Latest Poll – Claims Outsourcing

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My advice practice is open to the possibility of outsourcing our clients’ life insurance claims processes to an external specialist firm.

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Outsourcing clients’ life insurance claims processes appears have become a much more acceptable solution for more financial advice firms across Australia, and we’re interested to discover if New Zealand advisers have had a similar change of heart.

The outcome of a recent Riskinfo poll in Australia found that two in three advisers (67%) agree they’re open to outsourcing their clients’ life insurance claims. Only one in five (21%) disagree, with the rest unsure (see: Surge in Support for Outsourcing Claims)

But 11 months earlier Australian advisers had indicated quite the opposite with just one in three (33%) open to life insurance claims outsourcing, while the majority – 56% – were against.

This seems to indicate a major change in thinking has taken place across the ditch.

Which leads to this latest poll question as we wonder whether a similar change in thinking has occurred in the New Zealand financial advice industry to begin to favour outsourcing your clients’ claims processes.

We had asked NZ advisers the same question in October last year and, at that time, the sentiment appeared against the idea with 55% disagreeing that they would look at outsourcing clients’ life insurance claims and just 35% agreeing they would look at the idea.

RiskinfoNZ poll result October 2024.

So in light of the turnaround in Australian sentiment we wanted to see if there had been a similar development here.

We’ll report back on your responses next week…