Kelly Power

Colonial First State (CFS), in partnership with AIA Australia, today announces the launch of a new digital insurance claims service designed to make it simpler and faster for members to lodge an insurance claim.
CFS currently supports members with more than $80 million in insurance claim payments each year, and based on ASIC data, is among the quickest superannuation funds to pay death benefits.

The new functionality enables members to lodge Total and Permanent Disablement, Salary Continuance Insurance and Terminal Illness claims online through the CFS Insurance Portal in FirstNet or the CFS app.

The launch of digital claims builds on CFS’s ongoing investment in making it easier for members to manage their insurance online, following the introduction of digital insurance quote and application services last year.

Kelly Power, Chief Executive Officer of Colonial First State Superannuation, said the launch reflects CFS’s continued focus on improving member experiences through technology.

“Members who are lodging an insurance claim are often going through some of the most difficult moments of their lives. The new digital insurance claims service is designed to make that experience simpler and less stressful by giving members the flexibility to lodge a claim in their own time, reduce paperwork, and access support faster,” said Ms Power.

Damien Mu, Chief Executive Officer of AIA Australia, said that a cornerstone of the partnership with CFS has been transformation and innovation.

“We are always looking for opportunities with CFS to deliver better experiences for members, and digital claims represents a major step forward. We know that people can be at their most vulnerable at claim time, so anything we can do to make the process quicker and easier will have a real impact. It’s also really important to us that our fund partners have a frictionless and efficient digital experience with us, so we are continually improving our technology suite,” said Mr Mu.

Key features of the new service include:

• Smarter, faster lodgement: AIA’s claims rules engine uses adaptive questioning to streamline the process and support quicker time to decision where appropriate, with the long-term aim of increasing the proportion of claims that can be automatically assessed.
• Third party support: members can nominate a family member, support person, adviser or solicitor to help manage the claim. Representatives receive their own secure link and can assist with lodgement on the member’s behalf.
• Save and resume functionality: members can start a claim, save their progress and return to it when ready, removing the pressure to complete everything at once.
• Early support and intervention: claim triaging helps connect members to the right support sooner, with accelerated decisions available for eligible claims. Real-time tracking provides members with an immediate status update on their claim.
• Automated updates and reminders: SMS and email notifications help members and their representatives stay informed and on track with required information.

  —-ends—-
  Media enquiries
  Steven Reilly
  Director, External Communications
  Colonial First State
  E: steven.reilly@cfs.com.au
  M: 0431 711 470
  Sarah Phillips
  GM Corporate Affairs
  AIA Australia
  E: sarah.phillips@aia.com
  M: 0498 494 791
  About Colonial First State
  Colonial First State (CFS) is Superannuation and Investments HoldCo Pty Limited ABN 64 644 660 882 and its subsidiaries which include Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) and Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL). CFS is majority owned by an affiliate of Kohlberg Kravis Roberts & Co. L.P. (KKR), with the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 (CBA) holding a significant minority interest.
  About AIA Australia
  AIA Australia Limited (ABN 79 004 837 861 AFSL 230043) is a life, health and wellbeing insurer with over 50 years’ experience, currently protecting the lives and livelihoods of more than 3.1 million Australians. In 2021, CommInsure Life was integrated into AIA Australia. The company is part of the global AIA

The post Colonial First State expands digital insurance services with introduction of online claims appeared first on AdviserVoice.

Brett Clark

The Australian life insurance industry has come together behind its newly formed peak body, the Council of Australian Life Insurers (CALI). Nineteen life insurers and reinsurers have now become full members of CALI, representing 99% of the life insurance industry and 100% of the reinsurance industry in Australia.

CALI co-Chairs, Damien Mu, chief executive and managing director, AIA Australia and Brett Clark, group chief executive and managing director, TAL, said the strong engagement and support from across the industry underscored the important role that CALI will play.

“CALI has been established as a dedicated peak body to act as the progressive voice of life insurance in Australia and to represent the interests of the industry and our customers and partners.

“CALI has an essential role to play in driving positive outcomes through engagement with our stakeholders, including Government, consumers, their representatives, and regulators.”

Membership of the CALI board has also been finalised, with representatives from AIA Australia, ClearView, Integrity Life, MetLife, MLC Life Insurance, Pacific Life Re, Resolution Life Australasia, TAL, and Zurich Financial Services.

Christine Cupitt was recently announced as the incoming CEO, commencing in January 2023, who joins CALI from the Australian Banking Association (ABA) where she is currently Chief of Policy and Strategy.

