Insurance Product Replacement Advice - A Case in Point

We are going to see a lot more of this sort of thing as companies race to find faster ways to do things. These net-based applications are dynamite, give me a pen and application form any time.

You look at the client and ask, as the question does, HAVE YOU EVER?

I don't like the direction the sector is going. I believe the forms are planned to hook clients into this sort of situation, cheap rates get the premium and have every intention of declining if possible. I believe this type of application should be banned by ASIC and that we should go back to face-to-face questions.

People don't read SOA's mostly. I'm glad to see Fiduciary Duty mentioned as it seems to have been forgotten in this last couple of years with all the experts buying into our businesses. If the planner had questioned the applicant properly there would have been no business done. I don't know what goes on in the some of the bigger bancassurance groups but feel they mostly work under the threat of dismissal if they don't meet their targets.

Thanks for the article. I find it hard to believe that the application, online or not, would not have asked questions around these conditions and therefore fail to see how the app was a "cleanskin" at all.