August 8, 2017
TAL will apply the new minimum standard trauma definitions within the Life Insurance Code of Practice (LICP) to all new claims received on individual policies purchased since 10 August 2009.
The insurer announced the move as part of its efforts to exceed the requirements of the FSC developed LICP, which came into force from 1 July 2017, and only requires FSC life insurance members to apply the minimum definitions from that date (see: FSC Life Code Commences With Finalised Trauma Definitions).
TAL Group Chief Executive and Managing Director, Brett Clark said that since the release of the Code the insurer had taken steps to improve its accountability and had appointed an independent adviser to review TAL’s claims management practices for areas of improvement and was committed to public reporting of its’ Code performance each year.
“The task for us all now is to look beyond the Code…”
“The adoption of the Code is a key milestone for our industry, and for TAL it’s another step towards achieving our stated ambition: that our customers understand and value the protection they have and are confident we will be there when they need us most,” Clark said.
TAL stated it would also be introducing consumer testing to ensure it was meeting the letter and spirit of the Code, simplifying product fact sheets for all direct products and creating support material for customers affected by a major illness.
Clark called on other life insurers to look beyond the Code and find ways to lift standards and improve transparency in the sector.
“The task for us all now is to look beyond the Code, and challenge ourselves to improve every area of our business through innovative thinking and a greater focus on the needs of the consumer,” Clark said.
“We look forward to continuing to work with the FSC, other life insurance industry members and superannuation fund trustees on the next iteration of the Code to continue driving improvements in our industry, which plays such an important role in the life and wellbeing of Australians.