ASIC Report 633 - not optional. Trustees to implement changes to claims handling

In October 2019, ASIC released Report 633: Holes in the safety net: A review of TPD insurance claims. The focus of the report is on improving consumers' confidence with personal insurance claims. The report follows a review of seven life insurers, 35,026 data on TPD claims, in depth interviews with TPD claimants (members) and a review of over 2000 documents. Some of the key findings relate to the themes of: poor claim outcomes from the activities of daily living tests; frictions in claims handling leading to withdrawn claims; consumer harm rising from poor data and a focus on insurers with higher than predicted declined claim rates. Whilst some findings have shared responsibility with the g

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