Research for the TAL Financial Health and Literacy Whitepaper reveals one in four respondents (25%) are currently experiencing a high level of financial stress, while 40% said high financial stress has negatively impacted their work. Worryingly, 41% of respondents currently experiencing a high level of financial stress said they take time out of work to deal with personal finances.

A key finding from the 800 research participants, who are all currently employed and have a superannuation account, was the proportion reporting that financial stress has made them disengaged and ineffective at work; impacted their ability to focus; and heightened fears about their job security.

The research also revealed a strong correlation between financial literacy and financial stress, indicating an important role for employers, along with partners like superannuation funds, in addressing knowledge gaps through financial literacy resources and education.

While 82% of respondents believed they would benefit from having access to financial education and tools, regardless of how confident they feel about the future, just 15% have been offered these by their employer.

In the current economic environment, Australian employees are looking for help to manage the rising cost of living, and corresponding financial stress levels. The research shows they are looking to employers as a key source for that help. Similarly, employers are looking to their partners, like superannuation funds and banks, to help them educate and support their employees.

TAL General Manager, Industry Fund Partnerships, Dan Taylor said the research insights could support superannuation fund partners to have more meaningful engagement with employers, by shining a light on these issues and providing practical solutions to help employees reduce financial stress through increased financial literacy education and guidance.

“Alongside our superannuation fund partners, we are committed to supporting positive health outcomes for members.”

“We also recognise superannuation funds are looking to build value into their relationships with employers and employer groups, to augment their existing programs to support employee wellbeing.”

“Our research shows that increasing an employee’s financial literacy is one of the best ways to help them lower their financial stress, which is in line with what we’re seeing elsewhere around the world. This represents a real opportunity for employers to provide tools and resources to help them understand and be better informed in making decisions to improve their financial health.”

“Supporting the financial wellbeing of employees can involve helping them understand when they may be impacted by financial stress, access the right expertise and take action if needed,” Mr Taylor said.

“We’re committed to supporting our partners in delivering relevant tools and resources for their members and employer partners – including claims and health data insights of their workforce – and increasing understanding of the value of insurance to ensure more Australians can make informed decisions on their financial health.”

TAL has created TAL Employer Assist, an online hub for exclusive use by TAL’s superannuation partners for this very purpose. The hub includes tools and resources they can share with employers for the benefit of their employees, and promote greater financial literacy and overall financial health.

Read the whitepaper.

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Kevin O’Sullivan

TAL, a leading Australian life insurance specialist, has announced the launch of BEACN – an online preventative health program that helps people personally navigate their mental wellbeing.

Developed by TAL’s Innovation team, alongside research partner, University of Sydney Brain and Mind Centre, BEACN helps people understand and manage their current mental wellbeing by identifying contributing risk factors and providing specific recommendations to address these risk factors while supporting their overall wellbeing.

Dan Taylor, TAL General Manager, Member Engagement & Innovation, said BEACN provides TAL’s superannuation fund partners with a tool that aims to help their member base become more aware of their mental health and minimise the impact of mental health conditions.

“With one in two Australians affected by a mental health condition in their lifetime^[1], TAL is focused on how we can empower people to proactively manage their mental wellbeing. We see firsthand the impact mental health conditions can have on our superannuation fund partners’ members, and we want to support them by providing practical, evidence-based resources.

“An abundance of tools and applications exist that target mental health, and our research showed that people find it challenging to understand which resources are evidence-based and the most relevant for them.

“By partnering with trusted voices in mental health such as the University of Sydney Brain and Mind Centre, as well as evidenced-based mental health support services, BEACN provides a simple and effective way to engage superannuation fund members on their wellbeing,” he said.

BEACN works by guiding members through a short questionnaire and giving them a current mental wellbeing score. Based on their responses, members will be provided with evidence-based resources from trusted organisations such as Hello Sunday Morning to help them self-manage and improve their mental health outcomes. Members can also choose to anonymously contribute to research conducted by the University of Sydney’s Brain & Mind Centre around the mental wellbeing of Australians.