“The mandate which accompanies such strong endorsement and commitment from across the industry ensures Chris and the team she establishes will be well positioned to advocate for sound public policy outcomes that benefit customers and the community,” said Mr Mu and Mr Clark.

CALI Members:

• AIA Australia
• Challenger
• ClearView
• General Reinsurance Life
• Hannover Re
• HCF Life
• Integrity Life
• MetLife Australia
• MLC Life Insurance
• Munich Re
• NobleOak
• Pacific Life Re
• QInsure
• RGA Reinsurance
• Resolution Life Australasia
• SCOR Life & Health
• Swiss Re
• TAL
• Zurich Financial Services

The post Life insurance industry members back Council of Australian Life Insurers (CALI) as new peak body appeared first on AdviserVoice.

Damien Mu – Insurance Leader of the Year Award recipient.

The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) is delighted to announce the winners of the 2021 Australian Insurance Industry Awards.

Despite the 2021 Awards evening not proceeding as planned, over 550 registered attendees tuned in to watch the free-to-view awards video.

Now in its 17th year, the awards celebrate the accomplishments of individuals and companies who all share a common pursuit for excellence and exceptional dedication to the Australian insurance industry.

‘Congratulations to this years’ winners and finalists – all have displayed excellence, and a commitment to professionalism over the past year,’ said Prue Willsford, ANZIIF Chief Executive Officer. The awards highlight the incredible work organisations and individuals are doing to make a difference in the community.’

‘Thank you to our diverse judging panel that have given their time to assess the submissions and to our great partners and sponsors, who continue to support the leading celebration of excellence across our whole industry and help make this year’s event possible.’

‘I’d like to thank all companies and individuals who took the time and effort to write an awards submission and I look forward to seeing you all in person next year.’

Among the awards for individual excellence, Linh Nguyen of Sedgwick was announced Young Insurance Professional of the Year, Damien Mu of AIA (Australia and New Zealand) was announced Insurance Leader of the Year, and Wayne Goodall was presented with the ANZIIF Lifetime Achievement Award.

2021 winners

Small Broking Company of the Year:​
Trade Risk

Medium Broking Company of the Year:
Warren Saunders Insurance Brokers

Large Broking Company of the Year:
Marsh

Authorised Representative Network of the Year:
Insurance Advisernet

Underwriting Agency of the Year:
CHU Underwriting Agencies

Small General Insurance Company of the Year:
Guild Insurance

Large General Insurance Company of the Year:
Hollard Insurance

Life Insurance Company of the Year:
MetLife Australia

Insurtech of the Year:
Codafication

Professional Services Firm of the year:
Finity

Service Provider to the Insurance Industry:
Paynters

Excellence in Workplace Diversity and Inclusion:
Hollard Insurance

Insurance Learning Program of the Year:
Sedgwick

Young Insurance Professional of the Year:
Linh Nguyen, Sedgwick

Insurance Leader of the year:
Damien Mu, AIA (Australia and New Zealand)

ANZIIF Lifetime Achievement Award:
Wayne Goodall

The post 2021 Australian Insurance Awards winners announced appeared first on AdviserVoice.

Justin Delaney

Australia’s largest life insurers – AIA Australia, ClearView, MetLife, MLC Life Insurance, Resolution Life, TAL and Zurich – have announced they are joining forces in support of Australia’s COVID-19 vaccination program.

As Australia pursues high rates of vaccination on the road out of COVID-19 restrictions, the life insurers have created “We Have You Covered”, a joint national initiative designed to reassure and give confidence to Australians that once vaccinated, their life insurance products will continue to protect and cover them as they have always done.

Between them, the seven insurers provide life insurance cover to more than 14 million Australians. Through this initiative, they are cooperating to provide confidence to customers and the community around approved COVID-19 vaccines and their life insurance products.

A website, ‘www.wehaveyoucovered.com.au,’ has been launched as an educational resource to help provide confidence and peace of mind to the community, with a focus on three key areas:

• receiving an approved COVID-19 vaccination does not affect customers’ ability to claim on existing life insurance policies
• receiving an approved COVID-19 vaccination does not affect people’s ability to access life insurance in the future
• while serious side effects are rare, life insurance covers any serious side effects from approved COVID19 vaccines that meet the terms and benefits provided under a customer’s policy.

The initiative will also be supported by a multi-channel media campaign, co-funded by the seven life insurers participating, to reach as many Australians as possible with the campaign messages.

