Insurance industry body launches new taskforce

Insurance industry body launches new taskforce | Insurance Business

Insurance industry body launches new taskforce
The ICA has announced the launch of a new industry taskforce which will look to find potential improvements to the disclosure documents used by general insurers.

The Effective Disclosure Taskforce will look at the broader context of disclosure documentation in a bid to help consumers make more informed decisions about their insurance purchases.

ICA CEO, Rob Whelan, said that while insurers are required by law to provide detailed disclosure documentation, the taskforce will look at how best to present the information for consumers.

"The insurance industry, governments and consumer groups all perceive the current disclosure regimen as being lengthy, often complex and not always helpful in ensuring consumers understand the product they are buying," Whelan said.

“The Effective Disclosure Taskforce will consider the role of disclosure documents in the context of the broader consumer experience, such as guidance, sum insured calculators and advice provided by insurers when consumers are purchasing products. Effective disclosure should assist consumers choose products that are appropriate to their needs.

“The taskforce will advise the ICA Board on initiatives to increase the effectiveness of insurance disclosure documents.”

The taskforce will be chaired by Michael Gill, a leading insurance lawyer with more than 40 years’ experience, and other leading industry voices make up the rest of the panel.

Tracy Green, executive general manager at IAG, Chris Harnett, general manager of underwriting agencies at QBE, Ben Honan, public policy and corporate affairs advisor at Suncorp, Ravi Dutta, advisor at The Behaviour Insights Team, David Leermakers, senior policy officer at the Consumer Action Centre, and Professor Gail Pearson, professor at University of Sydney Business School, make up the taskforce.

The taskforce will present its findings and recommendations to the ICA board in November 2015.