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The Hazards of Replacing Insurance Business: Should Be About Balancing Consumer Needs

It is important that the process of looking at reducing consumer harm from replacement (higher premium costs and possible disclosure problems) does not reduce consumer gains from replacement (such as lower premium costs, individually more suitable solutions, and market-wide a more competitive insurance industry). That is why we should take care not to focus too much on actions which are simply about reducing all kinds of replacement, and focus more on reducing just the harmful forms of replacement business. 


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Exactly, the code standard about placing the client first is about balancing these risks in an informed way to ensure the client is able to make the best decision from them. If they understand the risks and non-disclose or cancel existing cover before new cover is completed, you're less likely to face an at fault complaint, the client will probably still complain. Replace benefits and not do it in an informed way, expect complaints, it's really quite simple.

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