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According to the data, income protection and funeral plans trailed, accounting for 22% and 11% of customer dissatisfaction, respectively. A staggering total of 54,896 life insurance-related grievances were logged during the 2023-24 financial period, leading to over $11 million in compensatory actions being taken to address these issues.
A notable feature of the report is the efficiency with which these complaints were handled. Half of all life insurance grievances were settled within the same day they were reported, and 75% saw closure within just eight days. These statistics reflect the urgent nature with which life insurers are addressing customer concerns.
The primary concerns raised by consumers were categorized into service-related issues (29%), delays (13%), and premium disputes (10%). The emphasis on service issues underscores the importance for insurers to enhance customer interaction and mitigate operational delays.
Starting from October 5, 2021, financial services are mandated to document all grievances filed through their dispute resolution mechanisms. This data collection became a formal requirement at the outset of the current year, aimed at providing transparency and accountability within the financial sector.
According to ASIC, "As the first step in the financial dispute resolution framework, internal dispute resolution plays a vital role in providing remedies and protections for consumers. It is an avenue for redress to millions of Australians who complain to financial firms each year."
This report finds its origin from the comprehensive study at ASIC and serves as a stepping stone towards understanding how internal processes can be optimized for public benefit.
Published:Friday, 13th Dec 2024
Source: Paige Estritori
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How to Choose the Best Commercial Vehicle Insurance for Your Trade Business For tradespeople, protecting your tools and equipment is crucial. These are not just tools; they are the backbone of your business. Without them, you can't complete jobs, meet client expectations, or generate income. This includes your Vehicle. - read more
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Top 10 Common Insurance Claims for Australian Tradespeople: What You Need to Know Insurance is a crucial safety net for tradespeople, protecting against unforeseen mishaps that can disrupt their work and finances. Whether you're a carpenter, electrician, plumber, or any other skilled trade professional, having the right insurance can make a significant difference in your business continuity and peace of mind. - read more
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How Tradespeople Can Maximize Tax Deductions Through Insurance Tradespeople work hard to earn their income, often facing unique expenses that can impact their bottom line. Understanding and maximizing tax deductions is crucial for minimizing these costs and keeping more of what they earn. By making informed decisions about expenses, tradespeople can significantly reduce their taxable income. - read more
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