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Starting a business is a thrilling venture, but it comes with its share of risks and uncertainties. One often underestimated aspect by many entrepreneurs is the need for adequate insurance, particularly, professional indemnity insurance. This type of insurance is crucial for protecting your start-up against potential financial liabilities resulting from errors, omissions, or professional negligence. - read more
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Life Insurers Aim for Harmony with Financial Advisers

Life Insurers Aim for Harmony with Financial Advisers

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.

Published:Saturday, 15th Jun 2024
Source: Paige Estritori

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Insurance News

Suncorp's Renewed Commitment to Economic Equity Initiatives Suncorp's Renewed Commitment to Economic Equity Initiatives
16 Jul 2024: Paige Estritori

Suncorp has launched its third Reconciliation Action Plan (RAP) designed to bolster the economic standing and opportunities for First Nations people. The new plan emphasizes deepening the insurer's existing commitments and exploring fresh pathways towards equitable growth. - read more
Homeowner Triumphs in Ground Movement Damage Claim Homeowner Triumphs in Ground Movement Damage Claim
15 Jul 2024: Paige Estritori

A homeowner's dispute over damage caused by ground movement due to a leaking pipe has received a favorable verdict from the Australian Financial Complaints Authority (AFCA), promising significant coverage for repairs. - read more
QBE Adopts Innovative Claim Strategies QBE Adopts Innovative Claim Strategies
14 Jul 2024: Paige Estritori

QBE has rolled out a set of enhancements to its claims handling processes, utilizing lessons learned from the catastrophic 2022 floods in Australia. These initiatives aim to mitigate delays, streamline communication, and bolster risk management practices. - read more
Strong Aussie Dollar Encourages Bold Travel Plans Strong Aussie Dollar Encourages Bold Travel Plans
14 Jul 2024: Paige Estritori

In recent weeks, the Australian dollar has shown remarkable strength, bringing about a sense of optimism and renewed travel enthusiasm among Aussies. The currency has significantly appreciated, witnessing impressive highs not seen in nearly half a year. - read more
Call for Insurance Sector to Champion Resilience Funding Call for Insurance Sector to Champion Resilience Funding
13 Jul 2024: Paige Estritori

Insurance companies should explore innovative solutions to tackle the rising challenges of affordability and accessibility in the sector, recommends a major consumer group, Australian Consumers Insurance Advocacy. - read more

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