The survey, conducted at the AIA Australia Group Insurance Summit, found that 70 per cent of superannuation and insurance professionals considered consumer uncertainty and the impact of an ageing population to be critical issues.
The third most pressing concern for the industry was members consolidating their accounts and consequently losing their cover unintentionally.
With the United Nations predicting the number of Australians aged 85 years or over will reach 1.1 million by 2036, AIA Australia general manager Damien Mu said it was vital that the life industry works as a whole to promote the fact that life insurance protects the lives of Australians.
“If we are to respond to this challenge, it cannot be done in isolation. We have to work together to ensure that Australians not only have life insurance, but that it is at an adequate level for their future needs,” said Mr Mu.
Just over half believed there was a lack of awareness regarding occupational rehabilitation from employers. Mr Mu stated that rehabilitation and return to work programs were important for group insurers, employers and employees.
“When done correctly, getting a claimant back to work is good medicine and a win for everyone involved.”
Participants in the survey were also asked how insurers should demonstrate their value to super fund members. Thirty-five per cent nominated using simple product wording to increase understanding of insurance products, while 20 per cent thought it necessary to strengthen the message about the importance of insurance.
