It wasn't too long ago when group life insurance was a small sector with just a handful of serious players. With the proliferation of group and industry super funds, the group risk market is today worth close to $2.4 billion – and rising. Paul Trigg of ING writes about how technological innovation and simpler products have changed the insurance landscape, particularly in group risk, putting it at the frontline of the underinsurance battle. He highlights how more than half of Australians are now covered by a group insurance contract but that there is still a fair way to go to before everyone gets the right insurance cover.
Trigg says the industry needs to offer simple, affordable insurance and easier top-up options, which will prove valuable in tackling the country's underinsurance problem.