Speaking about the launch, the CEOs of the key campaign drivers said the time was right to come together to address any community uncertainty on this important topic.

Damien Mu, CEO and Managing Director of AIA Australia and New Zealand said: “The health and wellbeing of our customers and the community is always our primary concern, and we felt it was important and the right thing to do at this time, to play our part in removing any barriers to remaining parts of the population being vaccinated.”

Rodney Cook, CEO of MLC Life Insurance said: “Where customers have questions about the impact COVID vaccinations could have on their policy, we feel now is an important time to set the record straight, particularly as we want to encourage as many Australians to get vaccinated as possible.”

Brett Clark, Group CEO and Managing Director of TAL said: “While several Australian states are tracking towards higher vaccination levels, collectively we felt it was important to provide anyone who was unsure about the impact of being vaccinated on their life insurance cover or ability to access cover in the future, confidence that – as an industry – we have them covered.”

Justin Delaney, CEO of Zurich Australian and New Zealand said: “Customer confidence in the ability to claim on and access life insurance is paramount, and never more so than when it may impact decisions something as important as the COVID-19 vaccination.”

Visit the website.

The post Australia’s largest life insurers unite to provide confidence to customers and the community around COVID-19 vaccinations appeared first on AdviserVoice.

Tim Plant

The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has announced at the Annual General Meeting (AGM) that Tim Plant, CEO General Insurance (Australia & New Zealand), Zurich Australia will take over the position of ANZIIF President effective immediately. Ben Bessell, Chief Broking Officer, Austbrokers will take the role as Deputy President.

Tim has held the position of Deputy President since 2019 and accepted the Presidency when Megan Beer stepped down at the end of her two-year term.

“I am proud and honoured to be elected President of ANZIIF, an organisation that I have been a part of for many years,” said Tim Plant CEO General Insurance, Zurich Australia. “ANZIIF has played a major role in uplifting the professional standards of the insurance industry in Australia, New Zealand and the Asia-Pacific region. I am excited to lead as President and help ANZIIF achieve its vision and strategic goals.”

ANZIIF Chief Executive Officer Prue Willsford paid tribute to Megan Beer. “Megan has been influential in leading the launch of the first ever Professional Standards Framework for the life sector. She is the first female president of ANZIIF and has been a strong advocate for women in leadership roles. Thank you for helping ANZIIF achieve its goals during your two-year term as President.”

ANZIIF Past President Allan Reynolds retired from the ANZIIF Board at the AGM.

“We have been very fortunate to have had Allan on the ANZIIF Board since 2015. ANZIIF and the entire team have greatly benefited from Allan’s advice, knowledge, and 40 years of industry experience.

Willsford acknowledged and thanked Tony Lee and Daniel Fogarty for their dedicated service to ANZIIF – both members retired from the ANZIIF Board at the AGM.

2021 ANZIIF Board:

• Tim Plant (President), CEO General Insurance AUS/NZ, Zurich Financial Services Australasia Limited
• Ben Bessell (Deputy President), Chief Broking Officer, Austbrokers
• Megan Beer (Immediate Past President), Group Executive, Insurance, CEO Australasia, Resolution Life
• Diego Ascani, Chief Executive Officer, Australia, Sedgwick
• Tim Considine, Managing Director, Austbrokers Countrywide
• Catherine Dixon, Executive General Manager, People Experience, Suncorp Group New Zealand
• Simone Dossetor, Chief Operating Officer, Munich Re Australasia,
• Fiona Hayes-St Clair, Chief Strategy Officer, QBE Insurance Australia / New Zealand
• John Lyon, Chief Executive Officer, Ando Inurance
• Damien Mu, Chief Executive Officer, AIA Australia
• Prue Willsford, Chief Executive Officer, ANZIIF

ANZIIF CEO Prue Willsford and Immediate Past President Megan Beer recognised several award winners for their contribution to ANZIIF and the insurance industry.

ANZIIF (Senior Associate) David McKinnis was awarded Honorary Life Membership for his long-term contribution, service, and proactive influence on the insurance industry. The annual ANZIIF Service Award was presented to ANZIIF Fellow Noel Donovan for his many years of work at ANZIIF to help lift professional standards through education and training. The E.E Vines Prize for 2020 was awarded to ANZIIF (Fellow) Honorary Life John Dawson for his Journal article What is the difference between conduct risk, risk culture and organisational culture?.

The post Zurich CEO Tim Plant announced as new ANZIIF President at AGM appeared first on AdviserVoice.

