TAL updates super fund technology for new partner
Life insurer TAL has unveiled a new technology solution for its latest partner, which it says aligns the group insurance market with global standards for the first time.
Developed in line with the US-based AML standard, the technology allows the fund’s partner UniSuper to seamlessly share data with TAL to reduce double-handling without compromising security, TAL says.
“Fund members will be able to make changes to their life cover in real time and the efficiencies gained overall by the fund and insurer get passed on to customers through faster processing,” TAL Life CEO Brett Clark said.
UniSuper CEO Kevin O’Sullivan the administration system should improve risk management, while reducing costs.
The AML standard was conceived by the Association for Cooperative Operations Research and Development (ACORD), based on XML secure-transfer design principles.
ACORD Director, Global Development, Alan Stitzer said: “This initiative by TAL and UniSuper that meets the AML standard is a world first for the wholesale life insurance market.
“We value their participation on our Australia steering committee and the important contributions they bring to the industry as a whole.”
Recommended for you
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.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
