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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
| Cover Type | Claims Acceptance Rate | Average Claim Time (Months) | ||||
| Resolution Life | Resolution Life Ranking* | Industry Average | Resolution Life | Resolution Life Ranking* | Industry Average | |
| Death & Terminal Illness | 97.1% | 4/8 | 97.1% | 0.8 | 1/8 | 1.5 |
| TPD | 89.2% | 1/8 | 82.5% | 5.4 | 1/8 | 7.4 |
| Trauma | 85.4% | 6/8 | 86.8% | 1.6 | 3/9 | 1.7 |
| Income Protection | 96.3% | 3/10 | 95.0% | 1.6 | 4/10 | 1.6 |
*Ranking is based on our position against the other major insurance providers with the Moneysmart report
Other articles from the August newsletter
Important information
Any advice and information on this website is general in nature and is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), which is part of the Resolution Life Group. Resolution Life can be contacted on 133 731 or via the contact us page. The advice does not take into account your personal objectives, financial situation or needs. Therefore, before acting on the advice, you should consider the appropriateness of the advice, having regard to those matters.
Products in the National Mutual Retirement Fund are issued by Equity Trustees Superannuation Limited ABN 50 055 641 757. Insurance and Investment products are issued by Resolution Life.
If you decide to purchase or vary a financial product, Resolution Life and/or other companies within the Resolution Life Group will receive fees and other benefits, which will be a dollar amount or a percentage of either the premium you pay or the value of your investments. You can ask us for more details.
All information on this website is subject to change without notice.
