The risk insurance industry has taken steps to forge a united front, in a bid to drive the life insurance sector out of its current rut.
Spearheaded by Asteron, around 100 risk specialists, ranging from individual licensees to dealer groups of different size, as well as advisers, recently met at a business leaders conference in Sydney.
“It was a very mixed, eclectic group and it was just incredible to watch them all come together,” Asteron general manager Jordan Hawke said.
“There was resounding support from the market, when you think that half of the market we did not have a relationship with, and they still came along.”
The primary focus of the conference was to encourage the insurance community to collaborate and empower one another to drive positive change for the industry, Hawke said.
“It was about engaging them in driving this industry forward, and they loved that because they are tired of just doing the same old, same old,” he said.
“It was very powerful and really interesting just to watch them integrate with each other and pick up issues and talk about them.
“The number of phone calls I got afterwards… advisers saying it was so refreshing to have this sort of approach because it was different to what the market does.”
He said the key outcomes from the collaboration included the need for the industry to focus on bringing the claims process to the forefront for the consumer.
Considering the life insurance sector paid about $8.39 million in claims per day, Hawke said the industry needed to focus on bringing the human element back into the process.
