TAL's Market Snapshot for Quarter Two

July 2022 marked an important milestone – 30 years of the superannuation guarantee. As an industry we can be proud of how far we’ve come in three decades, to now be providing millions of members greater financial security in retirement and supporting them through the claims we pay.

The inclusion of insurance in superannuation dates back to even before compulsory superannuation. As a leading life insurer, we’re focused on being a leading voice and advocating for the value of the life insurance category. Beyond the members and families that we support, insurance through super  plays an important link in the wider insurance framework by providing a safety-net level of cover. Without it, this financial cost would be passed on to the Government, who are estimated to save $1,212 per claimant on average per year¹. With almost 50,000 new claims admitted through super in 2021, that’s a huge saving for the community.

While the core purpose of insurance through super hasn’t deviated, the industry continues to evolve, whether it be through regulatory change, adapting to members’ expectations or finding a new voice for life insurers.

A new peak body to move the industry forward

Like in any industry, the needs and expectations of its customers, partners, stakeholders and the community naturally change. You may have recently seen in the trade media about the launch of The Council of Australian Life Insurers (CALI), a dedicated life insurance industry peak body. With our industry experiencing significant regulatory and structural change in recent years, there was consensus to form a dedicated body to focus solely on matters affecting the life insurance industry and its customers. TAL, along with other leading life insurers, has expressed interest in becoming a member. As further information around CALI becomes available we will keep you updated.

Digital enabling more intuitive experiences

We know digital is top of mind for many funds. Members want their insurance experience to be simple and they want things to be fast – especially when it comes to interacting online during underwriting or claim time. Driven by the pandemic, it's no longer about having online services for transactions. The focus now is about acknowledging that customer experience matters. How simple, how easy and how long it takes to complete and fulfil a request will impact your ability to successfully engage your members.

For us at TAL, it’s a major priority too. We’re investing heavily in our digital and technology infrastructure to improve both funds’ and members’ experience with insurance alike. This includes developing digital tools throughout the member journey and a multi-million platform transformation improving user experience, back-office administration and enhanced API integration to provide seamless, quick interactions – all this to drive operational effectiveness, simplification and transparency.

Our next TAL Partner Forum in October will put the topic of digital front and centre. I look forward to the discussion so we can work collectively to achieve better digital outcomes and experiences for members.

Sources 

¹ The Future of Insurance in Superannuation report prepared by Deloitte Access Economics for ASFA