Gerard Kerr

Acenda has unveiled an innovative new Total Permanent Disability (TPD) Severity insurance benefit that provides more flexibility, clarity and choice for Australians who are unable to work due to severe injury or illness.

Traditional TPD insurance provides a payment in the event someone becomes totally and permanently disabled and can never work again in either their own or any occupation.

Acenda’s new TPD Severity option offers customers more flexibility and choice and sits alongside the existing TPD options. This allows advisers to tailor cover to their clients’ individual needs by mixing and matching the levels of TPD Severity with the customer’s preferred level of other TPD cover.

Gerard Kerr, Chief Executive, Individual Insurance for Acenda, said the enhanced benefit had been designed with input from advisers  and reflects the evolving needs of Australians, including a need for greater stability in the cost of TPD insurance.

“TPD insurance provides Australians with valuable financial protection in the event of serious illness or injury. However, the way we work, recover and diagnose medical conditions have evolved significantly since TPD insurance was first established many decades ago and our products haven’t evolved with them,” he said.

“As an industry we need to step up and provide alternative TPD solutions to advisers and their clients to ensure they can continue to access this valuable disability cover that meets that need. We’ve worked closely with advisers to design a solution that reflects the realities of modern medicine and employment, while helping more Australians access meaningful, affordable protection.

“Acenda is taking the lead with the launch of our new TPD Severity option, which provides customers with greater options in structuring TPD cover, complementing our existing any and own offerings and bringing greater affordability to more Australians.”

The launch comes amid a surge in TPD claims in recent years, particularly for musculoskeletal and mental health conditions. Between 2018 and 2023, Acenda reported a 166 per cent increase in retail TPD claims for musculoskeletal conditions. During the same period, Acenda reported a 171 per cent increase in retail TPD claims for mental illness.

These conditions can vary significantly in their level of severity and while they can be long-term and permanent, they can also be episodic with a longer period of recovery and difficult to assess under traditional TPD definitions.

This consistent rise in claims over recent years has also resulted in higher TPD premiums across the industry, making cover increasingly unaffordable for many Australians and further threatening ongoing access to this valuable disability cover.

TPD Severity uses established medical impairment benchmarks to assess the degree and permanence of disability, for both physical and mental health conditions, bringing greater objectivity and consistency to the claims process.

“TPD Severity provides customers and advisers with more clarity and consistency when making a claim by using established medical benchmarks to assess the severity and permanency of an injury or illness,” Mr Kerr said.

“We will work with advisers to ensure they are supported in recommending the best options for their customers through comprehensive education and resources.

“TPD Severity is a modern solution to a modern problem, delivering customers more affordable premiums while still offering access to meaningful protection that gives Australians the confidence to take life on.”

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Gerard Kerr

Acenda is reimagining life insurance with an innovative underwriting solution that provides quicker, more streamlined access to cover for Australians.

In an industry-first partnership with UnderwriteMe, medical evidence, including doctors’ reports and blood test results, can now be assessed by Acenda’s underwriting engine, enabling faster approvals for cover.

The collaboration with UnderwriteMe follows Acenda’s award-winning partnership with EQ Pathology. Through this partnership, Acenda has streamlined the underwriting process for doctors by replacing traditional paperwork with digital Personal Medical Attendant Reports (PMARs), pathology reports and medical exam results.

Acenda’s new underwriting initiative with UnderwriteMe completes this process with Australia’s first end to end digital solution in the life insurance industry.

Jane Murray, Chief Operating Officer, who leads Acenda’s underwriting function, said: “Acenda’s partnership with UnderwriteMe is an industry first innovation that transforms the collection and processing of medical information.

“In a groundbreaking initiative, the underwriting process will be fully digitised creating a capability where automated underwriting decisions can occur where medical evidence is required. This will create a seamless experience for customers.”

Gerard Kerr, Acenda’s Chief Executive Individual Business, said: “It is part of Acenda’s commitment to innovation, along with creating speed in our decisions to support our adviser partners and customers, as one of Australia’s leading life insurers.”

Paul Hughes, Chief Revenue and Customer Officer for UnderwriteMe, said: “UnderwriteMe have been proud supporters of Acenda for several years in the Australian market, and this latest innovation is a game changer.

“By leveraging technology to solve critical challenges in secondary evidence underwriting, Acenda are making it easier for Australians to obtain their cover in a swifter and smoother way.  We are delighted to have collaborated with Acenda and EQ Pathology in delivering this exciting, industry first innovation.”

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Gerard Kerr

Acenda welcomes Equity Trustees Superannuation Limited (ETSL) as the new Trustee for its customers with individual life insurance policies held in super.

