'Missing link' in risk advice found, report claims

By Adrian Flores ·
October 11 2018

'Missing link' in risk advice found, report claims

A Zurich study has claimed to have accurately accounted for the direct and indirect costs of serious health conditions to give advisers better information to provide life insurance to clients.

According to Zurich's Cost of Care study, conducted in conjunction with research partner Zest Healthcare Communications, drew on industry-wide data to present a consolidated picture of the prevalence of various illnesses and conditions.

Zurich risk strategy specialist Danielle Visser said the whitepaper represented the 'missing link' for many risk advice methodologies.

"Quantifying the financial and time cost of recovery is an important element of most life insurance advice methodologies, but up until now it has been hard to get accurate, up-to-date data," Ms Visser said.

"The research available is generally from quite disparate sources, is in different formats and in many cases is out of date.

"The pace of advancement in medical diagnoses and treatments makes the currency of data even more crucial, and with this resource advisers have the latest data in one source, in a consistent, easy to follow format."

Zurich risk strategy specialist Adam Crabbe said the research would also help advisers with their client engagement by allowing them to more easily explain the basis for their recommendations.

"By giving clients a greater understanding of the basis for advice recommendations, they are more likely to engage with - and appreciate the value of - that advice," Mr Crabbe said.

In addition, Zurich has launched a companion tool for the research, in the form of an interactive calculator that interrogates the research data by condition, gender and age.

"Advisers and clients can use the calculator together, exploring the financial and time impact of particular health conditions," Mr Crabbe said.

"It can make the comprehensive data from a 100-page research paper a lot more accessible for both advisers and their clients and allows the experience to be far more tailored."

Unable to extract YouTube ID from URL

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook.
Find us on Twitter for the latest updates

Subscribe to our Newsletter

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

'Missing link' in risk advice found, report claims

'Missing link' in risk advice found, report claims

Subscribe to our Newsletter

latest articles

OUR PLATFORMS AND BRANDS

EVENTS AND SUMMITS

PODCASTS

LEARNING AND EDUCATION

MOMENTUM MARKETS NETWORK

LINKS

STAY CONNECTED

OUR PLATFORMS AND BRANDS

EVENTS AND SUMMITS

PODCASTS

LEARNING AND EDUCATION

MOMENTUM MARKETS NETWORK

LINKS

CATEGORIES

STAY CONNECTED