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Research

Research

The life insurance industry needs to change

We spent some time finding out how

In 2019, OnePath Life teamed up with behavioural scientists to conduct an extensive research study, to understand in depth exactly how people feel when it comes to life insurance.

Involving several months of extensive interviews with customers of many life insurers in Australia, this study uncovered, amongst other things, a lack of clarity and confidence in life insurance.

For example, when we asked people how many claims they think life insurers pay, they told us about 45%.  But the reality is OnePath Life pays over 9 out of every 10 claims lodged. We call this difference the trust gap.

To put it bluntly, this gap exists because life insurers haven’t done a good enough job informing you about the great support and value your policy represents.

Based on our research, and what you told us, we think there are 6 areas the life insurance industry needs to focus on changing:

Trust

The bottom line is that trust in the industry is not where it needs to be. Simply put, you want to know your interests come before shareholder value.

Complexity

Insurance can be intimidating, with a heap of technical jargon and confusing definitions. You need to understand what you’re covered for.

Certainty

This is why you bought life insurance in the first place. You need to feel – at all times – that we will be there when you need us most.

Negative conditioning

You feel like when you get an envelope with your insurer’s name on it, you push it to one side – because more often than not, it’s bad news like a premium increase, or confusing changes.

Value for money

You may really value your life insurance to start with. But overtime you might forget the reasons you wanted cover and what you were hoping to protect, especially when you think it gets too expensive.

Control

You feel like you’re at the mercy of your insurer - that the game is stacked against you. Ultimately, you feel like there’s not much you can do apart from pay your premium.

Trust

The bottom line is that trust in the industry is not where it needs to be. Simply put, you want to know your interests come before shareholder value.

Trust

The bottom line is that trust in the industry is not where it needs to be. Simply put, you want to know your interests come before shareholder value.

Complexity

Insurance can be intimidating, with a heap of technical jargon and confusing definitions. You need to understand what you’re covered for.

Complexity

Insurance can be intimidating, with a heap of technical jargon and confusing definitions. You need to understand what you’re covered for.

Certainty

This is why you bought life insurance in the first place. You need to feel – at all times – that we will be there when you need us most.

Certainty

This is why you bought life insurance in the first place. You need to feel – at all times – that we will be there when you need us most.

Negative conditioning

You feel like when you get an envelope with your insurer’s name on it, you push it to one side – because more often than not, it’s bad news like a premium increase, or confusing changes.

Negative conditioning

You feel like when you get an envelope with your insurer’s name on it, you push it to one side – because more often than not, it’s bad news like a premium increase, or confusing changes.

Value for money

You may really value your life insurance to start with. But overtime you might forget the reasons you wanted cover and what you were hoping to protect, especially when you think it gets too expensive.

Value for money

You may really value your life insurance to start with. But overtime you might forget the reasons you wanted cover and what you were hoping to protect, especially when you think it gets too expensive.

Control

You feel like you’re at the mercy of your insurer - that the game is stacked against you. Ultimately, you feel like there’s not much you can do apart from pay your premium.

Control

You feel like you’re at the mercy of your insurer - that the game is stacked against you. Ultimately, you feel like there’s not much you can do apart from pay your premium.

Trust

The bottom line is that trust in the industry is not where it needs to be. Simply put, you want to know your interests come before shareholder value.

Complexity

Insurance can be intimidating, with a heap of technical jargon and confusing definitions. You need to understand what you’re covered for.

Certainty

This is why you bought life insurance in the first place. You need to feel – at all times – that we will be there when you need us most.

Negative conditioning

You feel like when you get an envelope with your insurer’s name on it, you push it to one side – because more often than not, it’s bad news like a premium increase, or confusing changes.

Value for money

You may really value your life insurance to start with. But overtime you might forget the reasons you wanted cover and what you were hoping to protect, especially when you think it gets too expensive.

Control

You feel like you’re at the mercy of your insurer - that the game is stacked against you. Ultimately, you feel like there’s not much you can do apart from pay your premium.

0
1

Trust

The bottom line is that trust in the industry is not where it needs to be. Simply put, you want to know your interests come before shareholder value.

0
2

Complexity

Insurance can be intimidating, with a heap of technical jargon and confusing definitions. You need to understand what you’re covered for.

0
3

Certainty

This is why you bought life insurance in the first place. You need to feel – at all times – that we will be there when you need us most.

0
4

Negative conditioning

You feel like when you get an envelope with your insurer’s name on it, you push it to one side – because more often than not, it’s bad news like a premium increase, or confusing changes.

0
5

Value for money

You may really value your life insurance to start with. But overtime you might forget the reasons you wanted cover and what you were hoping to protect, especially when you think it gets too expensive.

0
6

Control

You feel like you’re at the mercy of your insurer - that the game is stacked against you. Ultimately, you feel like there’s not much you can do apart from pay your premium.

At OnePath Life, we know what's needed in order to fix these issues. Click here to see how committed we are to doing just that.

To find out more on what OnePath Life is doing to help you gain more clarity on what you're protected for, speak to your financial adviser or call us on 1800 317 490.

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Research