Speaking at the group’s ‘Future of Better Health’ event, TAL Group CEO and managing director Brett Clark said the structural change to the industry was a huge opportunity for the market.
“The life insurance market in Australia is undergoing a once-in-a-generation change – and within that there also lies a once-in-a-generation opportunity,” he said.
Mr Clark said there was an opportunity to step back and reassess value and in doing so redefine it to create more value into the future.
“We’re committed to working with our superannuation fund and financial adviser partners to provide greater value for their members and clients, in a way that enhances their own relationships,” he said.
Mr Clark said the principles that underpin the industry, community, customers first, collective benefit and alignment, remain as important as ever.
“The challenge is to bring those values to life for our shared customers in a contemporary way, and for us, an important and obvious starting point is supporting them in better health through both the good times and bad,” he said.
The Future of Better Health event brought together representatives from TAL’s partners across super, financial advice and beyond to look at the role of innovation and supporting customers.
The event was a chance, said Mr Clark, to look at how greater ongoing value could be delivered to Australians through a focus on their better health.
Please remind Mr.Clark that actions speak louder than words
Yes Mr Clarke , it certainly is a time to step back and re assess value !!!! If ASIC had any balls , it would call all insurers in a room and ask why they are setting up a churn environment . AMP, MLc and all others have been playing this game of discounts for churning purposes but who cares !!!! Obviously not ASIc . Let the Life companies continue the games , in the meantime let’s kill off the Life insurance only agents , that sold good life insurance for the best reasons but actually got paid for all their work via a Commission !!! How dare they . Oh I remember , sell level insurance premiums means they don’t go up compared to stepped the AMP Life insurance BDM used to say . , Crap , I remember level premiums from AMP going up 25% one years. Let the games continue and James Shipton from ASIC sit back and do nothing !!!
Tal is offering 10% discount on year one and 5% discount on year 2, for new business only. At the same time they have raised their rates for existing clients on both stepped and level premiums. This in itself perpetuates churning. Every 2 years clients will be looking around for the next 2 year discount period. This is sheer stupidity caused by chasing the almighty KPI of increasing new business. Tal is digging a very large hole for themselves.
TAL has just hit existing customers with a 12% increase on premiums (including level premium policy holders). At the same time they are offering discounts for new business (being paid for by existing customers). TAL and and the other FSC members are effectively trying to create a churn issue that was not there in the first place in direct contravention to what the LIF was supposed to be avoiding!! I wonder why ASIC is not looking into this?
I would suggest if TAL want to create “deeper client relationships” they should stop ripping off existing customers to fund their attempts to increase new business.