The Council of Australian Life Insurers (CALI), which comprises 19 life insurers and reinsurers, or 99 per cent of the life insurance industry and 100 per cent of the reinsurance industry in Australia, has filled out its board.
The board now features representatives from nine of its member organisations: TAL, AIA Australia, Zurich Australia and New Zealand, MLC Life Insurance, Resolution Life, MetLife Australia, Integrity Life, ClearView Wealth and Pacific Life Re.
The new appointees include:
- Justin Delaney, CEO, Zurich Australia and New Zealand
- Kent Griffin, CEO and managing director, MLC Life Insurance
- Megan Beer, CEO Australasia, Resolution Life
- Richard Nunn, CEO, MetLife Australia
- Sean McCormack, CEO, Integrity Life
- Simon Swanson, managing director, ClearView Wealth
- Tyson Johnston, senior vice president Australia, Pacific Life Re
Following her appointment in October 2022, Christine Cupitt also joined CALI as its chief executive in January. Ms Cupitt previously spent eight years at the Australian Banking Association (ABA), where she held various roles, most recently as chief of policy and strategy.
In November, CALI co-chairs Damien Mu, chief executive and managing director at AIA Australia, and Brett Clark, group chief executive and managing director at TAL, said the strong engagement and support from across the industry underscored the important role that the body will play.
“CALI has been established as a dedicated peak body to act as the progressive voice of life insurance in Australia and to represent the interests of the industry and our customers and partners,” the pair said.
“CALI has an essential role to play in driving positive outcomes through engagement with our stakeholders, including government, consumers, their representatives, and regulators.”
I have yet to hear a single one of these CEO’s talk about getting commission rates back to a level that can justify the work it takes to restart advising on risk insurance regardless of the disaster the LIF has caused to advised new business. Adviser have stopped advising on risk insurance. For example advised IP sales have plummeted because the new products are too high risk and too hard to claim on (advisers have simply stopped being consulted). Existing risk customers on superior products are being hit with incredible premium increases and new inferior products being offered at hefty discounts. Time will tell but sadly I think CALI will be more about having “one voice” to get back to enabling direct sales, inferior products and harsher claims handling.