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On The Record

CBA submission to PJC Inquiry outlines ongoing commitment to Life Insurance industry

CBA submission to PJC Inquiry on Life Insurance

CBA welcomes opportunity to consider practices in the Life Insurance industry and where improvements can be made.

Commonwealth Bank’s submission to the Parliamentary Joint Committee on Corporations and Financial Services’ Inquiry into the Life Insurance Industry was published today.

The submission informs Committee members on the progress of CommInsure’s independent reviews and actions taken in relation to concerns raised in the media earlier this year, and outlines the Group’s ongoing commitment to broader life insurance industry reform.

In the submission, the Group noted the seriousness of its responsibility to the industry: “Life insurance supports customers and their families at some of the most difficult times in their lives. Commonwealth Bank and CommInsure take that responsibility very seriously.”

The submission reported “To date, CommInsure has not found evidence to substantiate any of the allegations of wilful misconduct, nor has CommInsure identified any systemic issues regarding inappropriate decline of claims. The reviews commissioned by CommInsure have also been conducted in order to identify improvements that CommInsure can make to its processes to deliver a more consistent experience for customers and members.”

CommInsure recognises the importance of the role played by the regulators and provides all necessary assistance to the regulators to help them in their work. CommInsure has been transparent with ASIC and APRA regarding the reviews and both regulators have had direct access to the appointed independent experts. CommInsure has also provided around 60,000 email records and documents to the regulators at their request. More than 150 people have been involved in these reviews, with many more contributing indirectly. 

The submission explains that Commonwealth Bank believes it is important for the life insurance industry, superannuation funds and advisers to work together to improve the industry’s product, sales and service offerings. It highlights how the Group can improve benefits for customers in areas such as the standardisation of definitions, mental health, rehabilitation, stronger relationships with the medical profession, and financial literary.

The submission is now available on the PJC Inquiry website: PJC Submission (No. 24).