Problem – Where do you keep your policies? Who knows about them and what type of cover do you hold? Do you have essential insurance in place?
Research / Statistics – According to APRA (www.apra.gov.au) the insurance industry faced a $649 million loss due to an increase in claims predominantly due to Covid 19 provisions along with further loss of $1 billion due to natural catastrophe events, thus indicating a substantial need for insurance. The Insurance Council (www.insurancecuncil.com.au) estimates that of Australia’s 7.7m households, 23 per cent or 1.8m residential households do not have a building or contents insurance policy which is problematic and of great concern for the insurance industry. Rice Warner’s Underinsurance Australia report states that only a third of the working population in Australia have income protection insurance. TellThem4Me® survey results indicated:
- 35% of respondents loved ones did not know of their insurance policies.
- 32% knew of some of the policies held by the respondent.
TellThem4Me® Solution – This section allows you to record details of key insurance policies including the type, provider details and policy numbers. You can add extra notes if you wish. This will save so much time for you and your loved ones in the future. Some users may also realise that they do not hold important insurance policies and so seek an affordable option for them this minimising financial losses in the future.