TAL announced that following its acquisition of Suncorp’s Australian life insurance business (Asteron), it has completed a strategic review of the retail business and operating model across both the TAL and Asteron brands.
“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,” the group said.
“The restructure is 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.”
TAL Group CEO and managing director Brett Clark said: “To deliver the best outcomes for our customers and adviser partners, we need to simplify our etail 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.
“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.”
Mr Clark said the restructure and realignment will have no impact on the company’s ability to service financial advisers or customers on existing Asteron or TAL policies.
“We remain committed to ensuring the Asteron retail life insurance products remain relevant and up to date post 1 July 2019 for existing Asteron customers, in the same way we do for TAL customers today,” he said.
“We will be maintaining our presence across Australia and we are continuing to invest strongly in our core retail business, and also in adjacent markets to enable more opportunities in the future for advisers to create value in their relationships with their clients.”
Great to see that TAL have invested strongly in particularly investing in a DMC DeLorean, the two year integration was fast forwarded to 3 months… Honesty, integrity are the core values of what people and a company should standby.
This is not great news for the industry, another insurer gone… Que Sera Sera……
Brett, your voice and that of TAL are the least vocal in this environment of radical change, it’s time you made your real view known. Speak out know or you are irrelevant in this industry going forward.
The closure of Asteron is concerning. In the last few years we have lost Asteron, Macquarie and AMP (well basically unless you have them in an AMP platform). This is poor for competition.
Low life insurance companies cutting jobs bigger c than banks
In other words new Asteron “customers” (Brett I would suggest if you want to maintain the support of your adviser “partners” you change your terminology, your policy owners are our clients not yours) are about to be treated like second class citizens