AFRM Claims Advocacy stands by early intervention support
AFRM Claims Advocacy (ACA) has called on a Parliamentary Joint Committee to recognise the Financial Services Council’s (FSC) case to allow insurers to provide early intervention support in its Cadence Economics research findings.
The company’s research, commissioned by the FSC, found that allowing life insurers to provide targeted rehabilitation payments for Australians who require them would deliver “profound” economic benefits to the community.
The research estimated that 87 people per year could be prevented from becoming totally and permanently disabled.
ACA chief executive officer, Bruno Muraca, said the company fully supported the FCS’s positions, but acknowledged that, despite insurers being well-intentioned, the Parliamentary Joint Committee must consider a perception of a trust gap between claimants and insurers.
“An option that should be considered is one in which appropriately skilled independent advocates are appointed to work with claimants and insurers to co-develop a suitable rehabilitation plan for the client,” he said.
“We currently work with insurers to meet the biological, psychological and social needs of clients by using a team of trained advocates with appropriate nursing, psychology and/or social work training to help coach clients through taking up the rehabilitation option and potentially speeding up their return to wellness.”
Muraca added an independent third party working to support insurers and claimants would put credible checks and balances in place to support new rehabilitation.
AUTHOR
Anastasia Santoreneos
Recommended for you
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
