As the life insurance industry braces for change, life insurer TAL says it has a responsibility to help advisers with the transition.
TAL chief executive Brett Clark said life insurers "must own their part" in providing solutions that make a "material difference" to an adviser's business and that allow them, together, to achieve better outcomes for Australians.
"We must work harder on becoming a more efficient industry. Some of the practices and customer outcomes are no longer acceptable by modern standards," Mr Clark said.
"We have made incremental improvements around the edges over the last few years, but we need more substantive breakthroughs.
"TAL announced in July a commitment to invest $150 million over five years in new capabilities and initiatives that will improve business efficiencies, and the partnership between advisers and TAL to help deliver life products and advice to Australians. We believe all life companies have this responsibility as it's the right thing to do," he said.
TAL also said it is seeing many advisers coming to its website looking for ideas to improve the efficiency of their businesses.
"The key themes we are seeing from advisers focus on advocacy and business efficiencies. Advisers are after content that helps them tell their stories broadly," Mr Clark said.
"Additionally, advisers are asking insurers to help them deliver life insurance products and services more efficiently to customers and help them reduce the costs to service their clients."
Mr Clark wants all advisers to continue telling the insurer what they want to see from TAL and what the company can do to help, he said.
"Their feedback, insights, comments and discussions are critical for ideas to be put into reality. A collaborative approach will ensure we invest in the right projects and we are committed to taking positive steps towards our future shared success," he said.
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