Life insurer TAL will invest $150 million over the next five years to improve its products and service.
TAL general manager of retail distribution Niall McConville said both insurers and advisers need to "become more efficient" to provide better experiences for consumers.
"Our partnership with advisers is part of our culture at TAL and this partnership deserves commitment at every level of our business," Mr McConville said.
"We believe that an investment of $150 million over five years will provide opportunity to better deliver life products and advice to Australians."
Mr McConville added that the additional funding follows significant investment in client and adviser initiatives over the past 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," Mr McConville said.
"These key commitments cover partnership, advocacy, value, education and investment."
"[Also,] 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.
While the future may have "some challenges", Mr McConville said, if everyone works together the future will present more "opportunities than challenges".
"The new framework calls on the industry to work collaboratively and we believe this is a positive step in working together for a better outcome for the industry and consumers," he said.
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