Rehabilitation focus produces better results, Swiss Re report finds
30 January 2023
Investing in rehabilitation services leads to better outcomes for life insurers and their customers, a Swiss Re report has found...
Life Insurance
TAL urges advisers to consider skills upgrade
30 January 2023
Life insurer TAL has pressed the importance of adviser education as Canberra weighs its response to the Quality of Advice Review...
MLC names banking executive as board director
30 January 2023
MLC Life Insurance says David Stephen has been appointed as Independent Non-Executive Director and will also serve as Chair of the Board Risk Committee...
'Find and fix': ASIC orders life claims review after underpayments reported
12 December 2022
The Australian Securities and Investments Commission has flagged concerns over possible claims payment issues in the life industry after seven insurers reported miscalculating benefits payouts, causing affected customers to receive less than they were entitled to in some cases...
'Claims handling failure': Zurich's OnePath hit with ASIC court proceedings
12 December 2022
OnePath Life has been taken to court for allegedly breaching its duty to act with utmost good faith in the handling of an income protection (IP) claim that it rejected on grounds of fraudulent behaviour from the insured...
Complaints over 'level' premium rises jolt regulators into action
12 December 2022
Life insurers have been ordered to review past pricing practices after complaints from consumers over increases to retail products, especially for “level” premium policies, and also reportable situations from the industry related to rate changes...
Financial planners back ALRC proposals on 'regulatory duplication'
12 December 2022
The Financial Planning Association has backed key proposals in the Australian Law Reform Commission second interim report on ways to keep existing financial services regulations “fit for purpose”...
Global life outlook kept at stable
12 December 2022
Moody’s Investors Service has kept its outlook for the global life industry at stable, citing the sector’s strengths including strong capital levels that would help it weather slowing economic growth...
Asteron Life NZ runs pilot offering employees more emotional support
12 December 2022
Asteron Life New Zealand has launched a pilot program to provide its case managers and customer service staff with more emotional support...
TAL names new board appointment
12 December 2022
TAL has appointed Naomi Edwards to its board as an independent Non-Executive Director...
'Back to basics': life industry bosses give take as advice review nears finish line
05 December 2022
Affordability and cost challenges, along with product design, are among the key issues facing the life industry after it finished the 2021/22 financial year with a profit of about $500 million, a KPMG webinar heard...
'Set a higher bar': advisers flag need for education changes
05 December 2022
The Advisers Association has urged the profession to consider raising qualification standards in preparation for likely changes after the Quality of Advice Review hands its report to the Government this month...
FPA wraps up annual congress
05 December 2022
The Financial Planning Association says more than 1200 delegates attended its annual Professionals Congress event last week, its first in-person gathering in three years since the pandemic broke out in March 2020...
FSC again pushes for advice reforms
05 December 2022
The Financial Services Council says an additional two million retirees would be better off by 2040 and 3.4 million by 2060 if changes as proposed by the Quality of Advice Review are implemented...
MLC Life names new non-executive director
05 December 2022
MLC Life has appointed Catherine Dube to its board in a non-executive director role...
Life profit slumps 87% on investment losses
28 November 2022
The life industry suffered an 87% contraction in net profit to $200 million for the 12 months to September as unrealised losses on interest-bearing assets hit investment returns, latest Australian Prudential Regulation Authority data shows...
Financial planners counter commissions ban push
28 November 2022
The Financial Planning Association has pushed back against a renewed call for a total ban on commission and all forms of conflicted remuneration, weeks before the Quality of Advice Review final report is submitted to the Federal Government...
Australian Group Insurances steps up tech focus
28 November 2022
Third-party insurance administrator Australian Group Insurances has created a spinoff company aimed at strengthening its digital capabilities...
FPA names award winners
28 November 2022
The Financial Planning Association has named the winners of its annual awards celebrating excellence in professionalism and client advice provision...
Reviewer explains why life insurance commissions should stay
21 November 2022
Quality of Advice reviewer Michelle Levy says ditching life insurance commissions would do more harm than good, and could lead to more advisers exiting the industry...