Damien Mu

AIA Australia has announced a new AFL partnership, this time with the Sydney Swans as the club’s Official Life, Health and Wellbeing Partner, as well as Membership Partner.

AIA Australia is a leading life and health insurer with more than 47 years of experience, offering a range of products to protect the health and wellbeing of more than 3.8 million Australians.

AIA has partnered with several other AFL clubs in pursuit of its dream to make Australia and New Zealand the healthiest and most protected nations in the world. Through these partnerships AIA hopes to encourage education and discussion about positive physical and mental health.

AIA Australia CEO and Managing Director Damien Mu was excited about the new partnership.

“It is a privilege to be able to team up with the Sydney Swans as their Official Life, Health and Wellbeing Partner.

“We are excited that we will get to connect with Sydney Swans members and fans in 2021 and empower and incentivise them to take small steps to improve their health and wellbeing.

 “It is hugely rewarding to be involved with the AFL community, and to know we can play a part in making a difference in people’s lives.”

Sydney Swans CEO Tom Harley echoed the enthusiasm about the new partnership and the ability for AIA and the Swans to work together on their shared passions of health and wellbeing.

“We’re thrilled to welcome AIA Australia to the Sydney Swans family and we believe there is a great alignment between our two brands,” Harley said.

“Health and vitality are incredibly important in our daily activities at the Swans, not just in terms of getting the most from our elite athletes, but also for our broader staff.

“We know that eating, thinking and moving well can impact quality of life, and we also know these are areas that AIA Australia is passionate about, so we look forward to working with them to promote and support wellbeing.”

To welcome the new partnership, AIA Australia will be providing exclusive offers to Sydney Swans Members in the coming month.

The post AIA Australia to team with the Sydney Swans to incentivise healthier, longer, better lives appeared first on AdviserVoice.

Damien Mu

AIA Australia has announced a new partnership with Collingwood Football Club, as co-major sponsor of the AFLW team.

AIA Australia’s logo will feature on the front of Collingwood’s AFLW home guernsey and on the back of the away guernsey. The partnership will see community activations carried out throughout the AFLW season, and AIA Australia will be a part of branding and match-day fan engagement opportunities.

AIA Australia is a leading life and health insurer with over 47 years of experience, offering a range of products to protect the health and wellbeing of more than 3.8 million Australians. With a strong belief in the importance of shared value, AIA Australia is committed to educating and encouraging communities to take small steps to improve their health and wellbeing.

The announcement follows AIA Australia’s recent partnerships with Essendon, North Melbourne, Hawthorn and St Kilda Football Clubs; however, Collingwood represents the business’s first opportunity to partner with an AFLW team.

AIA Australia and New Zealand CEO and Managing Director Damien Mu said “Partnering with Collingwood, and in particular sponsoring the AFLW team, gives us the opportunity to champion women’s health and wellbeing, as part of our commitment to helping Australians live healthier, longer, better lives.

“We are passionate about the mental and physical benefits that come from being involved with sports clubs, which play a pivotal role in connection, community and activity for their members.

“We look forward to inspiring Collingwood supporters in their own health and wellbeing journeys, as part of our dream to make Australia one of the healthiest and best protected nations in the world.”

Collingwood’s CEO Mark Anderson shared the excitement, noting “We are delighted to have the support of AIA Australia for Collingwood’s upcoming AFLW campaign.

“There is a strong alignment in our values as we both strive to develop and invest in women’s sport and ensure the athletes’ overall health and wellbeing is the utmost priority.”

The new look jumper will make its first appearance on Thursday 28 January when Collingwood play Carlton at Ikon Park in the opening match of the 2021 AFLW season.

The post AIA Australia partners with Collingwood women’s football team appeared first on AdviserVoice.

Damien Mu

The Australian and New Zealand Institute of Insurance and Finance is proud to announce the appointment of Damien Mu to the ANZIIF Board.

Damien is the Chief Executive Officer for AIA Australia, holding extensive experience spanning over 20 years in the insurance industry. He is an executive leader in the Australian Financial Services industry with management experience across operations, claims and underwriting, superannuation, investments, distribution, product, pricing and marketing. Damien is also a director of the Financial Services Council (FSC) Board and joint Chair of the FSC Life Board Committee, providing valuable connections across industry associations.

‘We are delighted to welcome Damien to the ANZIIF Board,’ says Prue Willsford, ANZIIF Chief Executive Officer.

