Is the future of group insurance secure?

Key topics included the uncertainty we’re facing with the recent government spill, the implications of the Royal Commission, proposed changes in superannuation and where we should be focussing our efforts with these influences in mind.

Colin Tate, Chief Executive of Conexus Financial and Chair of this final panel opened up the discussion by asking Brett Clark, Chief Executive of TAL, what environment we’re in right now, to which he responded, “a very delicate one – one which has probably more questions than answers at the moment.”

Scott Hartley, Chief Executive of Sunsuper reflected on the opportunities we have for improvement, particularly with the Royal Commission, stating that we “should be openly embracing the opportunity for change,” although we do have a significant job on our hands to rebuild trust. 

He continued by asserting that regardless of who is in leadership in the government, we need to remember that we ourselves are leaders.

“We need to continue to accept that we have a role and responsibility to serve Australians,” he said.

Head of Workplace Super at BT Financial Group, Matt Englund covered some areas where we’re not doing as well as we should be. He mentioned that we’re not good at telling our members how insurance works and that as an industry, we’re absolutely appalling at helping them understand the insurance they require.

When asked what is next, Mu said we need to “make sure we continue to put the member and the customer first and deliver on the promise.”

“Secondly, continue to advocate and be in contact with as many of the ministers as you can and get those stories out about what benefit your members are receiving from what we’re doing.”

In the final audience poll of the day, the audience was asked whether they thought the future of group insurance is secure. The responses were split. 48% voted yes, 23% no and another 29% said they were unsure.

The panel concluded by talking about the future of Group Insurance. Despite the challenging times ahead, panellists agreed that the impacts would be for the most part positive – resulting in members being more engaged, a more united industry and better outcomes and experiences for our members.

To read more about the Summit, click one of the session topics below.