Superannuation fund executives and their members are virtually unanimous in their belief that the measure of a good insurance provider is how it manages and communicates when it comes to claims time.
A recent survey showed that 39% of industry respondents rate claims handling as the key issue for superannuation funds and members.
Superannuation Complaints Tribunal chairperson, Jocelyn Furlan has confirmed the importance of claims handling, but suggests it is not just an issue for the insurance providers, but also for superannuation fund trustees and their administrators.
In a recent address to the Conference of Major Superannuation Funds (CMSF), Furlan suggested that more efficient claims handling and member communications could serve to reduce the number of instances of members seeking the costly intervention of lawyers rather than using non-legal, no-cost mechanisms and claims processes.
But how does this high level of legal involvement affect the claims process? And what can be done to improve claims handling? For more details read Insurance claims handling highly valued