With changes to the risk sector set to hit advisers, life insurers “must own their part” in providing as much assistance to advisers as possible, says TAL.
TAL chief executive Brett Clark said all life insurers have a responsibility to help advisers, adding that it is "the right thing to do" to help them through this transition period.
“Life insurers must own their part in providing solutions that make a material difference to an adviser’s business, so together we can deliver a better outcome for Australians,” Mr Clark said.
“TAL announced in July a commitment to invest $150 million over five years on new capabilities and initiatives that will improve business efficiencies, and the partnership between advisers and TAL to help deliver life products and advice to Australians.”
“We must work harder on becoming a more efficient industry. Some of the practices and customer outcomes are no longer acceptable by modern standards. We have made incremental improvements around the edges over the last few years, but we need more substantive breakthroughs,” he said.
Mr Clark added that he also wants advisers to tell TAL what they would like to see in terms of support and assistance for their business.
“Feedback, insights, comments and discussions are critical for ideas to be put into reality,” he said.
“A collaborative approach will ensure we invest in the right projects and we are committed to taking positive steps towards our future shared success.
“The future of the life insurer and adviser relationship must continue to evolve from merely transactional to an efficient and seamless partnership,” Mr Clark said.
TAL currently has a number of initiatives in place to assist advisers, including social media webinars and the TAL Risk Academy.