TAL commits $150m to life/risk implementation
Life insurer, TAL, has moved to reassure advisers about supporting them through the changes evolving out of the Trowbridge report by committing $150 million over five years to deliver a range of initiatives, some of them driven by adviser feedback.
The move was announced by the company this week but the commitments are, as yet, broad-based and do not go to the specific detail of how the insurer will help life/risk advisers beyond promising to advocate for the value of financial advice, assist with lifting educational standards and assisting via professional development and education programs.
However the company has launched a specific website outlining its proposals and TAL's general manager for retail distribution, Niall McConville is portraying it as an ideas hub via which advisers can submit and vote on ideas.
He said the company appreciated the substantial changes advisers faced and was committed to supporting them and their business through the transition.
"Life companies and advisers need to become more efficient if we are to provide a better experience for consumers and we believe that an investment of $150 million over five years will provide opportunity to better deliver life products and advice to Australians," McConville said.
He said the additional funding followed significant investment in client and adviser focused initiatives over the last year.
"The investment will be in our customer, service and product propositions, to make it easier for advisers to work with us and deliver quality advice to their clients. The key commitments cover partnership, advocacy, value, education, and investment.
"We have launched a site to be transparent and held accountable to our commitments. I would encourage all advisers to take the time to review what is being proposed and have their say. Advisers know their business better than anyone and the site allows advisers to submit and vote on ideas, as well as see what is already underway."
Recommended for you
The Federal Court has dismissed a conflicted remuneration case brought by ASIC against the director of life insurance distributor Freedom Group, where Bali holidays and Vespa purchases were among sales incentives.
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
