Our claims philosophy

In 2008, Westpac Life paid over $73.6 million in life insurance claims, providing financial assistance to over 1154 Westpac Life customers and their families during difficult times.

Throughout all claims, we aim to provide a professional service based on five important criteria. This is our claims philosophy.

• Assessment
  To make sure the process of making a claim doesn’t drag on, our claims are assessed fairly and promptly.
• Understanding
  Sometimes the events surrounding a claim are distressing. We aim to treat all our customers with empathy and understanding when they are making a claim.
• Advice
  When our customers make a claim we believe they should receive honest, helpful and straight-forward advice about their claim.
• Our staff
  We provide our staff with the best training available to make sure they can give the best service they can when handling your claim.
• Responsibility
  It’s important to us to maintain our record as a socially responsible and ethical corporate citizen.

Our claims paying ability

Westpac Life is a wholly owned subsidiary of Westpac Banking Corporation and manages assets of more than $9 billion.

As at September 2008, Westpac Life held assets for solvency in excess of liabilities, within statutory funds, of over $500 million. Westpac Life’s total shareholder capital including reserves at this date was more than $600 million.

This means that Westpac Life has a strong capital base from which to pay current and future claims, and to finance future product developments and initiatives.