Wow....the RC has been nothing more than a name & shame for the insurers involved. I am sure that there have been many more instances from "Tier 1" Insurers...they seem to be protected...just like the big banks were in the prior round of shaming.
Not excusing the examples of behaviour highlighted ...but...dragging daddy out to talk about the situation is a bit overkill & very much a pre-meditated example of the RC using its power to destroy a business's reputation. I thought the whole process was about ensuring the industry improved it's selling tactics?? I would love to know how many calls were provided to the commission & of those, how many were found to be "with issues"...context is hugely important ...was it 1 call in 10, 1 in 200, or 1 in 10,000?
While we are on the subject.....sales is a largely ruthless business...it's always about targets, budgets & beating estimates....that's how you earn your dividends folks!! Every business with strong growth screwed someone hard...either suppliers at the back, or, customers at the front...
Insurance is a shitty industry....we all know they don't want to pay out ..... that's what they rely on ...take your premiums & find a reason not to pay......will be interesting to see how the Super Funds go on this topic...charging people huge sums via their super for cover that they won't get paid on, or, is limited to a rare few instances before a payout is achieved!
Would love to see a Royal Commission on the Royal Commission.
FIG Price at posting:
10.0¢ Sentiment: Hold Disclosure: Not Held
