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In its latest release, designed to enhance industry understanding, CGU has unveiled the third installment in its Strive guide series.
This edition provides valuable insights for brokers, highlighting current trends and significant shifts impacting the insurance sector and the broader economic environment.
Peg Vaghaye, CGU's Executive Manager of Broker Relationships, emphasizes the vital role brokers play amidst a swiftly evolving market: "We hope Strive 3.0 is welcomed by our broker network as a complimentary guide to help support those vital conversations,†she said. This sentiment underlines the growing importance of brokers who offer advice to clients in navigating complex risk scenarios.
The report delves into numerous key areas:
Insurance Affordability and Underinsurance: Understanding the accessibility of insurance for various demographics and tackling the risk of insufficient coverage.
Technological Advances: Exploring the disruptive potential of emerging technologies and their practical applications in improving service delivery and customer experiences.
Climate Risk: Addressing environmental challenges, including upcoming regulations that mandate sustainability disclosures, and how these factors reshape risk assessments.
Intergenerational Dynamics: Identifying opportunities and challenges that arise from demographic shifts, impacting client needs and service models.
Global Influences: Assessing how international trends are exerting pressure on the Australian insurance landscape now and into the future.
Building upon previous iterations, Strive 3.0 aims to equip brokers with insights pertinent to the challenges faced within these focal areas. A notable shift in this edition is a deeper dive into technology-driven transformations, reflecting the rapid pace of digital evolution impacting business operations and consumer expectations.
The comprehensive nature of the guide is intended to not only inform but also empower brokers to stay ahead of industry curves, fostering proactive client relationships. This aligns with CGU's mission to be at the forefront of innovation, embracing change to improve resilience and service delivery.
This type of detailed analysis was also highlighted in “Insurance Business Magazine,†which remarked on the increasing complexity brokers confront as new technologies and environmental factors reshape their roles. Such external validations further solidify the guide's status as a crucial tool for modern insurance professionals.
In a rapidly changing world, armed with insights from Strive 3.0, brokers can better manage future uncertainties, ensuring both their sustainability and that of their clientele.
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.
APRA's latest life insurance claims and disputes statistics have again put the practical side of personal cover in front of Australian workers. While headline numbers often focus on the overall performance of life insurers, the data is especially relevant for anyone relying on income protection insurance or salary continuance cover to keep household cash flow steady after illness or injury. - read more
Recent complaints reporting from Australia's financial dispute resolution system has put a practical issue back in front of workers: the value of income insurance is not only in the monthly benefit promised, but in how clearly a policy works when a claim is made. - read more
Australia’s move to restrict the use of adverse genetic test results in life insurance underwriting is an important development for people who have been hesitant to explore personal cover. While the reform is usually discussed in relation to life insurance, it also matters for income insurance because many retail policies sit within the broader life insurance framework. - read more
Recent APRA life insurance performance data has given the income protection sector a cautiously positive signal: the market appears to be moving through a more stable phase after several years of product redesign, pricing pressure and closer regulatory attention. For consumers, the important point is not that cover has suddenly become simple, but that insurer sustainability and claim reliability remain central to the value of any policy. - read more
Australia’s life insurance sector has renewed its push for consumers to receive simpler help with the cover they already hold, particularly through superannuation. The Council of Australian Life Insurers has again argued that many people need clearer, more accessible guidance about insurance inside super, including death, disability and, where available, income protection insurance. - read more
When illness strikes, the impact on your finances can be as significant as on your health. Maintaining continuous income flow during such times is crucial for financial stability. - read more
Life's unpredictability can often bring unforeseen challenges, particularly when it comes to our finances. One day you might be climbing the career ladder, the next you could find yourself unable to work due to illness or injury. This is where income protection insurance steps in, serving as a financial safety net that ensures you can continue to meet your living expenses, even when the unexpected happens. - read more
Income insurance, an often-overlooked component of financial security, is gaining traction among Australia's burgeoning self-employed population. In an economy where traditional employment is no longer the sole path to success, this form of insurance has become a cornerstone for proactive financial planning. Touted as a safety net, it ensures that personal livelihoods and business operations remain secure in the face of adversity. - read more
Income protection insurance can work differently depending on whether you are a PAYG employee, contractor, sole trader, freelancer, gig worker or small business owner. Your employment structure may affect income evidence, policy design, premiums, exclusions and claim documentation. - read more
Income protection insurance can have important tax consequences in Australia. Premiums may be deductible in some circumstances, while claim payments are generally treated as assessable income. The outcome depends on policy ownership, structure and your personal situation. - read more
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