{"id":72800,"date":"2024-08-13T07:41:01","date_gmt":"2024-08-12T21:41:01","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=72800"},"modified":"2024-08-13T19:51:10","modified_gmt":"2024-08-13T09:51:10","slug":"more-than-4-billion-paid-in-claims-tal","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2024\/08\/13\/more-than-4-billion-paid-in-claims-tal\/","title":{"rendered":"More Than $4 Billion Paid in Claims \u2013 TAL"},"content":{"rendered":"<p>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.<\/p>\n<p>The firm\u2019s <em>Our Contribution<\/em> <em>2023\/24<\/em> report outlines the work TAL is doing to support customers, partners and stakeholders \u201c\u2026and how we contribute as a life insurer, an employer and as part of the Australian community.\u201d<\/p>\n<p>It notes that with its partners the insurer has more than five million customers.<\/p>\n<figure id=\"attachment_72801\" aria-describedby=\"caption-attachment-72801\" style=\"width: 777px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2024\/08\/TAL-Key-highlights.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-72801\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2024\/08\/TAL-Key-highlights.jpg\" alt=\"\" width=\"777\" height=\"452\" srcset=\"https:\/\/riskinfo.com.au\/news\/files\/2024\/08\/TAL-Key-highlights.jpg 777w, https:\/\/riskinfo.com.au\/news\/files\/2024\/08\/TAL-Key-highlights-300x175.jpg 300w, https:\/\/riskinfo.com.au\/news\/files\/2024\/08\/TAL-Key-highlights-768x447.jpg 768w, https:\/\/riskinfo.com.au\/news\/files\/2024\/08\/TAL-Key-highlights-696x405.jpg 696w, https:\/\/riskinfo.com.au\/news\/files\/2024\/08\/TAL-Key-highlights-722x420.jpg 722w\" sizes=\"auto, (max-width: 777px) 100vw, 777px\" \/><\/a><figcaption id=\"caption-attachment-72801\" class=\"wp-caption-text\">Courtesy of TAL&#8217;s Our Contribution report.<\/figcaption><\/figure>\n<figure id=\"attachment_72828\" aria-describedby=\"caption-attachment-72828\" style=\"width: 151px\" class=\"wp-caption alignright\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2024\/08\/TAL-CEO-and-Chair_Small-scaled-e1723497631599.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-72828\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2024\/08\/TAL-CEO-and-Chair_Small-scaled-e1723497631599-251x300.jpg\" alt=\"\" width=\"151\" height=\"181\" srcset=\"https:\/\/riskinfo.com.au\/news\/files\/2024\/08\/TAL-CEO-and-Chair_Small-scaled-e1723497631599-251x300.jpg 251w, https:\/\/riskinfo.com.au\/news\/files\/2024\/08\/TAL-CEO-and-Chair_Small-scaled-e1723497631599-768x918.jpg 768w, https:\/\/riskinfo.com.au\/news\/files\/2024\/08\/TAL-CEO-and-Chair_Small-scaled-e1723497631599-696x832.jpg 696w, https:\/\/riskinfo.com.au\/news\/files\/2024\/08\/TAL-CEO-and-Chair_Small-scaled-e1723497631599-351x420.jpg 351w, https:\/\/riskinfo.com.au\/news\/files\/2024\/08\/TAL-CEO-and-Chair_Small-scaled-e1723497631599.jpg 849w\" sizes=\"auto, (max-width: 151px) 100vw, 151px\" \/><\/a><figcaption id=\"caption-attachment-72828\" class=\"wp-caption-text\">Mark Joiner<\/figcaption><\/figure>\n<p>Board chair, <strong>Mark Joiner<\/strong> and Outgoing Group CEO and MD<strong> Brett Clark<\/strong> 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.<\/p>\n<p>As part of this, it has invested in improved digital and service experiences for its partners &#8220;&#8230;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.\u201d<\/p>\n<figure id=\"attachment_71998\" aria-describedby=\"caption-attachment-71998\" style=\"width: 147px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2024\/06\/Brett-Clark_appointed_CEO_and_Managing_Director_Asia-Pacific_for_Dai-ichi-Life-Group_TALs-parent-company.--scaled-e1718676128456.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-71998\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2024\/06\/Brett-Clark_appointed_CEO_and_Managing_Director_Asia-Pacific_for_Dai-ichi-Life-Group_TALs-parent-company.