Resolution Life’s claims performance in 2021

At Resolution Life, we fully appreciate the important role we play in our customers and their family members’ lives when death, trauma or disability happens. For advisers, you want to have confidence that your insurance partner will pay valid insurance claims and process them in a timely manner.

ASIC, via its Moneysmart website, released the 2021 claims performance data for the major players in the Australian insurance industry. The below table outlines Resolution Life’s claims performance for the different policy types claimed via the financial adviser channel. You can view the comparison tool via Moneysmart, and Resolution Life is named ‘RLA’ in the report.

We are proud of our results and will continue to focus and make investments that will improve our claims performance, and note the following key points:

• Average claims time – We had the fastest average claims times in the industry for Death and TPD, better than industry average for Trauma, and were in line with the industry for Income Protection.
• Claims acceptance rate – We had the highest claims acceptance rate in the industry for TPD, higher than industry average for Income Protection, and were in line with the industry for Death.
• Trauma – Our Trauma acceptance rate reflected our practice of lodging claims for causations that are not covered by trauma products. In 2022, we refined our practice to count lodged claims where a customer’s medical condition is listed as a trauma. With this change, our claims acceptance rate for Trauma so far in 2022 has been 92.2% (as at 27 July).

Resolution Life's claims performance in 2021

*Ranking is based on our position against the other major insurance providers with the Moneysmart report