Framed, importantly, within the context that most TPD claims are paid, there nonetheless exists a potential crisis around the relevance of the Total and Permanent Disability product as currently offered in this country, and the extent to which it remains sustainable and fit for purpose.<\/p>\n
In the first of a series of five video discussions contemplating whether the TPD offer for consumers remains fit for purpose, it becomes readily apparent that the Australia of today, in a number of crucial areas, bears little resemblance to the Australia of the 1960s, when the TPD product offer was originally launched. Those areas include:<\/p>\n
- \n
- The economy in 1960s Australia was still ‘riding on the sheep’s back’ with a workforce that comprised a much higher cohort of blue collar and manufacturing workers<\/li>\n
- Workplace injuries – which were such a critical factor in the relevance of the TPD offer in the 1960s – are much less prevalent today, due in no small part to the improvement in workplace safety standards<\/li>\n
- Recovery and rehabilitation service options were either non-existent or curtailed in comparison with services now offered<\/li>\n
- Medical options available to Australians suffering illness or injury events were significantly limited in comparison to the options that are now available<\/li>\n
- The changing workplace environment in which recent research suggests Australian workers in 2023 might hold ten very different jobs in their career, compared with 1960s Australia, where one or two career jobs was common<\/li>\n<\/ul>\n
The TPD Round Table panel considers these and other demographic and environmental factors, such as the rise in mental health claims which, in combination, has seen mounting pressure placed on a TPD product offer that seems to be struggling to keep up with the social and consumer environment in which it is intended to deliver value and peace of mind.<\/p>\n
![\"\"](\"https:\/\/riskinfo.com.au\/news\/files\/2023\/12\/231219-TPD-Round-Table-Video-1.png\")
<\/a>Click the image to play the first in a five-set video series comprising the 2023 TPD Round Table…<\/figcaption><\/figure>\n In a present day environment in which TPD premiums continue to climb, where lapses are increasing and – critically – where significant pressures apply to affordability for so many Australians, the consensus call among the TPD Round Table panel was for the sector to act, to reimagine, and to innovate.<\/p>\n
From where that innovation derives depends in part on the perspective of the stakeholder, but based on the nature of the positive TPD Round Table conversation, product manufacturers, regulators and other stakeholders would ignore adviser and licensee input at their peril (see also: TPD Sustainability – What Advisers Say<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"
A broad-based call for greater innovation in the TPD product space is being driven by a consensus that the world continues to change around an offer that struggles to keep pace. This is one of the assessments reached by a group of stakeholders at a TPD Round Table event conducted earlier this month (see: Zurich […]<\/p>\n","protected":false},"author":3,"featured_media":69223,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,8271,4],"tags":[],"class_list":["post-69212","post","type-post","status-publish","format-standard","has-post-thumbnail","category-compliance-regulation","category-pricing","category-products"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/69212","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=69212"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/69212\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/69223"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=69212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=69212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=69212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}