Life Insurers Aim for Harmony with Financial Advisers
Life Insurers Aim for Harmony with Financial Advisers
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
The Council of Australian Life Insurers (CALI) has reaffirmed that their primary focus is not to compete with financial advisers but to enhance the existing services in the life insurance sector.
Christine Cupitt, the Chief Executive of CALI, asserted during a Senate Economics Legislation Committee hearing that the distinction between life insurers' advice and financial advisers’ roles will be maintained and clarified.
"Our goal is to supplement the crucial and invaluable work done by financial advisers rather than obstruct it," Cupitt shared with the committee.
She elaborated on CALI's collaboration with the Federal Government, emphasizing the need for legislative frameworks that would permit life insurers to dispense straightforward product-specific advice to customers upon request.
"Naturally, this should be governed by stringent constraints and robust consumer protections," Cupitt added.
Cupitt stressed the importance of not diverting potential customers who call their service centers with basic questions, pointing out that delivering simple and direct answers is an essential element of customer service.
"For clients presenting more complex needs, life insurers will continue to refer them to financial planners capable of offering comprehensive advice, including product comparisons across the market," Cupitt said.
Christine Cupitt’s statements, as reported by Financial Standard, clarify that while the CALI seeks to provide fundamental, product-specific guidance to customers, they have no intentions of encroaching on the advisory space traditionally held by financial advisers.
Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.
Recent industry attention on insurance claims handling has put a practical issue back in front of Australian households: a policy is only as valuable as the support it provides when a claim is made. For income protection insurance, that moment often arrives during illness, injury, stress and reduced cash flow, so clear communication and timely assessment matter enormously. - read more
Australia’s latest external dispute resolution figures are a timely reminder that insurance value is tested most clearly at claim time. While the data is not written specifically for marine policies, it points to familiar pressure points for boat owners: delayed decisions, disputes about policy wording, disagreements over repair scope and frustration when communication breaks down. - read more
Latest general insurance performance data from APRA points to an industry that remains financially resilient, with insurers benefiting from disciplined underwriting, investment income and a continued focus on pricing risk accurately. For Australian small and medium-sized businesses, that is useful context heading into renewal season, but it should not be read as a simple promise of cheaper premiums. - read more
Australia’s prudential regulator has sharpened its focus on the insurance sector, with its latest priorities pointing to a market under pressure from affordability concerns, severe weather exposure, cyber threats and operational disruption. For households and business owners, the message is clear: insurance is no longer just a renewal task to be handled once a year. It is becoming a core part of financial resilience. - read more
Public liability insurance is a crucial safety net for both businesses and individuals, providing protection against the financial fallout from claims of injury or damage that your business operations might cause to third parties. This type of insurance is designed to cover legal and compensation costs, safeguarding you from unexpected financial burdens. - read more
In the fast-paced world of entrepreneurship, the only constant is change, and with change comes the inherent realm of the unknown – risk. Australian entrepreneurs, much like their international counterparts, operate in dynamic environments where unpredictability is a staple. However, the unique economic, legal, and environmental aspects of Australia demand a more localized understanding of these risks. Acknowledging this unpredictability is the first step towards mitigating potential threats to one's business venture. - read more
Running a small business can be both rewarding and challenging. One of the key challenges is the variety of risks that can arise unexpectedly. These risks can range from financial uncertainties to operational hiccups, each potentially impacting your business's success. Understanding these risks and preparing for them is crucial for the longevity and sustainability of any small enterprise. - read more
A certificate of currency is commonly requested as proof that an Australian business holds current liability insurance. Here's what it usually shows, what it does not prove, and when contractors, trades and small businesses may be asked to provide one. - read more
Start Here !
Knowledgebase
Peril: A specific risk or cause of loss covered by an insurance policy, such as fire, theft, or flood.
No comments yet. Be the first to share your thoughts.