The Investment and Financial Services Association (IFSA) held its inaugural annual Life Insurance Conference in Sydney this week, addressing many of the key issues impacting life companies, dealer groups, advisers, clients and the broader Australian community.
Much attention was given to positioning the Australian life insurance ‘proposition’ in 2010 in relation to both current day and future issues, including:
- The Global Financial Crisis
- Key parliamentary inquiries (Ripoll, Cooper, Henry)
- Shifting consumer attitudes
- The perspective of the regulators
- The Australian experience compared with other countries
- The future of insurance within superannuation
- The moral and ethical issues and opportunities presented by the relentless advancements in medical science
Speakers at the Conference represented a wide variety of industry roles, but were united by a desire to inform and advance debate about the issues impacting all those associated within and outside Australia’s life insurance community.
During the Conference, IFSA also released its first joint report with NATSEM, which unveiled sobering facts about the present underinsurance issues facing the industry and the community (see separate story: New Underinsurance Findings – Australians Gambling With Their Future).
IFSA Chief Executive, John Brogden, and other speakers during the Conference, acknowledged the importance of IFSA’s Lifewise campaign, which is designed to engage Australians, encouraging them to take the time to consider their future financial health and well-being and that of their family. riskinfo strongly supports the goals of the Lifewise campaign.
One of the many key points raised during the Conference was made by Swiss Re Managing Director, Life & Health, David Gott, who suggested that in addition to the ‘insurance gap’ that exists in Australia, there is also a ‘perception gap’, where those who work within the life insurance industry sometimes have markedly different perceptions towards key insurance, retirement and lifestyle issues than those of the public, and vice versa. riskinfo will report further on Mr Gott’s presentation shortly, as it may assist advisers to develop and additional perspective when dealing with their current and future clients.