Andrew Alcock

HUB24 has announced it is developing a lifetime retirement solution with life insurer TAL, expanding the range of retirement offerings available on platform and enabling advisers to deliver their clients greater financial confidence and security throughout retirement.

Expected to launch first half of 2026, the lifetime retirement solution will address one of the most pressing concerns for Australians – the risk of outliving their retirement savings.

Recent research shows that 68% of Australians fear running out of retirement savings, leading many to restrict their spending and compromise their lifestyle. HUB24’s own data suggests that 52% of pension members are only withdrawing the legislated minimum pension amount to manage their longevity risk.¹

The lifetime retirement solution is designed to optimise a member’s outcome if they transition from a lifetime super account to a lifetime income account when they retire, providing income for life. It may also help maximise eligibility for means-tested Age Pension concessions, with greater benefits for those who adopt the solution earlier.

HUB24 CEO Andrew Alcock said: “As a market-leader, HUB24 has an important role to play in delivering solutions that enable financial advisers to support their clients through all the stages of their life, including planning for a fulfilling and secure retirement. We’re delighted to be collaborating with TAL to deliver our Innovative Retirement Income Stream solution, providing more choice for advisers and their clients.”

TAL Chief Executive, Group Life & Retirement, Jenny Oliver, said: “We believe lifetime income solutions can play a fundamental role in helping more Australians achieve confidence in their retirement. We are excited to be working with HUB24 and the advisers using their platform to provide clear and accessible retirement options for their clients.”

The development of the new retirement solution builds on HUB24’s launch of Discover – a platform and managed portfolio solution designed for clients with lower balances or less complex needs – and Private Invest, which provides advised high-net worth clients with access to wholesale investment solutions and non-custody administration via the HUB24 platform.

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Notes:
[1] Retire with Purpose Report 2025 – UniSuper

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Members’ best financial interests were at the centre of AMP’s move to appoint TAL, with the decision following an extensive tender process.

TAL was selected from a group of Australia’s leading life insurers and will deliver members with greater retirement benefit protection, security and insurance cover of the highest quality and value for their retirement.

Members will receive more personalised insurance services, including access to TAL’s health and wellbeing program promoting preventative education, rewards, return to work rehab services, early intervention, and mental health support.

Importantly, members will also have access to TAL’s digital solutions and claims support services, which are designed to simplify and speed up the claims experience.

The member-first and digitally-enabled experience through TAL will ensure leading claims decision times and a holistic protection proposition that is designed to give members more confidence with their claims.

In TAL’s last financial year, a total of $3.5 billion in claims was paid out to more than 45,000 customers and their families.

TAL’s appointment further enhances AMP’s superannuation offer, with members already benefiting from significant fee reductions and competitive investment returns as the business has simplified and strengthened investment management capability.

These improvements were recognised in November, with AMP’s superannuation fund winning the Momentum Award at the 10th annual Super Fund of the Year Awards, chosen by independent research house SuperRatings.

AMP’s superannuation members will be transitioned to TAL in Q2 2024.

AMP General Manager, Master Trust, David Clark, said: “Insurance is vitally important to our members and working with our Trustee we’ve conducted a comprehensive tender process to find the best insurance offer in the market.

“We’re now delighted to announce this new partnership with TAL, which we believe for our members is the leading insurance offer available.

“Our members will benefit by way of insurance pricing reductions along with the introduction of digital capability that will empower them with access to online quote calculators, underwriting, and claims lodgement and tracking.

“We also expect to improve member engagement through TAL’s health and wellbeing program promoting preventative education, rewards, return to work rehab services, early intervention, and mental health support.

“We’ll continue to update you on this exciting change as we work through the transition.”

TAL Chief Executive, Group Life & Retirement, Jenny Oliver, said: “TAL is delighted to extend our partnership with AMP to now provide group life insurance for AMP Superannuation Fund members.”

“Life insurance plays a special role in our community, providing financial security for super fund members and their families – protecting them when they need it most.”

“At TAL we are committed to enhancing the experience of super fund members and helping them understand the value insurance provides at every stage of life.”

“Our focus continues to place members’ needs at the centre of our thinking so we can deliver leading products and experiences – from simple and seamless digital end-to-end experiences that make it easier and faster for members to engage with their life insurance or make a claim, to providing comprehensive health, rehabilitation and wellbeing services.”

“Together with AMP, we are excited by the opportunity to uplift the life insurance experience for more than 270,000 Australians.”

