Australia’s life insurers have formed a dedicated life insurance industry peak body – the Council of Australian Life Insurers (CALI).
Due to be launched later this year, the new representative body is intended to be “…the collective voice of the life insurance industry, with a focus on meeting the evolving needs and expectations of its customers, partners, stakeholders and the community, and supporting the ongoing progress and development of the industry”.
A spokesperson for CALI says: “Throughout a continued period of policy reform in the lead-up to and following the Royal Commission, the life insurance industry has undergone significant change, including structural changes via industry consolidation and specialisation.
…the time is right to form a dedicated peak body to focus solely on matters affecting the life insurance industry and its customers
“Given the changing landscape in both regulation and structure, as an industry, we believe the time is right to form a dedicated peak body to focus solely on matters affecting the life insurance industry and its customers.”
In addition to upholding existing industry standards and practices, CALI says it will initially be focused on:
- Continuing to lift consumer standards within the industry through professional standards and codes of conduct
- Advocating for Australians to have access to appropriate, affordable and sustainable life insurance protection throughout their lives
- Informing Australians and key stakeholder groups about the role and value of life insurance
- Seeking opportunities for the industry to further contribute to the community.
A statement from the new body says insurers have noted that the Financial Services Council has played a critical role in representing the life insurance industry during a period of significant change in Australian financial services, and that it expects to continue to have a close working relationship with the FSC on a range of financial service matters to deliver the best life insurance outcomes for all Australians.
FSC CEO Blake Briggs said the council welcomes the formation of a sector specific association that will collaborate with the FSC and complement the FSC’s broader representation and advocacy on behalf of the financial services industry.
CALI is currently being established with recruitment under way for a CEO and staff, with more information expected to follow in due course.
Membership of the body is comprised exclusively of life insurers, but the spokesperson says the new body will work constructively with the other various representative bodies.
All of the following life insurers have indicated an intention to become members of CALI once the organisation is formally established:
- AIA Australia
- Challenger
- ClearView
- General Reinsurance Life
- Hannover Re
- Integrity Life
- MetLife Australia
- MLC Life Insurance
- Munich Re
- NobleOak
- Pacific Life Re
- QInsure
- RGA Reinsurance
- Resolution Life Australasia
- SCOR Life & Health
- Swiss Re
- TAL
- Zurich Financial Services