Whenever you're required to share personal details, you're likely to have concerns about identity theft or misuse of such details. However, you shouldn't have such concerns when purchasing income protection insurance ANZ.
The insurer is sure to collect certain personal information from you. Without this information, your application would simply not be successful because the insurance company wouldn't be capable of properly assessing the risk in offering your coverage.
You should also realize that certain level of disclosure is necessary as mandated by law. For instance the Anti-Money Laundering and Counter-Terrorism Financing Act requires various personal details including passport and driver's license as proof of your identity.
Fortunately, the insurer follows strict guidelines concerning disclosure of your personal details to third parties. This is also necessary as part of the management and administration of your coverage. Various third parties to whom such details are revealed include:
(i) An organization whose role is to detect and guard against consumer fraud. Just as consumers may have reason to avoid unscrupulous organizations, so also reputable organizations need to avoid people out to fleece them.
(ii) Companies linked to the insurer and serving the same purpose as the insurance company. Usually large companies subcontract various services to several other organizations under their ownership for effective administration of their services. This is especially so with ANZ (Australian and New Zealand Banking Group Limited), a deposit taking institution that owns OnePath Life, which issues the income protection insurance policy.
(iii) Organizations that have alliances or arrangements with the issuing insurance company. Some services related to an insurer's products (includes marketing, administration and compliance) may be outsourced to external organizations for better service delivery. Obviously, this would entail sharing of relevant information that will ensure effective operation. However, you can still be sure of the privacy of your personal details since such companies would have to abide by strict privacy policies.
(iv) Organizations that provide medical services. Sharing information with such organizations usually applies when you make an insurance claim. This is necessary in order to ascertain the authenticity of claims made and prevent fraudulent claims. In such cases, institutions providing services related to assessment of insurance claims would also be involved, which includes reinsurers.
(v) Legal representatives or solicitors. Without a doubt, this group of people would always be involved in virtually every transaction that the company makes. In fact, just as insurance companies need such professionals, you too also need some form of professional advice in the form of financial advisers.
(vi) Companies that maintain the information technology systems or provide printing and mailing services. Of course, these are organizations that will always come in contact with your personal details, especially if you apply for coverage online. Hence, they would also be bound by strict confidentiality arrangements.
Apart from all these situations, you should also realize that there exist specific circumstances in which the law permits the insurer to disclose certain details of your personal information. An example is the Family Law Act 1975, which permits requests from certain persons about a policy holder's interest in superannuation funds.
To dismiss any concern that you may have about all these issue, you can easily confirm from the privacy policies of the insurance company, which clearly details all the necessary information.
Kerrie Peacock regularly assesses the available products within the Australian personal insurance industry. She also shares such information to help Australians make informed decisions. Make sure to visit www.mecovered.com.au/income-protection-insurance-anz, to get much more comprehensive professional advice suited to your personal situation.