{"id":81048,"date":"2026-02-09T19:08:57","date_gmt":"2026-02-09T08:08:57","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=81048"},"modified":"2026-02-16T09:59:18","modified_gmt":"2026-02-15T22:59:18","slug":"tal-ceo-reflections-relevance-recovery-risk-advice","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2026\/02\/09\/tal-ceo-reflections-relevance-recovery-risk-advice\/","title":{"rendered":"TAL CEO Reflections &#8211; Relevance, Recovery, Risk Advice"},"content":{"rendered":"<div class=\"header row\">\n<div class=\"intro\">\n<!-- Either there are no banners, they are disabled or none qualified for this location! -->\n<h3>TAL CEO Fiona Macgregor reflects on relevance, recovery and the evolving role of risk advice, as mental ill health and AI reshape customer expectations, claims experience and future product design&#8230;<\/h3>\n<\/div>\n<\/div>\n<p><!--more--><\/p>\n<p>When Fiona Macgregor reflects on her first year as Managing Director and Group CEO of TAL, there&#8217;s nothing that\u2019s come as a complete surprise &#8211; but certain changes have accelerated faster than expected in a sector being reshaped by forces larger than any single organisation. Some of the key issues demanding Macgregor\u2019s attention have included:<\/p>\n<ul>\n<li>Mental ill health<\/li>\n<li>Shifting consumer behaviour<\/li>\n<li>Artificial intelligence<\/li>\n<li>A smaller, more professionalised adviser cohort carrying a growing share of Australia\u2019s underinsurance burden<\/li>\n<\/ul>\n<p>For Macgregor, these are not isolated issues, but rather interconnected signals pointing to the need for life insurers, advisers and policymakers to rethink how risk protection is designed, delivered and sustained into the future.<\/p>\n<p><strong>Change, relevance and restless energy<\/strong><\/p>\n<p>Macgregor describes herself as having a \u201crestless energy\u201d &#8211; a desire to ensure that TAL remains relevant to the people it exists to serve &#8211; not just today, but into the future.<\/p>\n<p>That mindset, she says, is deeply personal.<\/p>\n<p>\u201cMy dad was medically retired at 47. I\u2019m 48 now,\u201d she says. \u201cWe had choices as a family that we might not have had if he didn\u2019t have cover. That gives me a very deep belief in the value of what we do.\u201d<\/p>\n<p>Her father passed away more than two decades ago, but the experience left a lasting imprint.<\/p>\n<p>\u201cOn the one hand, it makes me appreciate every day at work and the opportunity to contribute. On the other, it creates a restlessness to make sure we keep changing, because what we do is important &#8211; maybe more important than ever.\u201d<\/p>\n<p>That sense of purpose, says Macgregor, has shaped how she has approached her first year in the role.<\/p>\n<p><strong>A non-traditional path to the top<\/strong><\/p>\n<p>Macgregor is quick to point out that she did not grow up in life insurance. The first decade of her career was spent in consumer banking in the UK, primarily at the Royal Bank of Scotland, during a period of rapid global expansion followed by the significant disruption of the Global Financial Crisis.<\/p>\n<p>\u201cI worked largely in innovation &#8211; product, service, brand &#8211; both before and after the GFC,\u201d she says. \u201cIt was a pretty formative period. A lot of my values in later roles come from learning during that time, particularly around trust and never losing sight of the people you exist to serve.\u201d<\/p>\n<p>After RBS, Macgregor spent several years running her own consulting business, helping organisations with growth strategy and, as she describes it, \u201c\u2026helping leaders get out of the way of innovation\u201d.<\/p>\n<p>That experience, she says, gave her a lasting empathy for small business owners &#8211; a perspective that continues to inform how she thinks about advice businesses today.<\/p>\n<p>Her move to Australia in 2014 was prompted by a call from a former colleague who had joined TAL\u2019s executive team, then led by CEO Jim Minto. The brief was simple but ambitious: establish and run TAL\u2019s innovation function.<\/p>\n<p>That initial opportunity soon became a long-term commitment. Over the following decade, Macgregor would hold a series of senior roles at TAL across customer, innovation, technology and delivery, before spending a year as Chief Executive of Individual Life &#8211; overseeing both the advised retail and direct businesses &#8211; ahead of her appointment as Group CEO and Managing Director in October 2024.<\/p>\n<p>\u201cI\u2019m not an actuary,\u201d she says. \u201cAnd there probably isn\u2019t a typical career path to this role. But I do see my job as setting the conditions in the organisation so we can do the right work &#8211; and a lot of that is about change.