Our latest poll asks you to consider the combination of issues impacting the sustainability of Australia’s life insurance sector.
As pointed out by Lifespan CEO, Eugene Ardino, at the Zurich Sustainability Round Table, reduced new business volumes are a central structural issue, where he suggests the fall in new life insurance sales (which coincided with the introduction of the Life Insurance Framework reforms) has had a significant and detrimental impact on Australia’s life insurance pools.
He offered his perspective during a part of the Sustainability Round Table conversation focussed on how products might be updated to become more fit for purpose. While ‘product’ is an integrally important piece of the puzzle, Ardino advocated that one of the root causes of the currently sustainability malaise can be traced to new life insurance business ‘falling off a cliff’ post the Life Insurance Framework reforms – hence this poll.
Do you agree with Ardino that effectively the most important piece needed to solve the sustainability puzzle is more advisers delivering more life insurance new business – especially introducing much-needed younger lives into the life insurance pools?
Or do you think product and pricing is where the sector should focus its attention and its resources? We already agree that both issues are critically important. The question is which you think is the more critical issue to solve.
For a poll which has no right or wrong answer, tell us what you think and we’ll report back next week…
