Shaping the future of group insurance in super

Life insurance through super protects millions of Australians, and its role is becoming even more important as member needs change. At this year’s ASFA Conference, TAL Group CEO Fiona Macgregor joined AIA CEO Damien Mu and Zurich CEO Justin Delaney, with ASFA Chair Gary Dransfield, for a panel discussion about how the industry can keep the safety net strong for the next generation. 

The session covered a range of important topics: from mental health and long-term financial wellbeing to the role of regulatory frameworks in driving a better member experience and outcomes. 

Evolving member needs and the future safety net 

Mental health is now one of the leading drivers of disability claims, and consumer expectations are shifting. Australians want support that recognises recovery, not only incapacity.  

During the panel session, Fiona highlighted the importance of a long-term view: “We’re focused on ensuring the insurance safety net in super remains relevant for the next generation of Australians and exploring how we can play a greater role in supporting member health recovery.” 

There is growing alignment across the industry that regulatory frameworks need to evolve to support product sustainability while allowing innovation to thrive. Increasing use of data and insights will also create new opportunities to understand member needs earlier and provide support that keeps people connected to work and financial stability. 

A more connected and consistent experience  

Service expectations continue to rise, particularly for members navigating vulnerable moments. Trust is shaped by outcomes that matter in real life, including the time it takes to receive a payment or get clarity on the next steps in the process. Fiona noted that “The end-to-end member experience, including 'time to cash', is what really counts.” 

Technology, data integration and clearer system links between funds and insurers are becoming essential to lift service consistency. These tools can support early intervention, faster responses and more personalised guidance. The Life Insurance Code of Practice and other regulatory frameworks help set minimum expectations, while still allowing scope for continuous improvement. 

Supporting long-term financial wellbeing

Insurance plays a critical role in helping Australians stay connected to work, protect their income and safeguard their retirement balance. Keeping healthy – and receiving targeted support to support a swifter return to health and work after illness or injury – all have a direct influence on a member’s long-term financial wellbeing. 

There is growing interest in how insurance can work more closely with prevention, recovery and rehabilitation. Innovative product design, targeted support programs and more connected care pathways can strengthen the link between protection and long-term financial outcomes.  

Helping members make informed decisions 

More Australians are moving into retirement with complex financial questions and limited access to guidance. Many need help understanding their options, making decisions and feeling confident that they’re on the right track. Fiona reinforced the importance of accessible support: “People need more help with their money, and that’s never been truer than it is right now.” 

Regulatory frameworks such as Delivering Better Financial Outcomes (DBFO) are designed to lift the quality of guidance available to members, making it easier for them to understand their options and choose products that suit their needs. As advice reforms progress, more members should be able to access the support they need to make informed decisions at key moments, especially as they approach retirement. 

Looking ahead 

Keeping the safety net sustainable and relevant will require continued collaboration across funds, insurers and government. The focus remains clear: modernise where needed, improve member experiences end to end, and support long-term financial wellbeing. As Fiona put it, the system must remain modern, sustainable and centred on the needs of members today and for future generations.