Introducing Michael d’Apice, National Relationship and Claims Manager
Written and accurate as at: Jul 14, 2023 Current Stats & Facts
Introducing Michael d’Apice, National Relationship and Claims Manager
Select Advice Financial Planning is pleased to introduce Michael d’Apice as our National Relationship and Claims Manager. With over four decades of experience in the Financial Services Profession, Michael brings a wealth of knowledge and expertise to our team. His specialised focus on insurance claims ensures that our clients receive the best possible assistance when navigating the complexities of the claims process.
Background and Expertise:
Michael began his career as a General Insurance Broker and has spent the last 24 years serving as a specialist Life Insurance adviser to businesses and family households. In October 2022, he transitioned into his current role at Select Advice Financial Planning, where he leads the management of relationships and claims.
Client Benefits of our Specialised Insurance Claims Service:
The landscape of insurance claims has evolved, demanding a comprehensive understanding of policy wordings, medical terms and conditions, as well as insurance laws and regulations. It is widely acknowledged that claims submitted through an adviser have a significantly higher acceptance rate compared to those made directly with an insurer or via a superannuation fund.
According to ASIC's claims statistics for the 12 months ending 2021, the denial rates for various types of insurance claims vary significantly. For example, denial rates for Life Insurance claims range from 4.2% to 1.7%, TPD Insurance from 32.3% to 10.8%, Trauma Insurance from 16.8% to 8.8%, and Income Protection Insurance from 8.5% to 2.4%. This underscores the importance of having a specialist claims advocate to handle your claim.
Real-Life Examples of Added Value:
Michael has been involved in numerous cases where claims management services have made a substantial difference. For instance, he successfully assisted with a trauma claim that was initially denied three times due to a misinterpretation of policy wording. By clarifying the significance of certain terms, the claim was eventually approved. In other instances, Michael helped clients claim for injuries they were not aware were covered or facilitated back payments that had been overlooked.
The Pitfalls of Involving Lawyers:
While some individuals may turn to lawyers when their insurance claims are denied, this often leads to higher fees and prolonged claim durations. Insurers tend to slow down the claims process as soon as legal representation is involved. In contrast, Select Advice's fee for service is significantly lower, and our involvement does not hinder the timely processing of claims.
Fee for Service:
Select Advice Financial Planning's claims service operates on a fee for service basis. Importantly, clients will only incur a fee if a successful outcome is achieved for their claim. Before proceeding further, our team assesses the circumstances of each claim and evaluates its likelihood of success. If we determine that a claim is unlikely to succeed, we will advise against proceeding to avoid unnecessary costs.
The Changing Landscape of Life Insurances:
The life insurance industry in Australia has undergone significant transformations over the past two decades. The number of APRA approved life insurance companies has decreased from 43 to 24, with only a handful of retail life insurers remaining accessible through Life Insurance Advisers. Many policyholders may find themselves with policies from companies that have undergone multiple ownership changes.
Given this dynamic environment and complex ownership chains, Select Advice recognises the need for a dedicated and highly credentialed specialist claims manager like Michael d’Apice. His expertise ensures that clients can navigate the intricacies of their insurance claims with confidence.
Summary:
With Michael d’Apice as our National Relationship and Claims Manager, Select Advice Financial Planning is proud to offer clients a specialised insurance claims service. His extensive experience, deep understanding of policy nuances, and commitment to achieving successful outcomes for our clients make him an invaluable asset. Whether it's understanding policy wordings, managing complex claims, or advocating for clients, Michael is dedicated to providing exceptional service and support throughout the claims process.