Welcome to TAL News & Views
Industry -
Welcome to the May edition of our newsletter.
The recent federal election result signals welcome policy continuity in key areas relevant to our industry. We expect the government to continue progressing work on mandatory service standards and its superannuation in retirement policy framework, both of which will benefit members. Meanwhile, the financial advice reforms are moving gradually towards new rules that will make it easier for all Australians to access much-needed advice. We’ll be seeking early engagement with the incoming Minister for Financial Services to discuss the timing and detail of each of these reforms and other issues, for the benefit of our partners and their members.
Mental health continues to be a leading claim cause, contributing to 20% of the claims we paid in FY24. At CALI’s inaugural Wild for Life conference in Sydney last month, our CEO, Fiona Macgregor, joined an industry panel to discuss the factors contributing to the growing mental health crisis and how we can work together to map a path forward. Across TAL, we recognise the profound effect that mental health challenges can have on individuals, families, workplaces and communities, and we’re committed to supporting members who face these challenges – before, during and after they make a claim.
Life expectancy and retirement planning
With 2.5 million Australians approaching retirement in the next decade, helping members plan for a financially secure future is more important than ever. TAL’s latest research paper, How Long Does Retirement Last?, explores how a better understanding of their life expectancy can help members make more informed decisions about their retirement savings and ensure their income lasts as long as they do.
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Meet our partners: Lisa Gilchrist
In this month’s partner spotlight, Lisa Gilchrist from AMP shares how their collaboration with TAL is delivering real impact for members through digital innovation, simplified insurance processes and a holistic health and wellbeing offering.
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Faster claim lodgements for third parties
TAL’s new Claims Assist – Third Party Lodgement portal is streamlining the claims process by allowing legal representatives and other third parties to submit claims quickly and securely through TAL Connect. By reducing manual steps and improving turnaround times, this digital solution is helping to deliver faster, more efficient support for members when they need it most.
Global collaboration and innovation at TAL
TAL recently participated in a global innovation program, led by Dai-ichi Life to explore tech-driven solutions for improving member engagement and reimagining the future of insurance. By focusing on digital innovation and human-centred design, TAL is looking at how we can best meet the evolving needs of members.