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Insurance Business | 19 May 2018, 07:13 a.m. Agree 0
The company's roadshow has attracted over 800 advisers from across the country
  • Concerned | 24 May 2018, 08:58 a.m. Agree 0
    This is a big FAIL.
    I'm sure Fidelity are smart - so why are they ignoring all the signs that point to this being bad business? Many of the new features so happily trumpeted is a copy of features existing in the Australia market and they have failed spectacularly (declared losses in DI this decade are now around the $2b mark). Ask those in the know from Oz (eg any oz claims manager), and you'll quickly learn "features" like the 10 hour working rule are disastrous.
    I can't believe Fidelity have put through so many changes that fail fundamental insurance principles.
    Which reinsurer supported them - I assume someone active also in the Australian market. They should know better - shame on them .
    And where are the actuaries who are meant to give advice? I can only surmise that they are asleep at the wheel?
    My wish is that the management that supported these diabolical changes are the ones still at Fidelity and suffer when the increasing claims costs and much higher cost to customers come home to roost in a few years.
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