\u201d<\/p>\n<p><strong>The first 12 months: what moved faster than expected<\/strong><\/p>\n<p>Asked what has surprised her most in the past year, Macgregor says there has been nothing wholly unexpected &#8211; but two developments have accelerated more quickly than she anticipated.<\/p>\n<p>The first is mental ill health. The second is the speed with which generative AI has entered everyday consumer behaviour.<\/p>\n<p><strong>Mental ill health and the future of product design<\/strong><\/p>\n<p>\u201cMental ill health has become an era-defining priority &#8211; for our business, for the industry and for the country,\u201d she says. \u201cThat has been very clear this past year.\u201d<\/p>\n<p>Macgregor said TAL\u2019s claims in the last year reflected industry data, with more TPD claims related to \u2013 often very complex &#8211; mental ill health, and increasingly among people in their 30s and 40s.<\/p>\n<p>A declaration of permanent incapacity due to mental ill health is devastating for an individual and their family, she says. From a community perspective, the implications are equally stark.<\/p>\n<p>\u201cIt means people are not able to be economically active and contribute in the way that they would want to,\u201d she says.<\/p>\n<p>\u201cOur reflection at TAL and &#8211; as an industry &#8211; is whether large lump sum products based around permanence are right for the future,\u201d Macgregor says. \u201cI expect we\u2019ll see a bias over time towards products that are designed around supporting potential for recovery, and are more income stream-related rather than large lump sums.\u201d<\/p>\n<p>She notes that large TPD lump sums are something of an Australian anomaly, and that international experience offers valuable insights.<\/p>\n<p>Importantly, Macgregor emphasises that any product evolution must involve advisers.<\/p>\n<blockquote><p>There is a shared view &#8230;that products designed around recovery, where recovery is uncertain, are better for individuals and more sustainable&#8230;<\/p><\/blockquote>\n<p>\u201cWith any product change, heavy adviser engagement is important,\u201d she says. \u201cThere is a shared view across insurers, policymakers, advisers and the medical profession that products designed around recovery, where recovery is uncertain, are better for individuals and more sustainable for the community.\u201d<\/p>\n<p>In December, TAL updated its flagship retail product, Accelerated Protection, launching the <a href=\"https:\/\/riskinfo.com.au\/news\/2025\/12\/12\/tal-updates-flagship-product\/\" target=\"_blank\" rel=\"noopener\">TPD Support Option<\/a>, reflecting TAL&#8217;s commitment to evolving product design in line with changing customer needs, clinical insights and financial adviser feedback.<\/p>\n<p>Aligning incentives around recovery, rather than permanence, she says, ultimately serves the best interests of all parties.<\/p>\n<p>\u201cThrough the benefits we pay, there\u2019s a substantial amount of money going into the community, and we want to make sure it\u2019s helping people, and if they can, to get better and get back to work, and that\u2019s good for them, it\u2019s good for everyone.\u201d<\/p>\n<p><strong>AI and the evolution of consumer choice<\/strong><\/p>\n<p>The second trend to move at an unexpectedly fast trajectory is consumer uptake of AI, Macgregor says.<\/p>\n<p>\u201cWe were already talking about that, working on it, experimenting &#8211; as everyone has been &#8211; but quite focused around productivity,\u201d she says. \u201cBut I\u2019ve been struck by how quickly consumer behaviour has changed. People are using AI constantly, for all sorts of things.\u201d<\/p>\n<p>For life insurers and advisers, that shift has profound implications.<\/p>\n<p>\u201cAI is changing how people research, where they seek guidance, and how they make choices &#8211; including about their finances and their health,\u201d Macgregor says. \u201cThat means we have to pay close attention.\u201d<\/p>\n<p>She says AI is already being used at TAL in the claims area to help teams locate information, summarise documents and calls, and spend more time supporting customers and advisers. But Macgregor is clear that understanding how consumers are using AI externally &#8211; and how that shapes trust and choice &#8211; is just as important.<\/p>\n<p>\u201cWe all had to learn about SEO [Search Engine Optimisation] and SEM [Search Engine Marketing],\u201d she says. \u201cNow we\u2019re learning how generative AI is going to drive consumer choice.