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New research from leading Australian life insurer, TAL, and Investment Trends shows nearly two in three Australian non-retirees^[1] are unsure about their financial options in retirement and feel they need more information to make choices that will meet their needs at every stage of life.

According to the TAL and Investment Trends 2023 Retirement Income Report, 65% of non-retirees don’t know about existing retirement income products offered by their super funds. Further, the majority of those who are familiar with retirement products like pensions or lifetime income products, have a limited understanding of how they work and the benefits of each. This highlights the important role of retirement specialists, including super funds, in providing guidance to boost financial literacy.

Now in its fourteenth year, the Retirement Income Report shows that having a good understanding of retirement income options leads to better outcomes for members and improved perceptions of their super funds. Just one in five non-retirees (20%) are certain that they will remain with their current super fund in retirement and 34% intend to get advice, further reinforcing the value of proactively providing members with product information in the lead-up to retirement.

TAL Chief Executive, Group Life & Retirement, Jenny Oliver^[2] said that TAL partnered with Investment Trends to deliver this research as part of its commitment to understanding the challenges and needs of Australians in retirement.

“With 3.5 million people expected to retire in the next decade, TAL is committed to collaborating with super funds and other partners to provide more Australians with the opportunity to retire with confidence.”

“As a partnerships business that specialises in providing institutional solutions, TAL is uniquely placed to collaborate with funds to develop next-generation retirement solutions that meet the evolving needs of members at every stage of life,” Ms Oliver said.

Income for life is the top priority for both retirees and non-retirees

Though awareness of different categories of retirement products remains low, respondents are clear on the product features they value most. While fees remain an important consideration for non-retirees (57%), features deemed very important when selecting a retirement income product include having an income that will last for life (52%), receiving guaranteed minimum payments (47%), and having flexible access to capital (43%).

Ashton Jones, TAL General Manager, Growth, Retirement and Wealth Partnerships, said that TAL is focused on supporting partners to enhance their existing retirement solutions or to offer new solutions that provide members with the option for lifetime income and the confidence to spend in retirement.

“Over half of respondents say that income for life is a top consideration when selecting a retirement income product. This shows that members value holistic superannuation retirement propositions that provide them with the confidence of a regular income for as long as they and their partner live.”

“In the past, the only way super fund members could get a guaranteed income for life was to take up a traditional annuity. By default, they’d have to pay for inflation protection or investment protection as well. Now in the market, we’re seeing options for members to get longevity protection without having to pay for this extra protection. We see this as a new product category that many super funds are calling ‘lifetime pensions’,” said Mr Jones.

Confidence has increased, but so has the amount Australians expect they’ll need in retirement

The 2023 Retirement Income Report shows that despite persistent inflationary pressures, rising interest rates and economic headwinds, Australians are more confident about their ability to fund their retirement.

For the first time in nine years, a greater proportion of retirees expect their savings will outlast their retirement (35% in 2023 up from 28% in 2022) than those who expect to outlive their retirement savings (33% in 2023 down from 48% in 2022). Three in five retirees (60%) feel they are able to live comfortably, up from 55% in 2022.

For non-retirees, the retirement funding gap – the difference between expected income and perceived income needed for a comfortable retirement – has narrowed to an average of 27%, down from 34% in 2022, with perceived required income reaching a record high of $4,700 per month, up from $4,300 in 2022.

Those reporting a retirement funding gap say they plan to work for longer (51%), reduce spending (48%), contribute more to super (38%), or seek advice from a financial adviser (35%).

“Super funds are increasingly lifting the bar to better support members in retirement,” Mr Jones said.

“Educating members as they shift their thinking from accumulating super during their working lives to having an income to draw down from in retirement can improve member confidence and outcomes, as mandated by the Retirement Income Covenant.”

“We know many Australian retirees are reluctant to draw down their super balance in retirement for fear of outliving their savings, particularly with the expectation that they’ll need to fund future health and aged care costs^[3]. They are living frugally and not enjoying the lifestyle they can afford. Lifetime income products can help lessen these concerns, by maximising a member’s expected retirement income, helping them manage and plan for risk, and providing flexible access to their funds in retirement.” 

Other key findings – Top concerns in retirement

• The cohort most worried about their health in retirement is the 70-74 age group (67%). The main health-related concerns among retirees include physical ailments, illness, and cognitive decline while the main financial concerns for retirees include inflation, medical treatment costs, and aged care expenses.
• The main financial concerns for retirees with the lowest super balances (less than $100k) are the most worried about rising costs (53%) and the cost of medical treatment (54%).
• Retirees with the highest super balances (over $750k) are more concerned about falls in financial markets (53%) and regulatory changes around super (36%) but are far less concerned with rising prices than those with the lowest super balances (28% versus 53%).

