Swiss Re urges more action on life insurance

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8 March 2010

A Swiss Re expert has urged Australian life insurers to seize on the lessons of the global financial crisis to improve the promotion of life insurance.

Speaking at the Investment and Financial Services Association Life Insurance Conference in Sydney last week, Swiss Re Life & Health MD David Gott cited research from his parent company which found 42% of Australians sought more financial information after the onset of the downturn but many failed to act.

Hong Kong-based Mr Gott says simplification of products, together with improved distribution and customer education, would help reduce complacency and resulting underinsurance.

“There is an opportunity for the industry when customers are open to listening to our messages,” he said. “The global financial crisis was a trigger event, and we need to drive the message home.

“It is a long road, but it seems to me there is a lot more that we can do.”