The change completes the transition from NULIS Nominees (Australia) Limited (NULIS) to ETSL, and the transfer of members with life insurance policies from MLC Super Fund to Smart Future Trust.

Gerard Kerr, Chief Executive Individual Business for Acenda, said the new partnership with ETSL supports Acenda’s strategic vision for growth and innovation.

“Trustees play a crucial role in prioritising members’ interests and safeguarding their benefits. By partnering with ETSL, who are recognised for their expertise and flexibility, we aim to provide long-term support for our customers,” he said.

“Acenda is building on our strengths as a life insurer by focusing on growth and innovation. This includes partnering with a specialist trustee that supports our growth ambitions and enhances our product capabilities and proposition to customers.

“We want to continue to deliver an exceptional and seamless experience for our customers and advisers. I am delighted that this transition has been a smooth one and we remain focused on maintaining the high level of service that our customers expect and deserve.”

ETSL is part of the Equity Trustees Group. Equity Trustees was established as an independent Trustee and Executor company in 1888 and has become one of Australia’s largest specialist trustee companies. ETSL partners with Future Group, as the sponsor and master administrator of the Smart Future Trust.

Mick O’Brien, Managing Director of Equity Trustees, said: “We are delighted to have been selected to be the trustee for Acenda insured members. We look forward to a productive collaboration focused on delivering the best possble outcomes to members.”

Simon Sheikh, CEO Future Group said: “We know that trust is key when moving retirement and insurance savings. We are focused on building a better future to retire to and we look forward to sharing that vision with transitioned Acenda members  while delivering exceptional results.”

More than 98,000 super fund members with life insurance policies were successfully transitioned from the MLC Super Fund to Smart Future Trust.

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Gerard Kerr

Australians will be able to access life insurance faster thanks to an industry-first initiative by Acenda that will streamline the processing of medical information. 

Acenda has partnered with EQ Pathology allowing doctors to provide medical information through smart, digital questionnaires instead of submitting PDF forms. 

This will enable complete, unambiguous data for insurers and advisers, delivering a streamlined digital process for doctors and fewer delays for customers. 

Insurance applications can sometimes require additional medical information to complete. These requests currently involve manual intervention to process and can create delays for advisers and customers. The new, automated process eliminates bottlenecks and delivers faster decisions when medical information is required. 

Gerard Kerr, Chief Executive Individual Business, said Acenda is the first Australian life insurer to deliver this new digitised process. 

“This industry-first initiative is part of Acenda’s commitment to innovation and ensuring we put the customer at the heart of everything we do and make it easier and faster for Australians to obtain their cover,” he said. 

“It is part of our focus to transform underwriting and to innovate how our underwriters get precisely the information they need the first time without the back and forth that can delay applications. 

“Doctors will no longer have to download or print PDFs so advisers can provide their clients with faster decisions in a streamlined experience that still respects their privacy.” 

Stephen Clarkson, CEO of EQ Pathology, said: “This partnership demonstrates how technology can solve real problems, making life insurance applications smoother and faster for clients, advisers and medical professionals. 

“It’s exciting to see an insurer embrace our structured data approach to eliminate the traditional bottlenecks in underwriting.” 

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“Appointing Gerard Kerr as Chief Executive Individual Business and Jane McGovern as our Chief Customer and Strategy Officer embodies our commitment to the customer experience and elevates our focus on the individual advised channel, while continuing the work we’re doing to improve our customer and partner proposition,” said Kent Griffin, Chief Executive Officer for MLC Life Insurance.

Gerard Kerr joins the business with more than 25 years’ industry experience, previously holding senior roles at Zurich, ANZ Wealth (OnePath Life), Asteron and most recently ClearView Wealth where he served as Group Executive – Life Insurance.

“Throughout our long history, financial advisers have been vital partners for MLC Life Insurance,” Kent Griffin said. “An experienced industry leader like Gerard allows us to build on the improvements to our adviser experience and deliver on our promise to customers who receive the critical support of advisers. This reinforces our commitment to the health and success of the financial advice industry more broadly.”

“We’re very fortunate to have someone with Gerard’s breadth of experience and expertise join the executive team at such an important time,” he said.

Speaking of the appointment, Gerard Kerr said: “MLC Life Insurance is a great business with big ambitions. I’ve been tasked with putting advisers at the centre of our retail business and I’m excited to work with an incredible team and join an already stellar effort happening in this space.”

“I think MLC Life Insurance have an incredible offering for advisers, and the backing of Nippon Life makes that offering even stronger,” he said. “I’m looking forward to getting out and talking to advisers about how we can help them and their clients.”

