Advisers underrated at claim time

Mike Sayer, Senior advisor recently presented on Making a Claim
at the AFA conference in QLD

Mike Sayer’s presentation at the AFA Conference was reported by the Financial Standard:

Financial advisers must recognise they are the key conduit between clients and life insurers; otherwise the experience at claim time could be unfavourable to all parties.

Succession Matters insurance and estate planner Mike Sayer said advisers who accept the conduit role at claim time, and can identify varied aspects and approaches, will “make a difference.”

“In recent times there has been considerable negative commentary around life insurers and their approach to claims.  Much of this overlooks the role that advisers can play, and in many cases do play, in ensuring that the claims process meets the insurance promise,” Sayer said.

“Making a claim often results in considerable anxiety for an insured in the event of disability and for their family in event of death.

“Advisers can add a meaningful and significant dimension as an advocate for the insured at claim time by ensuring that all requirements of the insurer are provided in a timely manner and minimising anxiety and concerns about the payment of benefits.”

The Perth-based consultant will present at the AFA 2017 National Adviser Conference where he’ll use a claim story to pinpoint the several aspects of a claim and the processes that an adviser can adopt to make a difference, both for the insured and the insurer’s claims management.

Also speaking at the Claims and the Role of the Adviser session is TAL head of retail claims Sandra Hill and Henderson Ross & Co senior partner Tim Ross.

Hill said managing a client’s claim is a key competitive advantage to retail advised life insurance, and there is evidence to show that claimants can have a better experience when their adviser is involved.

She said advisers will come away from the session with a Best Practice Claims Management Guildeline that they can integrate into their own businesses.

“This session aims to give risk advisers guidance around the role of the adviser in the life insurance claims process and practical tips on how advisers and insurers can best work together to make a difference for clients,” Hill said.

Each year thousands of Australians benefit from being paid a life insurance claim. In 2016, this amounted to more than $9 billion in total claims being paid.