The life insurance industry should better promote the benefits it provides consumers by paying most claims, according to BT Head of Life Insurance Phil Hay.

“The industry needs to celebrate what it does for clients,” he told insuranceNEWS.com.au.

“We need to be more transparent about our role, showing how people are better off with insurance when they have a life-changing event.

“The whole reason insurers exist is to look after people when things go wrong.”

With changes to life insurance regulation forthcoming, Mr Hay says the industry is in a transition period, but he still sees an important role for advisers.   

“We are still seeing advisers doing what they do best – helping clients with taking out cover and claims.”

BT recently topped an Investment Trends adviser satisfaction survey, with a score of 87%.

The rankings featured 11 life insurers.

“BT is trying to support advisers and help them make efficiencies in running their business,” Mr Hay said. “This recognition reflects the partnership approach we take with advisers, particularly with helping them retain business and attract new clients during what is a challenging time for the industry.”

He says this partnership is important when it comes to handling claims.

“Claims are the most important part of the insurance industry. It is important for the client when something happens to them and the adviser is there to help them.

“At BT we are there to help the adviser on a relevant basis.”