BEACN has initially launched with one of TAL’s superannuation fund partners, UniSuper, and it will continue to evolve and extend to other superannuation fund partners in future.

UniSuper CEO, Kevin O’Sullivan, said, “We welcome this initiative and are delighted to be able to offer this service to our members. BEACN adds new levels of engagement to the insurance process, while supporting and enhancing the mental wellbeing of our members.”

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[1] Australian Bureau of Statistics. (2009). National Survey of Mental Health and Wellbeing: Summary of Results, 4326.0, 2007. ABS: Canberra.

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The prestigious global awards, presented at the Innovation in Insurance Award Ceremony in Paris, France, aim to showcase the most exciting innovations that are taking advantage of emerging technologies and transforming the insurance industry.

This year, the award entries included 320 innovations spanning 45 countries and 237 different organisations, making the Silver Award a significant achievement for an Australian life insurer.

The award-winning innovation, ‘WunderWriter’, leverages Artificial Intelligence (AI) and machine learning to improve quality assurance in the underwriting process. Through WunderWriter, TAL can audit 100% of underwriting cases in order to identify inconsistent cases that can then be targeted by TAL’s quality assurance (QA) team.

TAL General Manager of Innovation, Dan Taylor, said TAL was thrilled to be recognised for leading the application of AI to the life insurance industry through automated underwriting.

“Where previously we only reviewed a handful of cases, WunderWriter now reviews every single case and prioritises those for our QA team to audit, so we’re now focused on the right cases rather than just a random sample. Clearly, this is a step-change for the business and a great demonstration of the potential of Artificial Intelligence to support our business and our employees.

“This award highlights the ingenuity of our inhouse Incubator team, and we are proud to be acknowledged for innovation excellence in an increasingly competitive global field,” he said.

The Efma Accenture Innovation in Insurance Awards have served as a catalyst for innovation in the global insurance sector, helping insurers develop better disruptive strategies. For more information and the full list of winners, visit: https://www.efma.com/innovationininsurance/.

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The Award is run by Strategy Meets Action (SMA), a US-based insurance strategic advisory firm, and recognises insurance companies that are proactively evolving into Next-Gen Insurers through innovative business and technology initiatives.

TAL General Manager of Innovation, Dan Taylor, said TAL was delighted to receive global recognition for its approach to innovation and leadership in transforming the customer experience.

“It’s a real honour to be recognised for our achievements in this global forum. This award is testament to how TAL CoverBuilder moves us forward in the industry and the success of our work in reframing today’s challenges as new opportunities.

“Our ambition is to ensure our customers understand and value the protection they have and are confident we will be there when they need us most, and this award is evidence that we’re making great progress with those objectives,” said Mr Taylor.

TAL CoverBuilder is the primary platform and entry point for TAL’s digital offer to consumers. A first in the Australian marketplace, TAL CoverBuilder enables self-directed consumers to play with their options, build their own cover and reach an informed decision in a way that meets their need for control.

Based on its initial success, TAL CoverBuilder was extended into TAL’s alliance partnership with Qantas to deliver a new life insurance solution called Qantas Assure Life Protect. This combines the functionality and user experience of TAL’s CoverBuilder digital tool with the Qantas Assure wellness program.

“Working jointly with our partners to fulfill unmet customer and member needs is important to our future success and key to our innovation approach at TAL.

“TAL CoverBuilder has provided us with greater insight into how our customers use digital channels, and we’re using this insight in our plans for the future. We’re constantly looking for ways to leverage new technologies, such as artificial intelligence, to continuously improve our offerings at TAL and enhance the customer experience,” Mr Taylor said.

The Award was presented at the 2017 SMA Summit in Boston, Massachusetts, an event for insurance leaders who are thinking, planning, and executing toward the goal of becoming a Next-Gen Insurer

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