About the report

TAL has partnered with Investment Trends to release the TAL and Investment Trends October 2023 Retirement Income Report, to determine how members’ needs are changing and how insurance in superannuation can address this by creating value at every stage of life.

In its fourteenth year, the annual research report is based on a quantitative online survey of retirees and non-retirees aged over 40 (N= 10,604) and conducted between July and August 2023.

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Jenny Oliver has been appointed to the role of Chief Executive – Group Life & Retirement. Ms Oliver will be responsible for leading TAL’s partnerships with the superannuation community in providing market-leading life insurance solutions to superannuation fund members, and leading TAL’s work in the development of solutions that support Australians to retire with confidence.

In her current role as TAL’s Chief Claims Officer, Ms Oliver has led the transformation of TAL’s claims capabilities, building a strong claims leadership team, investing in the broader claims team skills and capabilities, amplifying strong risk and governance practices, and delivering an ambitious technology transformation program.

TAL will undertake a recruitment process to fill the vacant Chief Claims Officer role. In the interim, Ms Oliver will continue to provide executive oversight for TAL’s Claims function.

After a decade with TAL, Chief Commercial Officer – Individual Life, Tim Thorne has decided to retire from his executive career and pursue a non-executive portfolio. Mr Thorne has led the Individual Life business through a period of significant change and growth, including the acquisitions of Asteron Life and Westpac Life. Mr Thorne has brought a culture of innovation and strong customer focus to TAL during a period of significant disruption in the Australian life insurance industry.

Fiona Macgregor has been appointed as Chief Executive – Individual Life, replacing Mr Thorne.

Since joining TAL more than nine years ago, Ms Macgregor has held a number of leadership roles across innovation, customer, brand and technology. In particular, as Chief Information & Innovation Officer for the last five years, Ms Macgregor has worked deeply on strategy formulation and delivery, the acquisition and integration of Asteron Life and Westpac Life, and enabling business growth and performance through the connection of technology and business capabilities.

Under Ms Macgregor’s leadership, the Individual Life business will be focused on industry leadership in outcomes for customers, delivering value in TAL’s partnerships with financial advisers and strategic alliance partners, and providing Australians with access to high-quality life insurance solutions through their channel of choice. Ms Macgregor’s appointment will also see an emphasis on market-leading digital enablement and delivery to meet the needs and expectations of customers and partners.

Executive General Manager, Technology, Hinesh Chauhan has been promoted to the role of TAL’s Chief Information Officer, with responsibility for the company’s technology function.

Since joining TAL in 2018, Mr Chauhan has made a significant contribution to strengthening TAL’s technology function, and digital culture and capabilities. Mr Chauhan remains focused on working with TAL’s technology partners to support business operations, meet rising information and cyber security expectations, and to enhance the way TAL supports its customers and partners through both existing and new technologies, such as generative AI.

In communications to employees and partners, TAL Group CEO and Managing Director, Brett Clark on behalf of the Executive Team thanked Mr Thorne for his valuable contribution and added that the internal appointments were a testament to TAL’s commitment to fostering strong leadership and succession planning within the company.

“These leadership appointments to Group Life & Retirement, Individual Life and Technology reflect TAL’s unwavering commitment to our customers and partners and I am delighted that it has been an obvious choice to appoint these roles from within TAL, reflecting our commitment to leadership development and succession planning. I would also like to thank Tim for his valuable contributions to TAL over a decade and his leadership of the Individual Life business through a period of significant growth and change,” said Mr Clark.

The Executive Team appointments take effect immediately.

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Niall McConville

A new nationwide survey of financial advisers released by leading Australian life insurer, TAL, has highlighted the growing role of advisers in supporting clients as they claim on their life insurance and the importance of collaboration between insurers, clients and advisers in ensuring positive claims experiences.

TAL commissioned the report, “The Value of Financial Advisers at Claim Time” to explore the role of financial advisers throughout the end-to-end claims process from both the adviser and client perspectives and to help inform and shape TAL’s ongoing support for financial advisers.

The report highlights the emotional challenges, for clients and advisers, when clients find themselves needing to claim on their life insurance policies. The findings also underscore the importance of claims training for advisers, and the positive impact that an adviser can have on a client’s emotional wellbeing throughout the claims process.

