Is the TPD claims process creating additional harm?BY BEC SCARRABELOTTI | FRIDAY, 21 MAR 2025 12:40PM While most of us breathed a sigh of relief as the worst-case scenario for Tropical Cyclone Alfred didn't materialise, insurance has been on the minds of many of us. If your home ... Upgrade your subscription to access this article
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I've heard that rationale expressed before. It seems to go along with the inherent delays in accepting medical evidence on TPD claims. Since LIF was introduced seven years ago, we've watched insurers struggle with a 60% reduction in genuine new business into their pools and then attempt to recover that lost revenue by "gouging" legacy products and introducing that misleading and deceptive device known as Duration Based Pricing, apparently without any meaningful examination from either ASIC or Apra.
Slowing up TPD claims is just another method of slowing up outflows in the face of a significant decrease in premium inflows.Restoring commissions to pre-LIF levels will encourage more advisers to write risk because as we speak it is not worth our while. Nothing else will increase new business premium inflows like re-introducingto a capacity for advisers to actually make a profit advising on life risk.
Replacing an SOA with an equally cumbersome CAR is not going to cut the mustard