The Council of Australian Life Insurers (CALI) has announced the addition of Allianz Retire+ as its newest full member.
The latest addition brings the total number of full members of CALI to 20 after just 18 months of operation.
CALI chief executive Christine Cupitt said she is pleased to welcome another member to the association.
“We are absolutely delighted to welcome Allianz Retire+ as a full CALI member. Our members are the driving force behind CALI’s continuous evolution as the leading voice of life insurance in Australia,” Cupitt said.
“This milestone reflects the strength of our industry and our commitment to giving Australians peace of mind on their best and worst days.”
Allianz Retire+ chief executive Adrian Stewart said he is excited about the opportunity to advocate for the life insurance industry.
“We are thrilled to join CALI and contribute to the advancement of the industry. Being a full CALI member provides us with a unique platform to engage with our industry peers, shape and advocate for policy reform and drive positive change for all Australians,” Stewart said.
Allianz Retire+ joins association members, including AIA Australia, Clearview, MetLife, HCF, TAL, Zurich, Australian Retirement Trust (ART), and MLC, as they advocate for the life insurance industry.
In order to bridge the advice needs gap in Australia, CALI has been vocal about its desire to allow insurers to advise their clients’ on matters regarding their products, particularly in relation to the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms that is expected to see a new class of advisers introduced.
Following the passage of the first tranche of reforms, Cupitt said it was a “good first step” but more is needed to address the issues of underinsurance and access to advice still present.
“We want to see legislation that allows life insurers to provide simple advice on their own products, when customers ask them to,” she said.
“We want to give Australians more choice at no cost to them. We shouldn’t be turning them away when they ring our call centres, giving simple answers to simple questions is basic customer service.”
Yet another one of life’s great disappointments. I had hopes for CALI after its split from the fund managers and bank short-term thinkers that controlled the FSC. A body representing life insurance manufacturers only!!!. Perhaps even a change of heart to enable insurers to develop some kahuna’s and go to Minister Jones and tell him emphatically that LIF is not working and is destroying the life insurance industry.Alas alack,It won’t be so
Sadly it was never to be. Now we have admittance of folks into CALI that do not manufacture life insurance products for retail distribution. But of course, with these non-insurance members comes membership money so that CALI can continue to lobby against product manufacturers being included in CSLR
And all that membership fees of course can afford to pay more expensive staff.
What a joke. FSC by another name