Get involved in claims management: AMP

amp risk advisers

18 October 2017
| By Malavika |
image
image
expand image

The most valuable service a risk adviser can offer their clients is claims management as solicitors are becoming involved in this space, according to AMP Financial Services.

National development manager, wealth protection, Melinda Fox told delegates at the 2017 Association of Financial Advisers (AFA) National Adviser Conference at the Gold Coast last week advisers would have to provide emotional support and act as an advocate for the client with the insurance company, employers, and health specialists.

“If you’re not working in the claims management space for your clients, can I urge you to reconsider that?” she said.

“Obviously lots of solicitors are getting involved in this because clients are feeling fearful. They’re feeling they can’t do it on their own and they need support.”

When working in claims management with a client, advisers would need to consider requirements including rehabilitation, miscellaneous services clients may require such as cleaners or food delivery, ascertaining whether there was more money they could supply to clients, and estate planning issues in death claims.

It might also involve establishing income streams for dependents.

“This is a massive job that we do. Statistically, we know that if they get insured advice for their insurance they will get better cover at high levels, and much better outcomes at claim time,” Fox said.

“Australians continue to be underinsured. This is a massive opportunity for you to get out there and talk to them and give them insured advice. It’s sustainable, there are ways that you can be profitable into the future.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 hour ago

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 6 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 4 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 7 hours ago