TAL paid $4.2 billion in claims in the financial year ending 31 March 2024 to over 50,000 customers with more than 70% of claims being paid to those recovering from illness or injury or adjusting to life with a permanent health condition.
The firm’s Our Contribution 2023/24 report outlines the work TAL is doing to support customers, partners and stakeholders “…and how we contribute as a life insurer, an employer and as part of the Australian community.”
It notes that with its partners the insurer has more than five million customers.
Board chair, Mark Joiner and Outgoing Group CEO and MD Brett Clark say the company remains committed to working with its partners to support customers and members of superannuation funds with industry-leading life insurance products and services.
As part of this, it has invested in improved digital and service experiences for its partners “…making it easier for members and customers to interact with us, including via our new digital platform, TAL Connect, and by simplifying digital underwriting, online application and payment processes.”
Joiner and Clark also note that during the year, TAL continued to engage with stakeholders to advocate for policy settings to improve customer experience and support Australians’ choice and access to life insurance.
“This included engaging with the Government and other stakeholders to support the Delivering Better Financial Outcomes reform program. Progress on this important policy reform will help more Australians gain access to advice, help and support … We remain committed to working with all stakeholders to achieve this.”
The report also outlines the most common reasons for accepted claims and the common claim reasons by product type. Mental health conditions made up 20% of all accepted claims followed by cancer (17%); injuries and fractures (15%); musculoskeletal and connective tissue conditions (12%) and conditions of the circulatory system (9%).
Of the claims for mental health conditions 3% were through life insurance, 30% through TPD insurance and 67% through IP.
Click here to see the full report.
