In a forward looking statement, MLC Life Insurance’s Jane McGovern says mental health will be a focus for the industry in the coming years.
Pointing to KPMG Australia’s Mental Health Check Up report, which highlighted a 732% increase in mental health TPD claims in 30-40 year-olds, she writes that not only does this demonstrate the increasing need of mental ill health support across all cohorts “…it also illustrates the vital role insurance will need to play…”
Retirement
McGovern, the firm’s Chief Customer and Strategy Officer, also states Government reforms to the retirement phase of superannuation means the market is “…well placed to develop in the coming years, allowing financial service organisations to better support those preparing for and in retirement.”
She says Government focus on enhancing independent guidance and resources, improving income stream regulations, and ensuring transparency of products “…will create further opportunity and innovation in the retirement market, and support better outcomes for retirees.”
Gen Z
McGovern also states discussions are too often focussed on 55-65 year-olds, and that generations of Millennials and Generation Z are overlooked.
“Without reform, these generations will have fewer options to address their increasingly complex financial, health, and wellbeing needs,” writes McGovern.
“That’s why we’re looking forward to a year where we build consensus as an industry, unifying consumers and decision-makers behind a vision and reform agenda for delivering affordable, accessible, and appropriate insurance.”
MLC is currently transitioning to be known as Acenda following Nippon’s take-over – subject to regulatory approval – of its owner Resolution Life Australia.
See our report: Resolution Life Bought by Nippon
