Life insurance is not like other products. One you have it, you hope you never have to use it. It is also a product that is commonly referred to as a grudge purchase, requiring convincing that the premium payments will eventuate in financial protection should the time come. And boy, when the time comes, aren’t clients so glad they listened!?
We spoke to Terry to uncover some insights into how he positions life insurance in the overall advice journey he undertakes with his clients. Terry also shared his own experience and passion about why he does what he does...
My father passed away very young. He was 43. He had a heart attack. He had lots of debt and we had businesses and no insurance. And the creditors moved in very fast and I'm talking within days. They moved in and they ended up taking the house, the business, everything. And I never want that to happen to any of my clients.
Here at Zurich, we understand that the payment of claims plays a significant role in both the reputation of the insurer and the initial advice process. But most of all it’s the ability to alter the course of someone life during times of distress and illness that truly underpins its value.
As a one of Australia’s leading life insurers, we are proud of our excellent reputation and record in paying our customers’ claims as quickly and transparently as possible. Our team of dedicated specialists ensure that every claim is given the utmost focus to help deliver a fair and empathetic outcome for every customer. Something that Terry says should not be overlooked when recommending a protection solution.
...the fact that we get claims specialists that understand the case and will go into a great level of detail about the client's condition. And we don't feel ever like they're being judged or under suspicion. It is more of a partnership and that's really important. They are very Human and do not treat clients like numbers, and for us, that's all that matters. We want our clients treated with dignity and respect and Zurich do it very, very well...
Terry also says that he is seeing more customers claim on their life insurance policies. One positive reason is that his clients are living a more active lifestyle which means they are engaging in activities that have potential high-risk consequences.
Using our own data and insights, we also know that advancements in modern health sciences means that people are able to diagnose and treat potential claimable illnesses earlier, enabling people to use their policy during the early stages of an illness whilst undergoing treatment.
...you've almost got to take a paternal role in advice where you've got to foresee what can happen to people in the future. They can't see it because obviously nothing's ever going to happen to them. That's most people's idea, but that's the challenge. You've got to really look out on their behalf and give advice as if they're going on claim tomorrow...
Hear from our Chief Claims Officer, Joanne Faglioni