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Broker lifts lid on insurance industry’s ‘tricks’

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Insurance Business | 29 Oct 2012, 12:05 AM Agree 0
An insurance broker has been interviewed on 2UE radio to unveil the insurance industry’s “tricks of the trade” and how clients can get a better deal on their insurance (can you guess what a broker recommended?!).
  • Mentara | 05 Nov 2012, 02:47 PM Agree 0
    I think as much as this piece is written in sarcasm, perhaps we as an industry should be absorbing the central message of the interviewer and interviewee - we need to better explain and hence justify such price rises. I am sure every company putting up its prices would question and seek explaination as to why its costs are rising. It is shameful to me that the industry cannot respond to questioning or criticism of its price movements. 377% is beyond comprehension and should not be the subject of ridicule as this article attempts. Next year, I finish 40 years in major retail insurance and it saddens me that we have lost the good grace of the public that once used to turn to us as their friend in a time in need. Perhaps rather than raise eyebrows, we should start to listen.
    Would be interested to see if others share or disagree with my views. Thanks
  • AlexP | 05 Nov 2012, 03:07 PM Agree 0
    I'm inclined to agree with mentaras point. The ICA is not well regarded by media and that's obvious by the sector'a treatment. The tone of this will not help.
  • Bruno | 13 Nov 2012, 03:55 PM Agree 0
    It's not that the ICA is not well regarded by the media. It is not well regarded by the public. Foolishly, they expect the ICA to protect them from roguish behaviour. In reality, it protects and promotes gross misconduct as the norm. We all know property risk is not calculated by proximity to rivers, etc. You could have a concrete bunker on the summit of a 500 foot hill but if you are in the wrong postcode, you are getting ripped off.
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