\u201d<\/p>\n<p><strong>Designing for the next generation of customers<\/strong><\/p>\n<p>Looking ahead, Macgregor says TAL\u2019s growth strategy is anchored in two broad areas:<\/p>\n<ul>\n<li>Next-generation customers<\/li>\n<li>Next-generation needs<\/li>\n<\/ul>\n<p>For younger Australians, access to advice remains a central challenge.<\/p>\n<p>\u201cMany younger people want advice and simply can\u2019t access it today,\u201d she says. \u201cAdvisers play an important role there, and we also need to think about other ways of reaching people &#8211; including casual and contract workers &#8211; through partnerships and embedded insurance models.\u201d<\/p>\n<p>\u201cMeeting people where they are feels more important than ever. So embedded insurance feels important because they want things to be really frictionless\u201d.<\/p>\n<p>Equally important is mental health.<\/p>\n<p>Macgregor notes that many Australians are entering the workforce and into the insurance market, having already experienced mental ill health.<\/p>\n<p>\u201cWe need to make sure products are relevant for them,\u201d she says.<\/p>\n<p><strong>Beyond claims: collaboration across the ecosystem<\/strong><\/p>\n<p>Macgregor believes that addressing mental ill health requires insurers to look beyond traditional boundaries.<\/p>\n<p>\u201cSome of these challenges are bigger than us,\u201d she says. \u201cCollaborating across the ecosystem &#8211; advisers, medical professionals, community organisations &#8211; is more important than ever.\u201d<\/p>\n<p>TAL\u2019s partnerships with organisations such as global leader in digital mental health care, <a href=\"https:\/\/riskinfo.com.au\/news\/2025\/11\/10\/tal-launches-new-mental-health-initiatives\/\" target=\"_blank\" rel=\"noopener\">SANE<\/a>, and its investment in <a href=\"https:\/\/www.orygen.org.au\/\" target=\"_blank\" rel=\"noopener\">Orygen<\/a> to develop virtual reality support tools for young people reflect what Macgregor describes as a deliberate intent to listen, collaborate and contribute beyond claims payment alone.<\/p>\n<p>\u201cThese organisations are experts,\u201d she says. \u201cThey help us help more people get into the best position possible.\u201d<\/p>\n<p>For Macgregor, this broader engagement reflects an evolution in how life insurers deliver on their social role.<\/p>\n<p>\u201cIt&#8217;s definitely part of a deliberate intent to collaborate more, to work more outside the organisation and across the ecosystem. On these big issues, that feels like the only formula.\u201d<\/p>\n<p><strong>Advisers: smaller in number, larger in impact<\/strong><\/p>\n<p>Turning to advisers, Macgregor is clear-eyed about the structural changes the advice profession has undergone &#8211; but optimistic about its future.<\/p>\n<p>\u201cSo, whilst the sector is smaller than it once was, the risk advisers, in particular, have got themselves into a more confident and optimistic position. I think they&#8217;ve been really thoughtful about simplifying their businesses and their workflows.\u201d<\/p>\n<p>Recent data showing that a relatively small cohort of advisers now writes a growing share of life insurance business is, in her view, telling.<\/p>\n<p>\u201cThese advisers have simplified their businesses, invested in technology, and rightly challenged insurers to make it easier &#8211; not just for new customers, but for existing ones as well.\u201d<\/p>\n<p>At TAL, that challenge has translated into a simple focus: faster and better.<\/p>\n<blockquote><p>Faster and better for customers and for advisers &#8230;means investing in digital, investing in service, and using tools like AI<\/p><\/blockquote>\n<p>\u201cFaster and better for customers and for advisers,\u201d Macgregor says. \u201cThat means investing in digital, investing in service, and using tools like AI so our people can spend more time on the parts of their role that really matter.\u201d<\/p>\n<p>She welcomes the fact that advisers are demanding.<\/p>\n<p>\u201cThey should be,\u201d she says. \u201cThey play an essential role in tackling underinsurance in the community.\u201d<\/p>\n<p><strong>A more layered advice landscape<\/strong><\/p>\n<p>As the advice framework continues to evolve &#8211; including the proposed introduction of a new class of adviser &#8211; Macgregor does not believe existing advisers should feel threatened.<\/p>\n<p>\u201cPeople are already seeking guidance online, from influencers, from AI,\u201d she says. \u201cReforms that help more people get help with their money are a good thing.\u201d<\/p>\n<p>TAL wants to be able to provide customers with good service by answering their basic questions around cover needs, while recognising the critical role of full financial advice.<\/p>\n<p>She also agrees there\u2019s potential for the reforms to create new pathways for people to build a career in advice, which \u201c\u2026would be fantastic\u201d.