REGULARS | LIFE INSURANCE
Claims survey highlights value-based insurance advice importance The latest trauma and mortality data give us a guide as to what’s most important in life and trauma advice. BY RUSSELL HUTCHINSON AND ED FOSTER
Introduction Gen Re kindly supplied their trauma claims survey, to give us an important update on the causes of trauma claims. This large multi-year study shows the major causes of claims for many lump sum benefits – including life, trauma and TPD. Trauma claims data shows what conditions are driving trauma claims – and the results highlight the most critical areas of product design from a consumer perspective and how important it is to 20 | ASSET 03 | 2021
treat male and female trauma advice quite separately. The results back up findings from a review of causes of early death conducted last month by our data scientist, Ed Foster, that show New Zealand could improve life expectancy substantially by focusing on a few key areas that cause hundreds more deaths than we should be experiencing. The overlap is considerable. Lastly, we consider the implications for financial advisers focused on
trauma, health insurance, and wellbeing programmes – how valuable these are to clients and which products and options to choose from.
Trauma Claims Study – how it was done and the major findings The New Zealand Individual Lump Sum Experience Investigation 2009-2014 was conducted by Gen Re. It accounted for more than 92% of all the participants in New Zealand’s Financial Services Council, which in turn accounts for
