May 7, 2019
TAL has announced its newly-acquired Asteron Life retail product range will be removed from sale from 1 July.
This action has been taken by TAL as part of a strategic review it has completed, which considered the retail business and operating models across both the TAL and Asteron Life brands.
In contrast to the approach currently being adopted by Zurich in its impending takeover of ANZ Wealth’s OnePath suite of risk products (see: Business as Usual Message to Advisers…), TAL Group CEO and MD, Brett Clark, noted, “To deliver the best outcomes for our customers and adviser partners, we need to simplify our Retail business model. We believe it is in our customers’ and advisers’ best interest not to offer two similar retail propositions in the Retail advised market.
Having one Retail adviser proposition gives clarity to the market…
Clark continued, “Having one Retail adviser proposition gives clarity to the market, creates a simpler business structure and a more efficient service model, which allows us to provide better value propositions for customers and our adviser partners.”
Another key outcome of the strategic review will see a restructure and realignment of both TAL and Asteron’s retail adviser focused businesses, which will result in a reduction in the total number of roles in the combined retail channel, but where some new roles will also be introduced.
Clark added that TAL remains committed to ensuring the Asteron retail life insurance products remain relevant and up to date post 1 July 2019 for existing Asteron customers.