The research revealed that:

• 60% of advisers have felt stressed when working with their clients on a life insurance claim
• 43% don’t always know what to say when dealing with bereaved clients
• 77% of advisers agree helping their clients through claims is a key part of their offering.

TAL General Manager of Retail Distribution, Niall McConville, said the claims experience is at its most effective when insurers, advisers, and clients all work together.

“The research underpinning this report shows us that, by providing advisers with the tools, resources, and education they need to support their clients through a positive claims experience, we can empower them with the confidence to play that valuable role at claim time.

“Equally, there is a key role for insurers to better support advisers through what can be a daunting experience as they guide their client through a claim.

“The research backs up what we know from talking to our adviser partners – managing the challenges of claims can have an emotional impact on advisers. TAL remains as committed as ever to instilling confidence in our adviser partners and ensuring they have the support they need,” McConville said.

TAL Chief Claims Officer, Jenny Oliver, said a positive claims experience is at the heart of the TAL business.

“Resolving claims is the validation of a promise made between life insurers and their customers. During the often emotionally-charged period of claim time, TAL’s valued relationships with our adviser partners allows us to work together to enhance the customer experience across every stage of the journey through personalised and meaningful communication and connection

“TAL places a great deal of importance on ensuring those adviser partners who offer claims support as part of their advice service are well equipped and feel empowered to provide guidance to clients through the claims journey, and this report is an important step in better understanding the ways that we can do that,” Oliver said.

Read the report. 

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Jenny Oliver

Leading life insurance specialist, TAL, has announced its customer focused Claims Assist digital service has now been rolled out to more superannuation fund partners to help their members more easily manage their claims.

Seven of TAL’s superannuation fund partners are now offering their members access to the digital service, which complements the services and expertise of TAL’s claims team to enhance customers’ claims experience by making the process as simple, transparent and quick as possible.

Claims Assist employs tailored automation to create greater efficiency in the administrative side of the claims process. This is achieved by simplifying the tracking of a customer’s claim, allowing customers to upload documents, and providing clarity around any information requirements that are still outstanding on the claim.

In addition, by removing some of those administrative aspects from the Claims Consultant’s role, they are able to focus on supporting claimants through the more personal or complex aspects of their claim.

The take-up of Claims Assist has continued to expand since it was launched in 2018, reflecting changing consumer expectations and an increasing demand for technology-enabled self-service options.

TAL Chief Claims Officer, Jenny Oliver, said, “TAL recognises that for many customers, the convenience and ease of access that comes with a digital experience can lessen the burden of the claims process. We are continually looking for opportunities to streamline the claims journey to help improve customer experiences.

“By giving our customers a simple way to submit their claim documents and track progress instantly, Claims Assist can enhance our customers’ peace of mind so they can focus on what matters most – getting better.

“Claims Assist is one part of our digital transformation program in the claims space – a key part of that program is focussing on where technology can play its most valuable role in enhancing customer outcomes.

“Digitisation holds enormous potential for streamlining the claims process, but we also recognise how important the human empathy component continues to be in supporting customers through what is already a very challenging time of their life.

“Customers can still call and speak to us at any time, but Claims Assist gives our customers choice in the way they interact with us. For customers who utilise Claims Assist, we see faster submissions of requirements, lower inbound calls and increased satisfaction.”

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The key changes include the realignment of the business around two business lines – Individual Life and Group Life and Investments.

Previously TAL’s Chief Distribution Officer, Tim Thorne has been appointed Chief Commercial Officer – Individual Life and is responsible for the end-to-end customer and adviser propositions within TAL’s Direct and Retail markets. Previously TAL’s Chief Commercial Officer, Andrew Howard has been appointed Chief Commercial Officer – Group Life and Investments, leading TAL’s activities and capabilities in the Group Life, Investments, Health Services, and retirement markets.

In addition, Darren Wickham has been appointed as Executive General Manager, Group Life and Gavin Teichner appointed as  Executive General Manager, Individual Life – these appointments reflect the size and scope of their responsibilities within these business lines.

Critical to the delivery within Individual Life and Group Life and Investments is TAL’s commitment to its customers, particularly around claims. Reflecting that priority, TAL has recently appointed Jenny Oliver to the newly created Executive role of Chief Claims Officer. Jenny was previously General Manager – Group Insurance.

TAL Group CEO and Managing Director, Brett Clark said, “It’s important that our leadership structure reflects our ongoing commitment to our customers, partners and community, and the importance we place on each of the markets in which we operate. Executive Leadership roles with an end-to-end focus on customer and partner outcomes in those respective channels, will enable us to realise greater agility in a rapidly changing landscape and allow for more effective and efficient management of our relationships with our customers and partners.

