In the wake of the many connected issues discussed during the Zurich Sustainability Round Table, we’re keen to learn whether you sense the industry is on the right path to resolving its sustainability dilemma.
- Can a more fit-for-purpose product solution be found that can better insure against mental health-related and other episodic total disability conditions?
- And if that new solution (or solutions) can be found, will it be trusted and embraced by advisers in sufficient volumes to actually make a difference?
- Can the sector find a way to double its number of authorised representatives? Doubling its number seems a huge task, but remember that they have been almost halved in recent years, which means doubling the numbers from here will take the sector back to adviser volumes only just in advance of where they once were.
- Will the industry’s still emerging peak body, CALI, with its agenda firmly focussed on the risk sector, be successful in its advocacy endeavours to secure support from the law makers, the regulators and the consumer lobby that will lead to much-needed policy reforms and new initiatives?
- Will there be sufficient collaboration between the spectrum of industry stakeholders to drive an outcome to ensure sustainability – we’re talking associations, life companies, reinsurers, AFSLs, advisers, law makers, regulators, and consumers. Is this too big an ask?
The panellists on the Zurich Sustainability Round Table covered a lot of territory, only partly summarised above. It did appear, however, that in addressing and resolving these issues in combination that this would go a long way to ‘righting the sustainability ship’, which in turn will deliver new and perhaps more appropriate product solutions for those who need that cover, while returning the sector to normality when it comes to premium pricing.
As always, we welcome your thoughts and will report back next week…
