TAL pays out $4.2bn in claims in 2023–24

According to TAL’s latest annual report, Our Contribution 2023/24, the Australian life insurer paid out $4.2 billion in claims to 50,128 customers and their families from 1 April 2023 to 31 March 2024. Of this, $2.5 billion was paid to 31,822 customers holding insurance through their super fund.

The most common reason for a claim that was successful during this period was mental health, with 20 per cent of all accepted claims falling under this category. Of these claims, 67 per cent were paid out from an income protection product.

This was closely followed by cancer (17 per cent), injuries and fractures (15 per cent), musculoskeletal and connective tissues conditions (12 per cent), and conditions of the circulatory system (9 per cent).

During this period, TAL said it prioritised customer service and technology, which delivered improvements to its digital underwriting process and allowed 66 per cent more customers to receive an instant outcome on their insurance application in March 2024, compared with March 2023, when buying directly from the insurer.

In addition to this, TAL said that 4,100 advised customers were able to receive live quotes through its customer quote platform during this period, making it easier and faster for them to make changes to their policies.

Supporting financial advisers

According to TAL, the life insurer is also supporting “a strong financial advice profession” through its Risk Academy, providing advisers with Financial Advice Association Australia (FAAA) accredited courses.

In addition to this, TAL also held its inaugural Ethics Month program, which had more than 1,700 enrolments, while its Professional Year platform supported almost 300 new entrants and was used by more than 130 Australian licensees.

TAL chief executive, individual life Fiona Macgregor, who will take over as group chief executive and managing director as of 1 October 2024, said the firm is committed to continuing to support advisers and their clients.

“We are proud to support more than 1 million customers who have taken out cover through a financial adviser, one of our corporate partnerships, or directly from us. We are working hard to ensure we continue to provide valued products and deliver a faster, better service experience,” Macgregor said.

“This year, in particular, we have focused on supporting existing customers to maintain their cover given the cost-of-living pressures many are experiencing.

“Together with our partners, we want to ensure Australians are well advised, well protected, and supported in building the life they have planned for themselves and their families.”