A survey of senior insurance personnel at the FSC Life Insurance Conference has found increased education regarding life insurance is integral to ensuring clients understand their policies.
The survey, sponsored by software firm DST, asked over 300 “senior life insurance leaders” to comment on the state of the industry’s progress following the numerous reviews and inquiries into the industry in the last nine years, DST said in a statement.
One of the themes to emerge from the survey was the importance of client engagement and education in helping clients to “choose and manage their policies”.
“In her speech to the FSC conference, [FSC chief executive Sally Loane] expressed the view that the industry needs to get better at ‘telling our story’,” the statement said.
“She believes there is a need for the industry to engage and educate consumers, as well as share positive facts and figures about the industry.”
Further, the data from the survey found a majority of insurance executives (72 per cent) believed the next iteration of the Life Insurance Code of Practice (which will enter consultation towards the end of the year) should focus on clarity.
A further 29 per cent of survey respondents said policy design and disclosure should be a focus of the new version of the code of practice.
“The industry seems well aware that, when it comes to life insurance, Australians need more education, advice and support that will help them choose and manage their policies,” the statement said.
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