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Insurance Business | 04 Jul 2014, 08:50 AM Agree 0
A well-known industry expert has called for insurers to improve transparency for consumers when they take out or renew insurance.
  • Mike Sullivan | 04 Jul 2014, 10:11 AM Agree 0
    AN INDUSTRY EXPERT YOU ARE JOKING FELLS IS JUST TRYING TO KEEP A PROFILE.
    THE REPORTED COMENTS AND STATEMENTS SHOW HOW OUT OF TOUCH HE IS WITH REALITY PERHAPS HE HAS NOT RECIEVED AN INSURANCE RENEWAL WHICH SHOWS THE STATUTORY CHARGES.
    FURTHER IN HIS PREVIOUS ROLE HE WOULD HAVE BEEN EXPOSED TO INSURER ACTUARIES, AND RISK EXPOSURES WHAT A NONSENSE
  • John Easton | 04 Jul 2014, 10:30 AM Agree 0
    It seems to me that Professed Allan Fels is not aware of many of the existing legal requirements on Insurers which cover the areas his is referring to such as what policies cover and exclude plus the listing the Gov fees separately.
    I thought his brief was in regard to FB charges not trying to reinvent the various insurance laws.
  • Just An Observer | 04 Jul 2014, 01:19 PM Agree 0
    Sorry for being a bit cynical but to me it sounds like Fels is looking to generate a new job for himself ! At his age, a few more years on the public gravy train at between $300,000 to $ 400,000 would certainly help his super out !
  • Agreed | 07 Jul 2014, 04:05 PM Agree 0
    Agree with the above statements. How can a bloke in his current role, and based on his former role, have so little understanding.
    How much simpler can a home insurance PDS be? They are very cleat with big ticks and crosses detailing whats covered and whats not.
    The statutory charges are clearly outlined and as for increased cost when paying by instalments all the websites I've seen state this extra cost as do the certificates when issued at renewal time.
    Fair enough to explain the annual increase, I know I always ask and get a nothing answer and sure I would like to know how they've assessed my risk and get some tips on what I could change to reduce my risk - but again, you can do this over the phone (eg what would my premium be if my alarm was monitored?)
    Do we expect restaurants to explain why they charge $60 for a steak?
    When does the consumer have to accept some responsibility?
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