News & Insights

Life insurers call for legal changes to enable payment of medical treatments

Published 10 October 2017

Click here to read the Financial Review's report on why the Financial Services Council is pushing to enable superannuation insurers to make payments that enable early intervention in treating insured customers' health conditions.

Gallagher's National Manager, Life Solutions, Mark Hutchison comments: 

  • Early intervention is a good thing and has been proven to reduce claim costs for insurers in the Workers Compensation environment.
  • From our perspective, anything that either puts money in a consumer’s pocket of helps them get back to work is a good thing – as long as it doesn’t add to the cost of cover.
  • The insurance industry needs to remain sustainable. It also needs to evolve to take into account emerging trends such as mental health claims.
  • At the same time, we hope that the government will address problems posed by insurance sold using TV saturation advertising. These products are poorly understood (e.g. mental illness is not covered), expensive and ultimately inferior to products recommended by advisers, who have an obligation to act in the best interests of clients.

 

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