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Insurance Business | 29 Jan 2014, 08:27 AM Agree 0
An Australian industry group has panned unions for foisting expensive insurance products on employers to pocket commissions from insurance companies.
  • Broker | 03 Feb 2014, 12:32 PM Agree 0
    Surely can't be long until the Gov step in and stop deals around the group PA schemes that buy cover on behalf of members/people and they have never had the chance to make a choice if they want or require the cover.

    It really should be an opt-in choice for members as the current all-in gives to much power to the few to make purchasing decisions with members money on behalf of members……what is ironic is a large number of members don’t even know they have the cover or how to claim for it! The recent issues in this group purchasing space raises a number of questions around these types of schemes. 1. Who makes the purchasing decision? 2. What qualifications do the people making the purchasing decision on behalf of members have to make these decisions? 3. Are members aware of the total annual cost to the union/group/member for the cover? 4. Are these programs advertised for tender or are they kept in-house and never really put out to the wider broker market.

    It is interesting times ahead in this space as members need to be sure that there funds are being spend wisely and in a completely transparent way when it comes to PA products.
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