The last couple of years have seen tough times for insurers and reinsurers active in the Australian market, and these have been widely reported both in Australia and beyond.
There has been significant deterioration in disability experience particularly, impacting total permanent disability and group markets. Many insurers have reported losses and significant strengthening of reserves.
A range of changes are being discussed throughout the Australian market, in relation to product design and to the general approach to risk management practices.
One key element of RGA’s response to the deterioration in experience has been to initiate a paradigm shift in claims management. The aim is to move away from the traditional medically focused claims assessment model toward a more proactive, effective and holistic “best practice” model. It is hoped this will impact disability experience in a positive way for claimants and insurers and allow for an upgrade in current disability claims management capability.
To support this initiative RGA Australia has created a new training programme covering all aspects of disability claims assessment. The programme, called Claims Management Pathway (CMP), plays a crucial role in this paradigm shift initiative, assisting with implementing change and raising disability claims management standards across the industry.
See also: Claim Volatility and Exposure BasisRead More +