My advice practice is open to the possibility of outsourcing our clients’ life insurance claims processes to an external specialist firm.
- Disagree (76%)
- Agree (14%)
- Not sure (10%)
Loading ...Kiwi advisers have sent a clear message that outsourcing their clients’ claims to external service providers won’t be happening any time soon.
As we go to press, almost three in four of those taking part in our poll (72%) disagree with the proposition that you’re open to outsourcing your advice practice’s claims processes and services. A meagre 17% are open to the idea, with the rest undecided.
This result firmly doubles down on the same question we asked you 12 months ago, where 55% disagreed and 35% were open to the prospect of outsourcing claims.
This is an area which magnifies one of the key differentiators between the life insurance advice sectors on either side of the Tasman. When recently asked the same question – in a jurisdiction in which risk commissions are capped at 60% upfront and 20% ongoing – this is how your Australian adviser peers voted:
There’s no question that the environmental factors leading to this trend in Australia don’t apply to any significant degree in New Zealand, where the regulators have always appeared to adopt a more ‘connected’ relationship with the financial advice sector, addressing the critically important issues of compliance, regulatory reform and consumer protection under the umbrella of a more collaborative approach.
We’ll welcome any comments or observations you may wish to offer as our poll remains open for another week…