Claims guidelines for IP sustainability published
/A white paper has been published by the Australian Life Underwriting and Claims Association, focussing on the sustainability of income protection insurance relating to underwriting and claims.
The paper, IDII Financial Underwriting and Claims Better Practices, offers recommendations from a panel of industry members. The paper outlines five key areas that could have the biggest impact on individual income protection insurance sustainability from the perspective of financial underwriting and claims.
The five areas are:
Income definitions and treatment
Financial profiling, questioning and financial evidence collection
Significant income calculation adjustments
What to consider financially should the industry consider a policy term expiry
Underwriting and claims solutions where there is a crossover between IDII and personal TPD
The white paper also says that along with amendments to practices, all professionals in life insurance underwriting, claims and rehabilitation roles are trained and qualified, with training transparent and having a competency framework attached.
