{"id":76682,"date":"2025-04-02T14:13:16","date_gmt":"2025-04-02T03:13:16","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=76682"},"modified":"2025-04-08T15:02:31","modified_gmt":"2025-04-08T04:02:31","slug":"insurance-has-a-vital-role-to-play","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2025\/04\/02\/insurance-has-a-vital-role-to-play\/","title":{"rendered":"Insurance ‘Vital’ to Address Economic Challenges"},"content":{"rendered":"
\"Kent
Kent Griffin, CEO, Acenda \u2026seeking to build a stronger insurance sector.<\/figcaption><\/figure>\n

The life insurance industry has a vital role to play in helping address some of the nation\u2019s biggest economic and health challenges.<\/p>\n

That was the key message from Acenda<\/a>‘s CEO Kent Griffin<\/strong> during CALI’s inaugural conference in Sydney last week<\/p>\n

He told attendees there has never had a better opportunity to work together to address these challenges and “…embrace the opportunities in front of us”.<\/p>\n

He wants to build a new vision for Australia\u2019s life insurance industry.<\/p>\n

\u201cAustralia needs us more than ever,” he said. “A strong life insurance sector can play a vital role in Australia\u2019s safety net and address the nation\u2019s twin policy challenges of an ageing population and soaring healthcare costs.\u201d<\/p>\n

Griffin said the life insurance industry was operating in a landscape undergoing significant change because of regulatory changes, changing demographics and economic uncertainty.<\/p>\n

He said access to affordable, quality advice was critical in helping Australians manage their financial security.<\/p>\n

\u201cWe know there is a large unmet need for advice and guidance on life insurance,” he said.<\/p>\n

“CALI\u2019s latest sentiment tracker shows 33 per cent of working Australians sought or considered financial advice in the past three months, but only seven per cent actually received it.<\/p>\n

Each year around 85,000 Australians receive more than $11 billion from life insurance claims…<\/p><\/blockquote>\n

“Life insurance had been a critical part of Australia\u2019s safety net since the gold rush and provided Australians with peace of mind during life\u2019s biggest challenges and reduced the reliance on social welfare and disability schemes.<\/p>\n

\u201cEach year around 85,000 Australians receive more than $11 billion from life insurance claims,\u201d he said.<\/p>\n

He called for solutions that will not only support access to life insurance for more Australians but make it more affordable and appropriate for their needs.<\/p>\n

\u201cWe must continue to work together as an industry to embrace a comprehensive agenda of reform,\u201d he said.<\/p>\n

\"Kent
Acenda CEO, Kent Griffin, delivering the keynote address at CALI\u2019s inaugural 2025 Wild For Life Conference in Sydney last week…<\/figcaption><\/figure>\n

Reforms<\/strong><\/p>\n

He said the Government\u2019s latest tranche of financial advice reforms were a positive step but more can be done.<\/p>\n

\u201cThe Government has also committed to developing the remaining pieces to modernise the best interest duty and create a new class of adviser and that these combined with the draft legislation released will be introduced to Parliament as a single package,” he said.<\/p>\n

“With this commitment from Government we are making progress.”<\/p>\n

…the life insurance industry must continue to evolve…<\/p><\/blockquote>\n

Griffin also said the sector needs to do more to build trust with consumers.<\/p>\n

“To remain relevant and trusted, the life insurance industry must continue to evolve.” he said.<\/p>\n

“This means improving product simplicity and transparency, ensuring advice and interactions are ethical and customer-centric, and using data and technology to enhance the customer experience.<\/p>\n

\u201cAffordable and accessible life insurance not only reduces the cost of public services but it will empower millions more Australians to make choices and take risks with confidence.<\/p>\n

\u201cBy working together as an industry we can create an environment that fosters growth, stability and financial security for generations to come.\u201d<\/p>\n

Click here<\/a> to read the full speech.<\/p>\n","protected":false},"excerpt":{"rendered":"

The life insurance industry has a vital role to play in helping address some of the nation\u2019s biggest economic and health challenges. That was the key message from Acenda‘s CEO Kent Griffin during CALI’s inaugural conference in Sydney last week He told attendees there has never had a better opportunity to work together to address […]<\/p>\n","protected":false},"author":23,"featured_media":76685,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,48,241,8282],"tags":[],"class_list":{"0":"post-76682","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-associations","8":"category-company-news","9":"category-conferences-and-events","10":"category-government"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/76682","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\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=76682"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/76682\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/76685"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=76682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=76682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=76682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}