Viewing entries tagged with 'claims'

AFRM Claims Advocacy supports FSC call to allow insurers to provide early intervention support

Posted by Damien Jones on 20 June 2018

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AFRM Claims Advocacy has called on the Parliamentary Joint Committee examining if life insurers should be allowed to provide rehabilitation payments to clients to recognise the extremely strong case in favour of doing so set out by the Financial Services Council (FSC) in its recent Cadence Economics research findings. 

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Advised Insurance Best for Claims

Posted by Damien Jones on 1 June 2018

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Advised life insurance has a higher rate of admitted claims than non-advised insurance across all four product types, according to new data released by ASIC and APRA. 

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AFRM joins industry leaders to discuss claims-related issues

Posted by Bethany Shaw on 25 May 2017

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AFRM was part of a recent Round Table conversation run by CommInsure and RiskInfo during which a broad spectrum of claims-related issues was discussed – issues impacting life companies, advisers and their clients.

You can read the full article here. Below are some of the points made by Nick Hatherly, AFRM Director. 

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AFRM celebrates 20 years of service to their valued clients

Posted by Bethany Shaw on 16 March 2017

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2017 marks a significant milestone in AFRM’s history as the company celebrates twenty years of continued service on April 1.

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Staff Retreat 2017 – March 4–7 - Melbourne

Posted by Damien Jones on 14 March 2017

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Why do we Retreat?

The first AFRM Retreat was held in 2005 at a time when the business expanded out of Newcastle with the opening of a North Sydney office. With a geographical spread of staff the Directors felt the need for all staff to come together once a year in order to share AFRM’s vision, learnings, business processes, experiences and team work to grow a business with the right principles and values. 

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Could we be living in a cashless society?

Posted by Bethany Shaw on 8 February 2017

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1611 NL TAL Living in a cashless societyIn 2015, Australia passed an important milestone. You probably didn’t even notice. But it’s something that, if the trend continues, could dramatically change the way you live.

Westpac reported that 53% of payments made in Australia were cashless. It is estimated that Australia will be cash-free as early as 2022.i

The Royal Australian Mint says there’s been a significant decline in demand for circulating coins. The Mint produced 20% fewer coins overall in the most recent year on record. The five cent coin was the least loved, with demand dropping roughly 35%.ii

If a world without cash seems inconceivable, you only need to look north to see what’s happened. In Sweden, they’re fast moving towards digital transactions only.iii In 2015, only 2% of payments (by value) were in cash. It’s legal to not accept cash at a store. The government is happy to promote its cashless society mandate.iv They explain that "even children pay with cards", and that vendors prefer not to handle cash for security and bookkeeping reasons.

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Why are claims more successful if you have a good adviser?

Posted by Bethany Shaw on 10 November 2016

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Questions Answered1. A good adviser knows what will work at claim time. Their advice and the policies they recommend will be purely based on this. 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.

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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.

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Claims Management - An Advisers Perspective

Posted by Damien Jones on 15 August 2013

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If you’re an adviser who has never had to deal with a claim, the first experience can be quite daunting. We profiled two advice businesses with a strong track record in claims management to uncover their ‘best practice’ approach when it comes to dealing with clients and insurers at claim time…

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Life Industry Pays Over $4.4 Billion in Claims in 2012

Posted by Damien Jones on 28 February 2013

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The Risk Store recently released its 2012 industry statistics for retail life insurance claims announcing that the retail Life Insurance industry paid out over $4.4 billion in claims in 2012, an increase of approximately 10% on the previous year.  This amount was paid from a total of over 70,000 claims.  These figures do not take into account additional amounts paid out from superannuation funds which would make the total amount paid out to Australians, much higher. 

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