Australian insurer CommInsure owned by Commonwealth Bank is facing allegations of unethical and unscrupulous behaviour from ABC news and Fairfax. ABC News has an extensive piece on the claims payment issue.
It is fascinating because it highlights a key issue in insurance product comparison – being able to accept that a heart attack has happened based on one of a number of criteria or medical advice. The video interviewing the client highlights how serious the heart attack one man suffered, and the importance for insurers in getting the definition in the policy to line up with medical definitions. In essence, if I customer is told they are ‘having a serious heart attack’ and are ‘lucky to be alive’ they are going to expect that to qualify. If the definition is coming up with significantly different answers to this expectation it is likely to cause problems.
Read his story here.