2021 saw a number of regulatory changes on top of the ongoing COVID-19 pandemic and it’s predicted that 2022 will also be a tough year to navigate.
Speaking to ifa, MetLife’s chief distribution officer Michael Mulholland shared his predictions for the year ahead.
“It is likely that 2022 will continue to be challenging for the industry,” Mr Mulholland said.
“I expect 2022 to be the year that technology will play a significantly greater role in delivering better outcomes for clients, advisers and insurers.”
It comes after Mr Mulholland commented on the lack of affordability for advice in Australia, which he said is contributing to a high level of underinsurance in the country.
However, Mr Mulholland noted some positives to come out of 2021, including MetLife’s Value Of Life report that found that advisers play a critical role in helping clients understand the value of their life insurance.
“The pandemic has increased demand for quality advice as people reflect on their financial situation,” he said.
“This is good news for the adviser industry as we look towards 2022.”
Mr Mulholland’s comments come after ClearView managing director Simon Swanson said the complexity within the advice process must be removed to improve affordability for Australians.
“An important step towards making financial advice more assessable and affordable is to simplify the advice process and remove unnecessary complexity,” Mr Swanson told ifa.
Meanwhile, in an address to the Insurance Council of Australia’s virtual industry forum in October, APRA deputy chair Helen Rowell outlined “looming” issues that the insurance sector must address in regard to accessibility and affordability.
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