Jane McGovern joined MLC Life Insurance in 2022 as Chief Risk Officer and takes on a new role as Chief Customer and Strategy Officer.

“Jane has delivered positive cultural change across the organisation as well as a focus on achieving better outcomes for our customers,” said Kent Griffin, “and now she will further strengthen our Total Customer Experience which is the core of our strategy.”

“I’m excited to continue working with Jane to deliver an exceptional experience for our customers and partners,” he said.

Speaking of the appointment, Jane McGovern said: “I’ve seen first-hand MLC Life’s commitment to its customers and partners, and I’m looking forward to working with an amazing team to take the Total Customer Experience to the next level.”

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Faglioni joins ClearView from Zurich Australia where she held the position of Chief Claims Officer. She will report to the group’s General Manager Life Insurance, Gerard Kerr.

Commenting on Faglioni’s appointment, Kerr said: “With over 25 years of financial services experience, including the past 12 years in senior claims roles at Zurich and ANZ Wealth, Joanne is a highly respected professional and the ideal person to lead and develop the claims function at ClearView”.

“Over the past 11 years, ClearView has grown significantly and the volume and complexity of claims has increased. In addition, the industry’s claims processes have come under greater scrutiny and regulatory oversight in recent years, which will only continue. To ensure a consistently excellent customer experience, we are continuously strengthening our claims capabilities by investing in people, processes and systems. This is an important part of the group’s multi-year transformation program.”

In her role, Faglioni will be responsible for developing the customer claims journey, managing regulatory and audit requirements, and driving improved end to end claims management outcomes.

“In life insurance, claims management is critical. The claims team is responsible for honouring and executing an insurer’s promise to be there for customers when they need them the most,” Faglioni said.

“ClearView has an excellent reputation for paying claims and treating customers with compassion, empathy and respect, and I am excited about joining and continuing to build the team and drive strong outcomes.”

In addition to her role as Chief Claims Officer, Faglioni is also on the Board of the Australasian Life Underwriting Claims Association (ALUCA).

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Gerard Kerr

COVID-19 is to financial advisers what end of financial year is to accountants; an invitation to talk to people about planning for the future, according to a new report that suggests public awareness of the importance of professional advice has increased 54% in the past 12 months.

The latest paper from ClearView, titled Fertile ground for an advice outbreak: How COVID-19 has changed the financial services landscape forever, claims that, despite the noise about falling adviser numbers, the advice industry is actually experiencing a renaissance, with 56% of advisers reporting higher client engagement in the past year, 42% reporting an increase in client referrals and a quarter stating that COVID-19 has made it is easier to talk to clients about taking out or renewing life insurance cover.

According to the paper’s co-author, Gerard Kerr, ClearView General Manager for Life Insurance, COVID-19 provided the jolt many industries and professions needed to disrupt their routine and force a rethink of their value proposition and how it is delivered.

“The COVID-19 experience has demonstrated that advice businesses need a proposition that is broad and flexible enough to meet their clients’ immediate needs as well as their long-term financial needs,” he said.

“In the past 12 to 18 months, we have seen advisers apply themselves to also help clients access relief measures, rent reductions and short-term life insurance premium waivers. As a result, many are riding a wave of positive consumer sentiment and increased demand.”

Based on proprietary research conducted by ClearView, 20% of advised clients are currently experiencing significant temporary financial stress, 14% are experiencing significant ongoing financial stress and 22% are dealing with mild stress.

ClearView Managing Director Simon Swanson said the data highlighted the importance of interpersonal and soft skills such as active listening, empathy and problem-solving to better support clients during difficult times.

“Higher education and training standards are critical for rebuilding trust in financial services and strengthening consumer protections, however, we need to foster essential soft skills too,” he said.

“In addition to ordinary challenges related to health, relationships and work, Australians have battled natural disasters including severe bushfires, drought and floods in the past couple of years, amidst a global pandemic.”

“During this time, advisers have listened to people talk at length about their fears and concerns, fielding calls around the clock from anxious, depressed and emotional clients.”

Mr Swanson cited the paper’s findings that 73% of clients would immediately contact their adviser if they had a severe injury or illness and 63% would immediately contact their adviser if they lost their job, as evidence of the strong, personal relationship advisers had with their clients.

“Since the onset of COVID-19, advisers have really stepped up to provide additional support to their clients and long after this pandemic has dissipated, more people will likely continue to seek advice,” he said.

