Westpac’s wealth management arm BT Financial Group has revealed the results of an independent review of its denied total and permanent disability claims, saying that “no TPD claim had been incorrectly denied”.
BTFG says review found its TPD claim denials were “evidence based” and “transparent”, and that “there were no material or systemic issues identified”.
The review was conducted by an independent legal firm with oversight from EY, and confirmed that “no TPD claim had been incorrectly denied”, the company said in a statement.
The review was tasked with investigating BTFG’s denied 141 TPD claims over a three-year period that was disclosed to ASIC as part of its own life insurance review.
ASIC announced its review in March last year and released the results in October without revealing the names of the insurers.
BTFG general manager insurance Sue Houghton said the review showed the need for standardised reporting and increased transparency.
“We have been open about our claims data, this review and the outcome,” Ms Houghton said.
“We strongly believe the same level of transparency is needed across the industry so consumers are not misled by confusing and misleading headlines.
“All insurers need to report claims outcomes using common definitions and data to help restore consumer confidence in an essential financial product for many Australians.”