TAL general manager of retail distribution Niall McConville said both insurers and advisers need to “become more efficient” to provide better experiences for consumers.
“Our partnership with advisers is part of our culture at TAL and this partnership deserves commitment at every level of our business,” Mr McConville said.
“We believe that an investment of $150 million over five years will provide opportunity to better deliver life products and advice to Australians.”
Mr McConville added that the additional funding follows significant investment in client and adviser initiatives over the past year.
“The investment will be in our customer, service and product propositions, to make it easier for advisers to work with us and deliver quality advice to their clients,” Mr McConville said.
“These key commitments cover partnership, advocacy, value, education and investment.”
“[Also,] we have launched a site to be transparent and held accountable to our commitments. I would encourage all advisers to take the time to review what is being proposed and have their say.
While the future may have “some challenges”, Mr McConville said, if everyone works together the future will present more “opportunities than challenges”.
“The new framework calls on the industry to work collaboratively and we believe this is a positive step in working together for a better outcome for the industry and consumers,” he said.
I love chasing rainbows too.
Let’s all chase rainbows together…..weeeeeeee.
On the bottom left hand side of TAL’s homepage it states “4 ways to get life insurance”.
The first option on top of the list states:
“Directly from us”.
Now wouldn’t you think that if such a strong, cultural relationship between TAL and it’s advisers requires commitment
at every level of their business, then they would place the option of seeking advice from an adviser as a priority first and foremost, rather than providing the consumer with the visual prompt to select the first option on the list !!
Using words like “everyone works together” and “work collaboratively” is an insult to the advisers of Australia, who have just witnessed the biggest collaborative deception imaginable.
It is simply astounding that insurers are coming out now and preaching the value of the adviser relationship.
When every insurer’s submission to Trowbridge, FSC and the latest framework process has been fully disclosed and available for advisers to assess, it will only be then that the advisers themselves will determine how much value they place on the relationship.
Without knowing what has been said under confidentiality restrictions the adviser is being incorrectly played for a fool.
Amazing how TAL is putting more money into their products/processes yet Onepath still is only just trialing teleunderwriting and doesn’t have split IP etc.
I am sure every IFA will be happy we get to help fund this for you TAL.
I am sick of these insurers telling us of their support whilst they happily stabbed us in the back. Reminds me of the gilLard & krudd saga. Lie stab lie stab!
Good to see that TAL investing in its business.
I note that it was only making around $90 million dollars in 2009. That’s a lot of investment from the Dai-ichi Life Insurance Company Limited. I trust that the ROI will be watched.
Kind regards,
Adrian Totolos.
Business Analyst.