The Financial Services Council has announced the six winners of its 2016 FSC Life Insurance Awards.
The winners were announced at what is now an integral pre-cursor to the Council’s annual Life Insurance Conference, at a gala night of nights for the life insurance sector.
300 industry stakeholders heard from FSC CEO, Sally Loane, who acknowledged Australia’s life insurance industry was “…undergoing unprecedented change which is generating innovation and transformative thinking.”
Now in its fourth year, this year’s six awards were presented, according to an FSC release, in recognition of excellence in the industry in areas of consumer innovation, leadership, young achievement, social media and pioneering change to transform the industry.
The winners of the 2016 FSC Life Insurance Awards are:
Industry Pioneer Award
Fiona Guscott, Chief Underwriter and Head of Underwriting Quality and Standards, MLC/NAB
Leadership Award
Alexis George, Managing Director – Australia Wealth, ANZ Group
Young Achiever Award
Rhiannon Wilson, Claims Consultant, BT Financial Group
Consumer Innovation Award
AIA and Sunsuper for eClaims
Consumer Innovation Award
BT Financial Group for Advanced Terminal Illness
Big Thinking Award
AIA and Sunsuper for Permanent is no Longer Permanent research
Social Media Award
ANZ social media campaign #equalfuture
Congrats to the winners.
Am I right in thinking the Consumer Innovation Award for “BT Advanced Terminal Illness” relates to extending the Terminal Illness definition from 12 months to 24 months?
If so, can someone tell me how that is innovative?
The conditions of release of superannuation benefits were changed to allow for 24 months terminal illness. Nothing to do with BT. BT then match their insurance payment benefit to this change.
Surely, this isn’t consumer innovation? Or am I missing something?
Oh, and the issues raised by the Four Corners program on CommInsure show that subjective definitions create issues. Medical practitioners already only get about 50% of 12-month terminal illness assessments right, and readily acknowledge anything beyond 3 months is very hard to get right. So surely the new 24 month definition is exponentially harder to get right? So, is this consumer Innovation?
Good luck to BT for making the change – but to reward them with an innovation award?? Strange times indeed…
So the FSC have awarded ANZ who are currently under ASIC scrutiny two awards (one for leadership)? I’m surprised Comminsure weren’t given an award for best cost saving initiatives.
Members of the FSC patting themselves on the back after a job well done in decimating independent risk advisers and making the long term outcome now far worse for customers.
I am glad to see a new push for a royal commission on the banks and insurers and I hope how the LIF and the manipulation thereof by the FSC and the obvious outcomes for consumers will be included.
Lets also hope the code of conduct will also be taken out of the hands of the FSC so it might have some meaning for the customer and not insurers profits.
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