“I am confident that this structure, which is aligned to our overarching business strategy, will set us up well for ongoing success as we continue striving to deliver for our customers, partners, our people and the business as a whole.”

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Jenny Oliver

TAL, a leading Australian life insurance specialist, has announced the launch of its Claims Hub – a digital platform designed to educate customers around the claims journey and provide enhanced support to those going through the claims process.

The Claims Hub was developed to complement the services and expertise of TAL’s claims team, helping customers understand what to expect during claim time and how TAL can help every step of the way.

Additionally, it provides customers with information around TAL’s claims paid, claims acceptance rates, explanations around why claims may be declined, as well as frequently asked claims questions answered in video format.

TAL Chief Claims Officer, Jenny Oliver, said recognising the claims process is a challenging time in any claimant’s life, TAL’s Claims Hub was designed to help address some of those challenges and provide added clarity and confidence during claim time.

“Adding to TAL’s continuous claims improvement program, which aims to simplify all processes and provide certainty for our customers, the Claims Hub offers a platform of resources to help navigate the claims process and improve our customers’ experience.

“Paying claims is at the heart of what we do. The Claims Hub adds an additional layer of education for our customers, providing them with easy-to-digest information and guidance around our products, the claims process and how to look after their health and wellbeing during claim time.

“The concept of creating an online Claims Hub aligns with TAL’s commitment to delivering the best possible outcomes for our customers. Our claims approach forms an important part of this and the Claims Hub is just one of the ways we are supporting our customers to feel confident that we will be there when they need us most.”

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Jenny Oliver and Ashton Jones.

Two TAL employees have been recognised as industry leaders at the Financial Services Council (FSC) Life Insurance Awards in Sydney.

TAL General Manager, Group Insurance, Jenny Oliver, was named as winner of the 2018 Industry Leader Award, which honours an individual who has demonstrated an outstanding commitment to innovative thinking to transform the life insurance industry and meet the challenges of the next generation.

TAL Head of Investments, Retirement and New Propositions, Ashton Jones, also won the Young Achiever Award, which recognises the achievements of the future leaders in the life insurance industry.

TAL Group CEO and Managing Director, Brett Clark, said, “We are extremely proud of both Jenny and Ashton, whose talent, dedication and achievements have seen them both make substantial contributions to TAL and to our industry.

“Jenny has a deep passion for life insurance and she has made an active and positive contribution to shaping industry policy and raising industry standards. She has also led the development of new group insurance models to deliver better outcomes for members.

“Ashton is a natural leader. He has already made an outstanding impact in our business and he is also actively involved in a number of FSC committees focused on superannuation and retirement policy setting.

“Congratulations to Jenny and Ashton. These awards highlight their commitment to making a real difference in our industry, to TAL and for our partners and customers.”

The FSC has more than 100 members representing Australia’s life insurers, superannuation funds, retail and wholesale funds management businesses, financial advisory networks and licensed trustee companies. It promotes best practice for the financial services industry by setting mandatory standards for its members and providing guidance notes to assist in operational efficiency.

This year, a total of five FSC Life Insurance Awards were presented in recognition of excellence in the areas of young achievement, industry leadership, and innovation in retail, direct and group life insurance.

See the full list of award winners.

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In her new role, Ms Larkin will oversee all new business activity for TAL’s group insurance team, manage tender submissions and bring new partners on-board.

Ms Larkin moves to this role from her previous position in the group insurance team as Head of Clients and Strategic Management, where she managed a portfolio of client relationships.

TAL General Manager of Group Insurance, Jenny Oliver, said, “Lisa’s extensive experience supporting our partners’ insurance operations and respected reputations across the industry make this key appointment essential to our business development plans in 2018 and beyond.

“Her deep understanding of our partners’ businesses and technical insurance expertise will ensure that we continue to work effectively with new and potential partners, helping them meet rising member expectations and the challenges of an evolving group insurance landscape,” said Ms Oliver.

Ms Larkin said, “I look forward to driving our business development strategy in the group market, and working with our superfund partners to help them provide the best possible outcomes for their members.”

Before joining TAL, Ms Larkin managed CommInsure’s wholesale business relationship team, driving the sales strategies for existing and new business. She has been in the insurance industry since 1999.

Ms Larkin commences the role this month in TAL’s Sydney office.

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