Life insurers have a responsibility to help advisers: TAL
Life insurers must work harder to build efficient partnerships with advisers, to better serve their clients, TAL group chief executive, Brett Clark, believes.
While advisers and life insurers have shown a willingness to embrace change to create a more efficient industry, Clark said the pace of change needed to accelerate.
"The future of the life insurer and adviser relationship must continue to evolve from merely transactional to an efficient and seamless partnership," he said.
"Life insurers must own their part in providing solutions that make a material difference to an adviser's business, so together we can deliver better outcomes for Australians.
"We must work harder on becoming a more efficient industry. Some of the practices and customer outcomes are no longer acceptable by modern standards.
"We have made incremental improvements around the edges over the last few years, but we need more substantive breakthroughs."
Clark also called on advisers to engage with the insurance group to provide insights about what they need from life insurers, through TAL's website.
"I am calling on all advisers to keep telling us what they would like to see from us," he said.
"The key themes we are seeing from advisers focus on advocacy and business efficiencies.
"Advisers are after content that helps them tell their stories broadly. Additionally, advisers are asking insurers to help them deliver life insurance products and services more efficiently to customers and help them reduce the costs to service their clients."
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