As 2007 draws to a close, I’m delighted to say that the year has been an exciting one for Special Risk Insurance. An independent Marketing Plan was developed, a new website designed and our newsletters remodelled. With all of this has come a good volume of new business both from existing clients and many new ones. Thank you for giving us your special risk cases – we appreciate your business.

During the Christmas and New Year period our office will be closed from Monday 24 December to Friday 11 January while we take a short break.

We wish you and your family a wonderful Christmas and a healthy, happy and prosperous 2008.

Best wishes

Brian Klee

 

New Insurance Guidelines

After a number of postponements, the revised Insurance Guidelines were finally released by the Human Rights Commission on 12 December. This follows strong public and industry consultation over the past 18 months while the guidelines, first published in 1997, were reviewed.

Based on Financial Alert’s news item on 12 December it would seem we may have a different view to the ISI’s interpretation on the Reinsurance section. The HRC Guidelines state, ‘At times New Zealand insurers have to offer cover to individuals even though they are unable to obtain reinsurance’. This implies insurers will not be able to decline cases because they are unable to obtain reinsurance, unless the risk cannot be reasonably quantified and assessed.

Watch out for our January newsletter which will focus entirely on the Guidelines and how, in our opinion, they should be used.

Keep an eye out for Predict Medical

A software package used by GP’s that makes it easier to predict people’s health issues, Predict Medical is likely to have significant benefits for the insurance industry. Medical clinics using this software (currently more than 340 throughout New Zealand) are able to provide faster and more accurate assessments when managing patients with diabetes and/or cardiovascular issues in particular. And fast turnaround of accurate patient information has got to be good for us all.

I recently met with Enigma, suppliers of Predict Medical, to determine how this product can be used for insurance purposes, and as they say “Watch this space…………….”

Case Study - congenital heart disease

A financial planner referred a good friend of his who had had a Mitral Valve replacement more than 20 years ago. Over this period he’d experienced atrial fibrillation (palpitations) and hypertension issues but his current therapies and medication had maintained good control, even though there was a small amount of aortic regurgitation (leaking).

He applied through a broker to obtain life cover but two insurers declined to offer any Terms. After our thorough Case Presentation, telephone interview and an updated cardiac report, we successfully placed this case with a moderate loading.

Click here for more success stories

Release of medical information

It was disturbing to see a recent article in the Sunday Star Times about insurers making inappropriate use of medical notes to charge higher premiums or refuse claims for ‘non-disclosure’. A formal complaint from the Medical Association was subsequently lodged and taken ‘very seriously’ by the Privacy Commissioner.

GP’s can feel at risk for releasing their confidential medical information, which often has personal thoughts included alongside the clinical notes. We have witnessed this first hand and sought qualification so that such comments were not misinterpreted.

In most instances insurers can be relied upon to use medical notes in a responsible manner. What we do not want is one or two individuals damaging this longstanding level of trust because a few have been guilty of sloppy underwriting in the first place.

Insurance Advisor Corner

Tips on making the possible, probable!

The ‘Movember’ movement has again profiled the incidence of prostate cancer in men. So what do you do if you find someone who’s been diagnosed with prostate cancer?

Firstly, prostate cancer is insurable, in some cases less than one year following the end of treatment. The normal period of deferral is two years, with the exact date of diagnosis being the starting point for the risk assessment process.

The size of the tumour, its aggressiveness, the degree of invasion and the age of the patient will all determine the kind of treatment – and ultimate risk assessment evaluation. So find out the answers to these points, the kind of surgery carried out and the name of any medication. Make sure you also obtain a profile of the PSA blood tests.

The quality of the information obtained will always determine the outcome for you and your client.

Click here for more Advisor Information

Feedback

Any feedback, questions, or ideas for articles are welcome. Just drop us a line at - expert@srisks.co.nz.

And if you are having any problems in getting it approved, call the experts!

Regards

Brian and the team at SRI