin Malbon, who is a consumer representative on the Investments, Life Insurance and Superannuation panel for the Financial Ombudsman Service and a former member of the Superannuation Complaints Tribunal.
It also appointed Stan Goldstein, an associate professor in Public Health and Community Medicine at the University of NSW, as well as Chris McRae, who serves as a board member at the Financial Ombudsman Service and was previously the chief legal officer at AMP.
The Claims Review Panel was formed in response to the insurer's commitments to strengthen its decision-making processes and provide an additional layer of assurance for complex claim assessment, the statement said.
CommInsure also said the panel will be used whenever its claims committee recommends a complex life insurance claim to be declined, and will consist of at least of two of the independent panel members as well as CommInsure managing director Helen Troup.
"We remain absolutely focused on doing the right thing by our customers and the appointment of these independent experts further strengthens our decision-making processes for complex claims," Ms Troup said.
Other panel members will be appointed over coming weeks, and a sub-committee of the CommInsure board comprised of independent non-executive directors will monitor the outcomes of the panel, the statement said.
It further added that the CommInsure board has been working with ASIC in seeking to appoint a new independent expert to oversee a review program focused on past denied claims, with a decision expected to be finalised in the coming weeks.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 16 Nov 2018Government sets $51m to pursue misconductBy Eliot Hastie
- 16 Nov 2018The financial advisers most people don’t read aboutBy James Mitchell
- 16 Nov 2018Clients expect advisers to understand their situationBy Eliot Hastie
- 16 Nov 2018Retirees hit hardest by franking credit changes, says FSCBy Sarah Simpkins
- 16 Nov 2018Trust in advice more important than everBy Stephanie Aikins
- 15 Nov 2018We’ll lose advisers through FASEA but it’s necessaryBy Adrian Flores
- view all