Underinsurance? Whose fault it that? Is it overpriced, overcomplicated products? A really long application form? A poor claims-paying reputation? A feature of a market where a quarter of all product is sold by counter staff doing little or no needs analysis? A lack of investment in correcting the PR image around those issues? No, none of the above: let’s blame the financial adviser!

Total and Permanent Disablement? What’s wrong with that product? What a beautiful name it has, snappy, positive, memorable great branding! Why isn’t more of that being sold? Come on, it’s got a dismemberment benefits! Surely you cannot wait to go and talk to clients about those. You don’t need good claims statistics – just get out and sell. Not enough sales? Let’s blame the financial adviser!

Misinsurance - Clients don’t understand what they’ve got? What do you mean you’re having trouble with our 44 page policy document? Or try the 159 page document. Try flicking between the schedule, the base wording, the benefit wording, the definitions section, and the claims procedures to see if you will get paid out.

It’s plain English! There’s no problem with our policies. Client confused?  Let’s blame the financial adviser!

High lapse rate? Premiums go up 14% a year, what do you mean there’s a problem with that? Doesn’t everyone’s income go up 14% a year. That can’t be the problem – it must be churn!  Let’s blame the financial adviser!

Advisers: I am sure you have many faults, but are you wholly responsible for all these problems?

Some advisers don’t investigate products, options, and facilities very well. Some advisers take advantage of remuneration terms to get paid better moving clients coverage. You may not have quite the detailed advice process that you would like.

It would be good to have a better process for creating comprehensive risk reports quickly. It would be good to have extensive, simple, and flexible needs analysis tools. Nicer still to have powerful and wide-reaching marketing systems.

You do have a part to play in many of the issues that the industry needs to address. You are part of the value chain from big reinsurance corporates down to a single claimant. However, the tendency some people have, some journalists, for blaming the adviser is probably overdone.

You aren’t the source of all the problems in the industry, we all have a part to play in solving these problems.