At the recent 4th Annual Insurance Forum in London one of the main topics, as you would expect, was the declining sales due to the lack of trust of the consumer caused by high rates of declined claims due to non-disclosure.
It occurs to me that the very word “non-disclosure” is part of the problem. The word “Non-disclosure” implies the blame for not collecting the appropriate information is due to the applicant – they are not disclosing what they should be disclosing. Quite frankly, this is pointing the finger at the wrong person. The main problem lies in us as an industry not being diligent and thorough in collecting the information in the first place. There is a fundamental misconception in the industry that, if a straight forward question is asked, then a straight forward answer will be given. This is pur...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
