WELCOME to the Summer Edition of ReB
What a massive year!
The Life Insurance Code of Practice went live in July, and after years of discussion and heated debate, the Life Insurance Framework is just days away from implementation. Approved Product Lists opened-up for numerous life insurers changing the way they do business and who they do business with, and of course there were two major life insurance acquisitions – each absorbing thousands of working hours behind the headlines. Add to this the BAU whirlwind, KPIs to exceed and financial targets to achieve – when do the holidays start???
Reflecting on a hectic 2017 it’s so easy to be distracted from our true purpose and common goal – pay claims to our customers at their greatest time of need. Or put more simply; to keep our promise. Not a new message but important enough to repeat from time to time.
Speaking about claim payments, in 2016 our industry paid $9 billion for the first time. The daily claim amount paid was more than $26 million and the number of claimants at 108,000 was a record. If this trend continues we will exceed $10 billion this year! Collectively, we should be very proud to work for an industry that has such a meaningful purpose.
Here are our feature articles ….
This Summer ReB should be re-named The Winning Paper Edition with the publication of two winning papers and two supporting articles. These are our finest industry papers of the year and a must read! (suggest: read the supporting articles first).
We have brought back a regular financial article. Ryan Katzen (AIA National Retail Claims Manager and degree qualified accountant) will address and provide remedies to topical and thorny financial situations for claims professionals and underwriters alike.
Speaking of topical and thorny matters, Chronic Fatigue Syndrome (CFS) can be a profoundly disabling condition for those unlucky enough to acquire it. Managing CFS claims and underwriting the risk can also be challenging. Gerry Davies from Moray & Agnew Lawyers has kindly provided ReB with a CFS case brought against an insurer and heard at the Court of Appeal. A very interesting read and judgement.
Turks Legal has produced another extremely insightful whitepaper from the LIFT Group – “Living the Code – Engendering Trust as a Life Insurance Professional”.
In October, I attended the Victoria MiniLUCA at the RACV Club with my entire head office team. We all agreed that the day was enlightening and entertaining – well worth a day out of our BAU. The speakers, venue and catering were all excellent. Congrats to the Vic Sub Group!
I would like to say a huge thank you to our growing ReB readership for all your support throughout 2017. Please continue to provide your comments, feedback and ideas in 2018 so that we can continue to improve ReB. Also a big thank you to our contributors over the year – without you we would not have such a high quality magazine. One last thank you to Amanda, Jim and Jamie who greatly assist me in pulling together each edition. It’s a real team effort.
Finally I wish all of our ReB readership a safe and happy festive season. I look forward to sharing the next edition with you in March 2018.
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