Retail Insurance

There's more fallout from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The Australian Securities and Investment Commission has charged Allianz Australia Insurance Limited has been charged with seven counts, and AWP Australia Pty Ltd with one count, of making false or misleading statements regarding the sale of Allianz domestic and international travel insurance products.

The Takata airbag scandal raises important questions for insurers in this and other cases of recall. And how Big Data can be used for good.

There's something odd about people who have misspelt names. Brandi is bad enough but to use Allen as a first name is woefully wrong. Welcome to the world of the Pritchards and their burned-down, rented, house.

How does your life insurance company compare to others when it comes to handling claims? Now, if you are in Australia, the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have produced data comparing insurance companies' performance and launched a tool to help policyholders make comparisons.

The fine might seem small at only AUD43,200 but insurance is all about trust and when car insurer RAA Insurance was investigated by ASIC, it was found to have misled customers in its advertising. Oddly, the case can be illustrated by reference to cricket and the Australian Grand Prix, both within the past few days.

AVIVA is a conglomerate of dozens of insurance companies, and can trace its lineage back to the 15th Century. So there's not a lot it hasn't seen but the levels of fraudulent claims, up about 10% in the past year, is truly novel as organised crime gangs turn to insurance fraud as a money generator and opportunists try their luck. As lawyers and various social groups argue that the reforms in the justice system to help reduce the attractiveness of such offences are badly thought out, AVIVA says "whiplash fraud remains our biggest concern."

Fidelity National Financial Inc, is a Florida-based title insurance company. District attorneys in California alleged that the company used a software system that "facilitated illegal secret payments to brokers for business referrals to title insurers and other providers."

After the fact insurance is nothing new - but it's supposed to be taken out with the consent of the insurance company. California is suffering from a glut of frauds where motor crashes take place, insurance is then taken out and a claim made under the policy. That's not right, say the authorities.