Major insurer TAL has decided to take the Asteron Retail product off-sale from new customers from 1 July, this year.
TAL, which acquired Asteron from Suncorp earlier this year, has decided to take the retail product off-sale following a strategic review process.
The company said it had completed a strategic review of the Retail business and operating model across both the TAL and Asteron brands with the ambition of creating a single, market-leading life insurer and delivering the best outcomes for its customers and adviser partners.
“A key outcome of the review will be the restructure and realignment of both TAL and Asteron’s Retail adviser focused businesses. In addition, the Asteron Retail product will be taken off-sale to new customers from 1 July 2019,” it said.
TAL said the restructure was anticipated to impact some employees within the TAL and Asteron businesses, with an introduction of some new roles and a reduction in the total number of roles in the Retail channel across TAL and Asteron.
“TAL will be working with and supporting all employees throughout the consultation process,” it said.
Commenting on the move, TAL Group CEO and Managing Director, Brett Clark said that to deliver the best outcomes for customers and adviser partners, the company needed to simplify its retail business model.
“We believe it is in our customers’ and advisers’ best interest not to offer two similar retail propositions in the Retail advised market,” he said.
“Having one Retail adviser proposition gives clarity to the market, creates a simpler business structure and a more efficient service model, which allows us to provide better value propositions for customers and our adviser partners.
“The restructure and realignment will have no impact on our ability to service financial advisers or customers on existing Asteron or TAL policies.”