AFRM helps clients receive over $100 million worth of insurance claims

Posted by Bethany Shaw on 16 August 2016

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AFRM, one of Australia's leading specialist risk practices, is proud to announce they have now managed over $100,000,000 worth of claims since the inception of the business in 1997.

“When Phil Young and I started AFRM nearly 20 years ago with just the two of us, we had no claims to manage, just new clients. Our promise to them always was that we would be there, by their side, should they ever need to make a claim,” AFRM Director Nick Hatherly said.

“We can confidently say we have honoured that promise and that it is the core of everything we do at AFRM. We give advice expecting every client to make a claim. Most people think making a claim is something they will never have to do but around 1 in every 50 of our clients has had to do this.”

AFRM passionately believes that the role of all life insurance advisers should not end with the policy being issued for the client. Instead advisers should be there to actively manage all claims. Recent research from the Beddoes Institute has confirmed that clients who use an adviser have a much better experience with life insurance companies.*

AFRM has managed claims ranging from clients receiving one off payments of $12,000 for a broken collarbone, to what we believe to be the largest income protection claim in Australia, where the client is receiving almost $50,000 per month until age 70, amassing $7.6m in benefits so far.

In light of the allegations earlier this year against insurance companies not paying claims, AFRM wants to highlight why it is so important to use a reputable adviser to implement, review and manage risk insurance needs.

“Good advisers understand insurance contracts inside and out. They know which policies will give the highest opportunity to make a successful claim. Good advisers will also continue to review policies on a regular basis as clients go through life changes, ensuring their policies remain appropriate to their current needs,” Mr Hatherly said.

“As specialist risk advisers we have close relationships with our preferred insurers. We know the people we will be dealing with when we manage a claim for our clients. We also know that they have a willingness to treat our clients fairly and to do what is right.

“If you don’t use an adviser you have a risk that your policy is not right for you and you might not be able to make a claim when you think you can. It only pays to have insurance when it is the right insurance for you. And the right insurance is only right if you make a claim and it gets paid when you need it.”

*https://www.afa.asn.au/news/new-life-insurance-study-exposes-real-claimant-experiences

Please note, this information has been prepared by Australian Financial Risk Management Pty Ltd (AFRM) ABN 21 001 696 868. AFRM hold an Australian Financial Services License (AFSL) 237186. The information is for general purposes only and has been prepared without taking account of your objectives, financial situation or needs. AFRM recommends that you seek professional advice before acting on any information contained herein.
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