Sun, 16th Jun 2024

In this edition of the Weekly Insurance News Wrap, host Paige Estritori discusses the latest developments in the Australian insurance industry. A recent Senate Economics Legislation Committee hearing highlighted the commitment of the Council of Australian Life Insurers (CALI) to collaborate with financial advisers. CALI's aim is to support advisers by providing basic product-specific advice directly to consumers. With the support of robust regulations and consumer protections, consumers can now access basic information about life insurance products without professional financial counselling. For more complex inquiries, they can be referred to professional financial planners. The initiative seeks to improve customer service and create a harmonious relationship between insurers and advisers. The ultimate goal is a balanced, mutually beneficial system within the financial advice landscape.