Three ‘A’s for Sustainable Life Insurance Sector


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
FSC CEO, Sally Loane …industry needs to focus on three As for consumers

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.


  1. From this article, it appears Sally Loane has forgotten the other A – Advisers, who will do the work to make sure it all comes together in a way that is in the Best Interest of all Australians.

    There has never been an issue of Availability of Products. Australians are surrounded by many terrible products that overlap quality policies.

    Affordability of cover, when taken in the context of what the policy actually covers, means people with a budget of X, will get much less coverage than if they had an Adviser to guide them.

    The FSC were culpable early on in the whole process and unless there has been a miracle, what they say and what they do, may be smoke screens and mirrors.

    • Yea, but the goal is to give advisers the big “A” so no wonder she doesn’t mention us as the integral part of the equation. The FSC was never about best interest just self interest.

    • I said it yesterday and I’ll say it again as supported by emkay. The FSC has its own agenda and as we all know, advisers play little to no part in their future planning. Risk insurance will merely become an add-on unit to overall FP activities. True & professional Riskies who deliver the best possible outcome for the client, will fade away into obscurity. No one will win, we’ll all lose other than the life offices that will find a way out of the mess they created in the first place. Glad I retired this month.

  2. I ask myself does the FSC know what they are actually doing. I am pretty sure now the answer is NO ! Why? because they simply leave the advisor and the advice they attempt to provide on the sideline with every meeting held. IT is obvious it does not matter what we think they have their own agenda to follow.
    We get no say it appears and that’s why this continual downward spiral of lapses, bad claims experience, Advisers leaving the” sinking ship” in droves and a dozen other things will continue to happen!
    I have said it before and i will say it again.{ and how i so dearly hope i am wrong } Come 2021 commissions will be gone along with 20,000 advisers. We can thank the Royal Commission for that with its outlandish statements about how commissions are “wicked” and the cause of all the problems in the industry.? Lets see where the under insurance issue “sits” once they go ? Better still who is going to fix it.? Oh!! I know the FSC they are omnipotent.???

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