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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
Where the information on this website is factual information only, it does not contain any financial product advice or make any recommendations about a financial product or service being right for you. Any advice is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), is general advice and does not take into account your objectives, financial situation or needs. Before acting on this advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs, as well as the product disclosure statement and policy document for the product. Any guarantee offered in the product is only provided by Resolution Life. Any Target Market Determinations for our products can be found at resolutionlife.com.au/target-market-determinations.
Resolution Life does not make any representation or warranty as to the accuracy, reliability or completeness of material on this website nor accepts any liability or responsibility for any acts or decisions based on such information.
Resolution Life can be contacted at resolutionlife.com.au/contact-us or by calling 133 731.
