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Policy redesign a key issue
New survey data released by AIA Australia has confirmed that premium sustainability is one of the major challenges facing the group life sector.
The research, conducted during a recent industry conference, found that almost 50 per cent of respondents believed that premium sustainability represented a key issue with many believed this required a change in policy design.
Commenting on the results, AIA Australia chief executive officer, Damien Mu said that while premiums had gone up in an initial tactical response to address some of the claims experience, good progress had also been made initially in the market through improved product definitions, rehabilitation and return to work programs and benefit design.
He said that, in addition, more was being done as insurers and funds worked together to develop the best offering for their membership needs and balancing the cost inside super.
"We need to think more broadly about the ways we manage claims, so improving the experience with better communication, in addition to improved rehabilitation programs, training and education for members and employers needs to be a key capability for group insurers," Mu said.
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