2 August 2021 - ASIC finds gaps remain despite progress to repair the TPD ‘safety net’

ASIC Deputy Chair Karen Chester said, ‘ASIC’s extensive TPD review in 2019 revealed that TPD product design and claims handling resulted in poor consumer outcomes. While all nine insurers are working to repair the TPD safety net in response to our 2019 findings, our follow up work reveals more needs to be done. Insurers also need to invest more in their data systems to target claims handling problems, and design products to meet the needs of their target market.’