<\/p>\n<p><strong>Retirement and the long arc of life insurance<\/strong><\/p>\n<p>Finally, Macgregor points to retirement as an increasingly important part of TAL\u2019s future strategy.<\/p>\n<p>\u201cRetirement is a national priority \u2026 and I&#8217;m optimistic that we have a chance to do that really well here in Australia,\u201d she says.<\/p>\n<p>She adds life insurance naturally evolves towards supporting lifetime income needs. How advisers engage with that evolution, she suggests, remains an open question.<\/p>\n<p>\u201cRisk specialists are very focused on growing their core business today,\u201d she says. \u201cIt will be interesting to see how that evolves over time.\u201d<\/p>\n<p><strong>Something different<\/strong><\/p>\n<p>As the conversation draws to a close, Macgregor is asked to share something advisers may not know about her.<\/p>\n<p>There are limits, she jokes. But one detail makes the cut &#8211; mastering indoor rock climbing, inspired by a nephew who excels at it.<\/p>\n<p>She\u2019s spent less time training than she\u2019d like over the past year.<\/p>\n<p>\u201cBut I\u2019m determined that by the time I\u2019m in my 50s, I\u2019ll be racing him up the climbing wall,\u201d she says.<\/p>\n<p>Perhaps this final insight reflects a person motivated by challenge, persistence and a refusal to stand still &#8211; qualities that appear to shape Macgregor\u2019s approach to leading TAL through a period of profound change for the life insurance and advice professions alike.<\/p>\n<p>&nbsp;<\/p>\n<div style=\"background: #eaeaea; padding: 20px; margin-bottom: 20px; clear: both;\">\n<p><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2026\/02\/Fiona-Macgregor_Portrait-scaled-e1770623455399.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-81051\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2026\/02\/Fiona-Macgregor_Portrait-scaled-e1770623455399-209x300.jpg\" alt=\"\" width=\"209\" height=\"300\" srcset=\"https:\/\/riskinfo.com.au\/news\/files\/2026\/02\/Fiona-Macgregor_Portrait-scaled-e1770623455399-209x300.jpg 209w, https:\/\/riskinfo.com.au\/news\/files\/2026\/02\/Fiona-Macgregor_Portrait-scaled-e1770623455399-714x1024.jpg 714w, https:\/\/riskinfo.com.au\/news\/files\/2026\/02\/Fiona-Macgregor_Portrait-scaled-e1770623455399-768x1101.jpg 768w, https:\/\/riskinfo.com.au\/news\/files\/2026\/02\/Fiona-Macgregor_Portrait-scaled-e1770623455399-1071x1536.jpg 1071w, https:\/\/riskinfo.com.au\/news\/files\/2026\/02\/Fiona-Macgregor_Portrait-scaled-e1770623455399-696x998.jpg 696w, https:\/\/riskinfo.com.au\/news\/files\/2026\/02\/Fiona-Macgregor_Portrait-scaled-e1770623455399-1068x1531.jpg 1068w, https:\/\/riskinfo.com.au\/news\/files\/2026\/02\/Fiona-Macgregor_Portrait-scaled-e1770623455399-293x420.jpg 293w, https:\/\/riskinfo.com.au\/news\/files\/2026\/02\/Fiona-Macgregor_Portrait-scaled-e1770623455399.jpg 1395w\" sizes=\"auto, (max-width: 209px) 100vw, 209px\" \/><\/a>Fiona Macgregor was appointed TAL Group Chief Executive Officer and Managing Director in October 2024.<\/p>\n<p>She has held various leadership roles during her tenure with the insurer across innovation, customer, brand and technology. She was Chief Executive \u2013 Individual Life from 2023-2024 and Chief Information &amp; Innovation Officer from 2018-2023.<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<a  class=\"vc_btn vc_btn-black vc_btn-sm vc_btn_square \" href=\"https:\/\/riskinfo.com.au\/adviserfocus\/\" >Back to Adviser Focus Main Page&#8230;\u00a0<\/a>\n<!-- Either there are no banners, they are disabled or none qualified for this location! -->\n","protected":false},"excerpt":{"rendered":"<p>TAL CEO Fiona Macgregor reflects on relevance, recovery and the evolving role of risk advice, as mental ill health and AI reshape customer expectations, claims experience and future product design&#8230;<\/p>\n","protected":false},"author":3,"featured_media":81055,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6868,8286,3,8281],"tags":[],"class_list":["post-81048","post","type-post","status-publish","format-standard","has-post-thumbnail","category-adviserfocus","category-ai","category-general","category-health-wellness"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/81048","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=81048"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/81048\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/81055"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=81048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=81048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=81048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}