ANZ Wealth white paper advocates change for sustainable insurance industry

From

Gerard Kerr

ANZ Wealth yesterday released Life insurance: the case for change, a white paper analysing challenges shaping the life insurance sector, including shifting consumer expectations, increased scrutiny and regulation, pricing pressure and high-tech disruptors.

ANZ Wealth Head of Life Insurance, Gerard Kerr said: “The white paper examines how we can build a sustainable industry that protects more Australians.

“It highlights the need for affordable products that provide genuine financial protection for customers, including their return to health and workforce participation.

“It discusses the need for increased accessibility not only through greater cover choice, but also by providing rich and responsive digital experiences that support individual customer preferences.

“Insurers have a responsibility to rebuild public confidence that we are committed to our core purpose – helping our customers in their time of need.

“This white paper identifies opportunities that support this outcome, and there is clearly much to do to ensure our industry establishes a strong and sustainable future for our customers.

“ANZ is taking steps to address this challenge, including the introduction of Income Secure Essentials and Severity Trauma covers to the OneCare range in August, to offer financial advisers and their customers a broader choice of insurance options,” said Kerr.

Life insurance: the case for change is available here. 

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