The Financial Services Council has articulated a three-point agenda to give direction to the future focus of Australia’s life insurance sector.
Coinciding with the launch of this week’s 2020 FSC Life Insurance Summit, the council’s CEO, Sally Loane, says in a statement that the industry wants a healthy and sustainable life insurance sector with three As for consumers, being:
- Availability of products
- Affordability of cover
- Assurance that every valid claim will be paid
This three As agenda collectively addresses most of the myriad of inter-related issues or challenges the sector is currently facing, including life company, product and advice business sustainability, the affordability of advice, especially for middle Australia and the broader ‘mums and dads’ market, and the public perception that eligible life insurance claims will be paid and paid in accordance with the standards set out in the FSC’s Life Insurance Code of Practice.
In concert with its ninth annual FSC Life Insurance Summit is the launch of the inaugural Life Insurance Awareness Week. The council says it will release exclusive data and insights from an ongoing FSC-KPMG data project, which is intended to “…raise awareness of the vital role life insurance plays in protecting the community, and to share some insights into the health of Australia’s working age population.”
Click here to access the full program for the 2020 FSC Life Insurance Summit.