Download the white paper: Fertile ground for an advice outbreak: How COVID-19 has changed the financial services landscape forever

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In her role, Falas will be integral in the ongoing development and implementation of ClearView’s life insurance strategy; facilitate greater collaboration across business functions; and spearhead business improvement initiatives. Falas, who also previously held senior positions at ANZ/OnePath, will report to Gerard Kerr, ClearView General Manager, Life Insurance.

Mr Kerr said Falas’ appointment reflected the need for a dedicated role to lead strategy and change, during a period of significant growth and transformation at ClearView and disruption for the broader life insurance industry.

“The life insurance industry is undergoing enormous structural and regulatory change making it critically important for life insurers to have experienced people with fresh ideas in key roles,” he said.

“Maria is a respected professional who has successfully led strategic change across the life insurance value chain and has driven operational innovation. She is a high performer with a proven track record for delivering results and achieving strategic goals.”

Falas added: “ClearView is a purpose-led organisation with a clear vision and goals, and it is an exciting time to come onboard to support the ClearView business to capture opportunities to grow, create streamlined processes and enhance the customer experience.”

ClearView is currently on a multi-year transformation journey to ensure it has the right strategy, systems and processes to drive efficiencies and scale.

The cornerstone of the transformation program is the delivery of an integrated life insurance policy administration system, underwriting rules engine and adviser portal to coincide with the launch of a new life insurance offer in the second half of the year.

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Gerard Kerr

OnePath has refined its new business and customer management process, connecting its leading edge technology innovations that power OneCare to unlock further efficiencies and speed.

By linking the innovations, OnePath has made insurance simpler and more streamlined, saving time and creating a seamless end-to-end experience for both advisers and their clients.

Using Illustrator as the central gateway, advisers can pre-assess, quote and apply online for insurance from one central access point while also having access to all their clients’ portfolios.

OnePath’s Head of Propositions and Group Life, Gerard Kerr says advisers are looking for an insurance solution that saves time and to partner with insurance providers that are easy to do business with.

“Over the past few years, OnePath has invested in developing market-leading and award-winning technology to simplify insurance and save advisers and their clients time. Linking these technologies is the next step in OnePath’s work to deliver advisers and customers a more valuable customer experience.”

The technology solutions which power OneCare include:

Illustrator – Advisers use Illustrator as their central gateway to a seamless insurance experience, to pre-assess, quote and apply for insurance online as well as access clients’ portfolio information, providing a consistent experience across all devices.

OneCare Express – Developed in partnership with the University of Technology Sydney’s Advanced Analytics Institute, this award-winning underwriting engine completes applications up to 30% faster. Using everyday language to ask medical questions, the engine makes completing Personal Statements more flexible and more conversational.
Advisers can also get immediate acceptance for some medical conditions and get clients covered faster. Further, integration with Illustrator saves time as some answers from the pre-assessment are available in the Personal Statement.

OneView Life – Advisers can manage clients’ policies and information in one place,  making changes to clients’ insurance as their needs change. This includes quoting for cover increases and decreases, 10-year projections and declining CPI increases. Advisers can access portfolio analytics for proactive client management.

“OneCare has a raft of innovative technologies which support it as a leading life insurance product,” said Kerr. “By connecting these capabilities, OnePath is providing advisers and their customers with an insurance solution that is in not only in sync but is speaking the same language and working for them from start to finish.”

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Gerard Kerr

OnePath’s group insurance claims technology has won the Community Innovation Trailblazer Award at the Salesforce Dreamforce 2019 conference, international recognition of its use of data analytics and AI to drive claims performance.

By invitation only, OnePath showcased its Einstein tool which utilises Salesforces data analytics to generate visual representations of the claims data. This allows group insurance clients to identify key trends and outliers much quicker so they can develop initiatives to better manage claims in their fund.

OnePath has been working with easy-to-use online analytics to support funds, particularly in the areas of underwriting and claims. This work demonstrates OnePath’s commitment to make insurance better and to strive for positive change to set new standards in member experience.

OnePath’s Head of Propositions and Group Insurance, Gerard Kerr said this claims analysis helps group insurance clients more deeply understand their member base so they can make informed decisions that are in the best interests of their members.

“Super funds are looking for help when it comes to understanding their member bases even more, particularly in the area of insurance. We can play a key role in facilitating this exchange of insights that makes for deeper and more engaging relationships.”

An annual event, the Salesforce’s Dreamforce 2019 conference this year featured speakers such as former US president Barack Obama and Apple CEO Tim Cook. Presenting on behalf of OnePath was Solution Delivery Manager David Neate who accepted the award.

“With competition from around the world, this award is a fantastic achievement for the OnePath team,” said Kerr. “It’s also testament to the strength of our analytical tools.”

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