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Insurance Business | 09 Apr 2015, 08:45 AM Agree 0
A global insurer has flown in a major executive to deal with a bubbling crisis.
  • The Northern Oracle | 09 Apr 2015, 09:52 AM Agree 0
    One would have thought that Ace / Combined would have learnt their lesson from the last time there was an ASIC enforcement. I can still recall in my ANZIIF study book of the quoted case history of Combined selling Personal Accident policies to indigenous communities on CDEP [work for the dole] schemes.
  • Terry2 | 09 Apr 2015, 11:56 AM Agree 0
    These people have been and, it seems, continue to be a blight on the Australian insurance industry.
  • Paul | 09 Apr 2015, 12:58 PM Agree 0
    The problem is systemic and unrecognised by regulators. In the nineties tens of thousands of agents were forced out of the Life industry. These were the old collector agents and mum and dad agents that served the average person. These were replaced by advisors who were only interested in high net worth clients. Now ordinary people get cover via super, usually inadequate or go without. The direct sellers now have rubbish policies with no advice and use call centres to flog their usually inferior products. Combined continued to target average to lower income groups, often going door to door. Sadly they do fill a role but attract the wrong sort of agent. Results speak for themselves. The Life industry continues to shoot itself in the foot, tarnishing general insurance brokers- guilt by association.
  • N/A | 09 Apr 2015, 10:51 PM Agree 0
    Good, I'm glad to hear that this has gone public! They almost destroyed all my confidence as a sales rep! Just because I wouldn't do what was wrong! Brainwashing tactics to make their sales force believe what they were doing was right, and if you didn't follow you were bullied, but never pushed out. Vesuvius mongrels.
  • LesterLevin | 09 Apr 2015, 10:55 PM Agree 0
    I wonder what the nature of the complaint actually is, aside from what's been stated above,and whether ASIC have it's full measure. What of the recent advertisement by Master Agents seeking Insurance professionals to sell, without advice, current product offered by Combined/Ace on commission whilst also advising the prospective employee that other products such as Public liability etc would be offered or available in the near future. No Insurance Professional would take on such a roll.
    Those Insurance professionals who have been involved in General Insurance Broking would know of Combined and Ace i.e. Bernie Cornfield. I for one am not surprised at the currency of this matter However I wonder whether ASIC really have the regulatory power and Teeth to stop the kind of abuse alledged in this matter?.
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