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Probably the least boring insurance PDS you’ll ever read

18/06/2018

Let’s be honest, most people don’t read their Product Disclosure Statement (PDS) when they take out an insurance policy.  It’s only when they need to claim that they bother to read what it is they’re covered for.

A PDS is a document that insurers must provide when they offer insurance.  It contains the T&C’s of an insurance product like key features, benefits, risks and the complaints handling procedure.  It’s an important legal document that forms part of the insurance contract between you and your insurer.

Insurance is a strange product given the only time people need to use it is when something bad has happened.  The PDS should tell you how your insurer will respond if you need to claim.  We hope this doesn’t apply to you – but if it does, we’re confident our PDS will stand the test.

The PDS doesn’t take into account your own needs or finances.  However, it should allow you to compare different policies and help you decide which is best for you.

Research shows insurance PDS’s are so complex less than 1% of people find them ‘very easy to understand’, while 67% say they are ‘difficult to understand’.

Despite many attempts by insurers to write their policies in plain English, few deliver in this space.  The array of scenarios that can lead to a claim make it a challenge for insurers to have a simple PDS.

Suresy is all about making insurance easy.  This includes making our PDS simple and easy to understand.  However, we are selling an insurance contract – so there has to be some legal speak.

The website readable.io is a great place to test how easy text is to read and understand.  It claims to be the most accurate readability assessment online.  The site rates text from A to E.  A-rated text is very easy to read for the general public and E-rated text is very hard to read.

The Suresy PDS has a rating of A.  Take a look for yourself and compare it to others.

Read our PDS here!


https://www.choice.com.au/money/insurance/insurance-advice/articles/insurance-contracts-and-disclosure-documents

http://insurancenews.com.au/international/policy-wordings-too-complex-for-most-consumers