EI skills needed for life insurance claims
Advisers believe training on supporting clients through life insurance claims would be beneficial, as 60% have found the process stressful and 43% are worried they’ll upset a bereaved client, according to TAL.
The financial adviser survey by the insurer found 77% felt helping their clients through insurance claims was a key part of their role and 78% believed they provided value to the client in doing so.
However, they did not find it easy to put this into practice with 43% reporting they didn’t always know what to say to bereaved clients, 42% worried they would upset them and 44% who felt a lack of confidence around discussing a declined claim. As a result, 60% said they found the conversations stressful and 42% said they sometimes avoided them altogether.
With this in mind, 67% said they would like to be more confident in advising their clients and 68% said they would like to receive more training on the subject.
TAL said: “The insights we’ve received through the customer research have shown that advisers who demonstrate empathy, facilitate outstanding communication, and foster more than just transactional relationships, will significantly enhance the quality of their client relationships and the value of their financial advice.
“Providing emotional support to clients during their claim can also take a toll on advisers, and there is an opportunity for life insurers to do more when it comes to providing training and real time adviser support. Empowering advisers with guidance on effective ways to manage the emotional strains of a claim can help to equip them in providing meaningful support to clients through the claims process, actively enhancing trust in the adviser-client relationship.”
AUTHOR
Laura Dew
Recommended for you
Following an extraordinary general meeting today, Dixon Advisory parent company E&P Financial Group’s shareholders have voted on its proposed delisting from the ASX.
While overall financial adviser numbers have dipped below 15,500 this week, Rhombus Advisory is experiencing growth and approaching 500 advisers in its ranks.
Iress’ Xplan continues to dominate the financial planning software market with a multitude of uses, according to Netwealth research, despite newer players battling for a piece of the pie.
ASIC has shared the percentage of breach reports related to financial advice in FY24, noting increased reporting by smaller AFSLs.
