Life insurers “have never had a better opportunity” to shape the industry’s future, according to Acenda CEO and MD Kent Griffin.

He urges businesses to work together as the operating environment changes.

“It’s no secret that our industry is operating in a landscape that is undergoing significant change,” Mr Griffin said in a speech last week at the Council of Australian Life Insurers conference. 

“Demographic, economic and regulatory change present both challenges and opportunities for our industry. 

“As an industry, we have never had a better opportunity to work together to address our challenges and embrace the opportunities in front of us to build a new vision for Australia’s life insurance industry.”

Mr Griffin, who is CALI co-chair, says the peak body’s research shows four in 10 life insurance customers would either cancel or modify their cover if affordability becomes an issue.

“We must therefore improve the accessibility, affordability and appropriateness of what we provide for Australians,” he said.

“We can develop solutions that support access to life insurance for more Australians … We must continue to work together as an industry to embrace a comprehensive agenda of reform.”

He says improved access to “quality, affordable” advice is important and reforms announced last month by Assistant Treasurer Stephen Jones are a “positive step”.

“The latest tranche of the government’s financial advice reforms … will help to simplify the advice framework, ensuring more Australians can access advice in a format that is easy to understand and tailored to their individual needs,” Mr Griffin said.

“However more can be done … the government has also committed to developing the remaining pieces to modernise the best-interests duty and create a new class of adviser, and that these combined with the draft legislation released will be introduced into parliament as a single package. With this commitment from government, we are making progress.”