--scaled-e1718676128456-240x300.jpg\" alt=\"\" width=\"147\" height=\"184\" srcset=\"https:\/\/riskinfo.com.au\/news\/files\/2024\/06\/Brett-Clark_appointed_CEO_and_Managing_Director_Asia-Pacific_for_Dai-ichi-Life-Group_TALs-parent-company.--scaled-e1718676128456-240x300.jpg 240w, https:\/\/riskinfo.com.au\/news\/files\/2024\/06\/Brett-Clark_appointed_CEO_and_Managing_Director_Asia-Pacific_for_Dai-ichi-Life-Group_TALs-parent-company.--scaled-e1718676128456-819x1024.jpg 819w, https:\/\/riskinfo.com.au\/news\/files\/2024\/06\/Brett-Clark_appointed_CEO_and_Managing_Director_Asia-Pacific_for_Dai-ichi-Life-Group_TALs-parent-company.--scaled-e1718676128456-768x960.jpg 768w, https:\/\/riskinfo.com.au\/news\/files\/2024\/06\/Brett-Clark_appointed_CEO_and_Managing_Director_Asia-Pacific_for_Dai-ichi-Life-Group_TALs-parent-company.--scaled-e1718676128456-696x870.jpg 696w, https:\/\/riskinfo.com.au\/news\/files\/2024\/06\/Brett-Clark_appointed_CEO_and_Managing_Director_Asia-Pacific_for_Dai-ichi-Life-Group_TALs-parent-company.--scaled-e1718676128456-336x420.jpg 336w, https:\/\/riskinfo.com.au\/news\/files\/2024\/06\/Brett-Clark_appointed_CEO_and_Managing_Director_Asia-Pacific_for_Dai-ichi-Life-Group_TALs-parent-company.--scaled-e1718676128456.jpg 887w\" sizes=\"auto, (max-width: 147px) 100vw, 147px\" \/><\/a><figcaption id=\"caption-attachment-71998\" class=\"wp-caption-text\">Brett Clark<\/figcaption><\/figure>\n<p>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\u2019 choice and access to life insurance.<\/p>\n<p>\u201cThis 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 &#8230; We remain committed to working with all stakeholders to achieve this.\u201d<\/p>\n<p>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%).<\/p>\n<p>Of the claims for mental health conditions 3% were through life insurance, 30% through TPD insurance and 67% through IP.<\/p>\n<figure id=\"attachment_72802\" aria-describedby=\"caption-attachment-72802\" style=\"width: 840px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2024\/08\/TAL-2.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-72802\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2024\/08\/TAL-2.jpg\" alt=\"\" width=\"840\" height=\"484\" srcset=\"https:\/\/riskinfo.com.au\/news\/files\/2024\/08\/TAL-2.jpg 840w, https:\/\/riskinfo.com.au\/news\/files\/2024\/08\/TAL-2-300x173.jpg 300w, https:\/\/riskinfo.com.au\/news\/files\/2024\/08\/TAL-2-768x443.jpg 768w, https:\/\/riskinfo.com.au\/news\/files\/2024\/08\/TAL-2-696x401.jpg 696w, https:\/\/riskinfo.com.au\/news\/files\/2024\/08\/TAL-2-729x420.jpg 729w\" sizes=\"auto, (max-width: 840px) 100vw, 840px\" \/><\/a><figcaption id=\"caption-attachment-72802\" class=\"wp-caption-text\">Courtesy of TAL&#8217;s Our Contribution report.<\/figcaption><\/figure>\n<p><a href=\"https:\/\/www.tal.com.au\/about-us\/our-contribution\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to see the full report.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019s Our Contribution 2023\/24 report outlines the work TAL is doing to [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":72805,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[],"class_list":["post-72800","post","type-post","status-publish","format-standard","has-post-thumbnail","category-company-news"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/72800","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\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=72800"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/72800\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/72805"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=72800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=72800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=72800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}