‘Damien is an influential leader in driving positive change as part of the industry’s commitment to raising the professional standards in the life insurance sector.’

‘He is a longstanding ambassador of ANZIIF, actively representing our industry and is passionate about building long-term sustainable life solutions for Australians,’ added Willsford.

Damien noted that he was looking forward to the opportunity to help improve the insurance industry.

“I am passionate about making a difference in people’s lives, and believe strongly that this is what the insurance industry seeks to do. ANZIIF plays a crucial role in making a difference in the education and training of our people, and I can’t wait to provide further input into this important work,” said Mu.

The post AIA Australia CEO Damien Mu joins ANZIIF Board appeared first on AdviserVoice.

Adam Fraser

AIA Australia has collaborated with Deakin University and Dr Adam Fraser on a research project to examine the mental wellbeing of Australia’s financial advisers.

The project, called The Adviser Voice, has the following objectives:

• Understanding the current state of mental health and wellbeing of financial advisers
• Learning the habits and attitudes associated with those advisers who are currently experiencing positive mental health wellbeing, and how they have responded to industry changes
• Understanding the mindsets and behaviours that are evolving within advisers in order to deal with significant disruptions.

The study comprises three components:

• a survey of 1,000+ advisers
• in-depth, one-on-one interviews exploring issues in greater detail
• a seven-day diary study.

AIA Australia and New Zealand CEO and Managing Director, Damien Mu said delivering this important initiative was aligned with AIA’s commitment to helping Australians live healthier, longer, better lives.

“Australian financial advisers play a critical role in society, through helping their clients and their families. They are an extremely important partner for us as a life and health insurer; we see firsthand the value of advisers in ensuring the financial wellbeing and protection of Australians.

“Advisers have been through a huge amount of disruption in recent years – starting with the Future of Financial Advice reforms, through to the Life Insurance Framework, new education and compliance requirements, and now the effects of the pandemic.

“We want advisers to have the support and the resilience they need to not only survive, but to revive their businesses and to ultimately thrive, so they can continue to help Australians get access to quality advice and meet their financial wellbeing needs,” Mr Mu said.

Financial advisers can participate in the study by completing the survey here. Deakin University will separately invite individual advisers to take part in one-on-one interviews or to participate in the diary study.

All data is intended to be gathered before the end of 2020, with analysis commencing early in the New Year.

The post AIA Australia launches first national mental health study for advisers appeared first on AdviserVoice.

Damien Mu

Leading life insurer AIA Australia has welcomed the release of the Actuaries Institute work on the sustainability of disability income insurance, calling it “important and necessary”.

This work has been followed by the release of APRA’s final sustainability measures and expectations of insurers, which AIA Australia supports and will be incorporating into its inflight project of work.

CEO and Managing Director Damien Mu said “We commend Ian Laughlin and the Actuaries Institute Taskforce members for the significant effort that has been made to address the challenges within the disability income insurance ecosystem, and the need for broad structural change. We were pleased that a number of AIA’s people took part in this work in their professional capacity 

“Life insurance is a community good, and we are committed to ensuring the sustainability of our products, in the best interests of our customers and the broader community,” said Mr Mu. 

AIA Australia commenced a program of work in 2019 in response to APRA’s original regulatory intervention; this program is already addressing many of the actions recommended by the Taskforce, including active participation of the board in disability income insurance, and will now incorporate any changes to APRA’s expectations.

Mr Mu said that AIA Australia would be launching a new, sustainable disability income product in the coming months, alongside its existing product set: “We believe moving quickly is important and now that we have been given clarity on the end goal, it is the right thing to do.”

“There is a clear need for simpler products that continue to meet customer needs and deliver value. We echo the comments made yesterday by the Financial Services Council that a new generation of products will deliver ‘availability, affordability and assurance’.

“However, the Taskforce’s recommendations show that the issues inherent in disability income insurance are broader than simply product design, and we all have a role to play in seeking improvements. The detailed ecosystem highlights the important role of financial advice and advisers in helping their clients to get access to the appropriate cover to meet their needs.

“We acknowledge and support APRA’s views, and now it is up to the industry to step up, using the work of the Taskforce and APRA’s latest communication to insurers to move forward. While all organisations will take specific action, we want and need to work closely with advisers, industry bodies including the Financial Services Council, other insurers, and regulators to ensure we can continue to deliver affordable and sustainable disability income insurance to Australians into the future,” said Mr Mu.

The post AIA Australia welcomes focus on insurance sustainability appeared first on AdviserVoice.