Consumer and its misguided approach
No surprises with the confined echo chamber that Consumer NZ conducted their recent insurance market survey in. Consumer NZ is great if you are looking to buy an item or access a service that has an immediate to short- term lifespan – perhaps, washing machines or Netflix services.
When it comes to financial services, the perception of the salesperson bears no resemblance to the purchase of a product or service. As too, the experience of a contents insurance claim for a broken TV cannot easily be compared with a complex disability claim. These types of experience with the industry are primarily what people in the Consumer NZ survey are likely to have been responding to.
As Russell Hutchinson pointed out this week, a good outcome from a life insurance policy is no claim; the consumer paid their premium for the protection of the insurance for a risk that did not materialise.
They had the peace of mind of knowing they were covered, and better still did not have some horrible medical affliction strike them down. Most would agree that was a great outcome, but some consumers could (incorrectly) see that as a waste of money.
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