Statement from Brett Clark, TAL Group CEO & Managing Director regarding PJC Life Insurance Inquiry Report

From
Brett Clark

Brett Clark

“We welcome the release of the report from the Parliamentary Joint Committee on Corporations and Financial Services’ (PJC) following its inquiry into the life insurance industry.

TAL actively participated in this process, including sharing our views and outlining a range of steps we have already taken to make improvements in important areas for our customers, and I am pleased to see many of these reflected in the broader industry recommendations contained in the report.

While we are continuing to examine and assess each of the recommendations in detail, we support in principle the inclusions around legacy product rationalisation, improved claims processes and experiences, broadening of Approved Product Lists, the engagement of dedicated mental health expertise, and the value of early intervention rehabilitation services.

We also continue to work closely with the FSC, regulators and various working committees to make meaningful progress on a number of areas referenced in the report, including mental health, medical information and the use of genetic testing.

TAL is Australia’s leading life insurance specialist, protecting approximately 40% of the Australian working community, and we paid more than $1.6 billion in claims to our customers in 2017, with 60% of those in living benefits following an illness or injury.

With that leadership comes great responsibility, and we are committed to continuing to lead by example while working with our partners, industry bodies and regulators to ensure life insurance is an understood and valued as part of Australians’ lives, and that our customers have confidence we will be there when they need us most.

The life insurance industry has an enormously positive social benefit for our community, and it is only by working together as an industry that we will ensure the best possible outcomes for all Australians.”

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