ICA launches insurance awareness blitz

Product disclosure

The Insurance Council of Australia today launched a comprehensive new website aimed at improving the insurance literacy of consumers.

Launched today in Sydney by ICA CEO Rob Whelan, NSW Police and Emergency Services Minister Michael Gallacher, Financial Counselling Australia Executive Director Fiona Guthrie, the Understand Insurance website is aimed at consumers but brokers are set to benefit as well,with a dedicated section of the site given over to explaining their role and the valuable services they have to offer.

“Many Australians do not know much about financial matters, find dealing with financial institutions complicated and understanding financial products difficult, ICA spokesman Campbell Fuller says.

“Understand Insurance is designed to empower consumers and SME owners to make better decisions about their insurance needs and take greater control of the process.”

The website, www.understandinsurance.com.au, is designed to be free from industry jargon and clearly guide users through the basics of insurance, from identifying their risks, how to compare and choose products and how to lodge claims.

Fuller says even though business owners generally have a greater appreciation for insurance than the general public, non-insurance and underinsurance remain rife.

Understand Insurance is intended to help brokers with the crucial role they play.

“Underinsurance is a major risk for Australian small businesses,” he says. “Many business owners do not appreciate they are underinsured until they make a claim and find the amount for which they are insured may be less than the market value or the replacement value of the asset.

“Brokers face similar issues to that of the broader market, particularly around explaining insurance and risk to customers. Understand Insurance is intended to help brokers with the crucial role they play.”

Fuller says the website should serve as another resource for brokers when dealing with clients.

“The website provides downloadable education materials for brokers to simply explain various insurance topics with clients and new business prospects, including consumer tips and frequently asked questions on using a broker,” he says.

“Relatable consumer and expert testimonial videos also help establish the focal role a broker can play. Broker testimonials include an Adelaide community centre, which is now back in action after an arson attack caused $1 million damage.

NIBA CEO Dallas Booth has filmed a video testimonial for the site, which also includes are prominent links to NIBA’s Need A Broker online referral service.

“NIBA has worked very closely with the ICA in developing strong broker content for this site,” Booth said. “There is some excellent, accessible information about insurance generally and brokers specifically, and I would encourage our members to take a look at this website and share its content whenever appropriate.”

The site has been launched early in the traditional disaster season, with an aim to having maximum impact during this critical time. As well as improving public understanding of the insurance, the site is also hoped to help foster trust and community confidence in the industry.