Meet our team: Michael Lin

What was the career path that led you to your role today? 

My journey into the insurance industry began with a degree in actuarial science and finance, followed by five years at MLC. Since joining TAL in 2016, I’ve had the chance to lead purposeful initiatives that impact millions of Australians. These have included responding to landmark regulatory reforms and steering the business through the uncertainties of COVID-19. 

I currently head up the product and pricing function supporting four of TAL’s major industry fund partners: AustralianSuper, Rest, Cbus and Aware Super. I’ve also represented TAL at industry forums, including the Actuaries Institute and Australian Institute of Superannuation Trustees (AIST), to discuss key sector challenges. 

During my nine years at TAL, I’ve also ticked off major personal milestones such as getting married, having two children, and running a marathon!

What emerging claim trends should super funds be watching? 

Mental health-related TPD claims have become a particular area of focus. While it’s still early days, our team are already seeing signs that some member segments are being disproportionately affected.  

To better understand where claims are rising, we analyse data by geography, occupation, and external factors like cost of living. This helps us identify ‘hotspots’ or specific regions, industries, or groups facing higher claims. Understanding these trends or ‘hotspots’ allows us to tailor risk management and member support strategies effectively. 

We’re also looking at the impact of workers compensation law changes across different states that could make it more difficult to claim for mental health-related issues. This could mean that some members turn to their life insurance through super, contributing to higher mental health-related TPD and income protection claims. 

What other factors are currently driving claims?  

As well as the increase in mental health claims in recent years, we’re also seeing a higher number of cancer-related claims post-COVID, potentially due to delayed diagnoses and treatment.  

Sector-specific pressures are also evident. For example, construction workers are experiencing more musculoskeletal claims whilst we are seeing more teachers and healthcare workers experience mental health conditions likely driven by increased demand from their jobs, economic stresses and workforce shortage challenges. These trends highlight how broader social and economic factors impact claim patterns. 

How is TAL adapting to these trends? 

To better respond to these risks, we’re looking at how our disability products are structured to ensure they continue to be fit-for-purpose for members.  

Product designs have largely remained unchanged for a number of years, but we recognise that different membership bases may potentially benefit from different approaches. So, we’re working closely with individual fund partners to explore design updates that reflect the specific needs and circumstances of their members.  

As with any product innovation, our focus is always on balancing member needs with long-term sustainability. 

How is TAL supporting super fund partners to navigate the current environment? 

As mental health-related and other claims rise, TAL has evolved its commercial models to respond effectively. These models share some of the insurance risk with our larger trustee partners, which fosters collaboration and ensures each party has transparent access to claims data.  

This approach enables us to take a more nuanced approach to pricing and risk management so we can implement targeted solutions. Having mutual visibility helps build trust and prevents overreaction to short-term claim spikes with more stable pricing.  

With inflationary pressures increasing over recent years, it's important that we regularly review sums insured to make sure the level of default cover continues to provide meaningful protection for members. 

How do you adapt our commercial models to fit each partner’s needs? 

Our fund partners are highly sophisticated with strong insurance expertise, so the first step is understanding each partner’s expectations, risk appetite and the level of involvement they want in managing their insurance products and premiums.  

Through collaborative workshops, we co-design tailored models that align with each funds strategy and support long-term member outcomes. There’s no ‘one-size-fits-all’ approach, as each solution is bespoke. 

What external forces will shape group insurance in the years ahead? 

Modern life is marked by increasing complexity. Looking ahead, I see group insurance in Australia being shaped by several factors – global and economic conditions, advances in medical technology and health care, regulatory changes, and evolving societal attitudes toward life insurance. In the short term, interest rates, employment levels and inflation all impact pricing and claims experience.  

Beyond immediate pricing pressures, longer-term forces are also shaping our thinking. We’re looking at the potential impacts of climate change, not just physical health risks, but also how climate-related stress may affect mental health.  

Along the way, we’ll embrace AI to transform our services and operations, enhance insights and get better at predicting risks.  

This reinforces the importance of staying agile and collaborative in managing emerging risks, ensuring group insurance remains sustainable and responsive to the evolving needs of members and the wider community.