The inaugural chief executive of the Council of Australian Life Insurers will draw on the lessons learnt advising banks through the Hayne royal commission.
The inaugural chief executive of the Council of Australian Life Insurers says she will draw on the lessons learnt advising banks through the Hayne royal commission and COVID-19 as she sets out to reframe the sector’s relationship with customers.
But she admitted the story of life insurance’s social role had not been well-articulated in the past – a common complaint among the industry executives who led the establishment of a standalone lobby group. Ms Cupitt said her priority was to make sure Australians had sufficient insurance cover in place, after research suggested this was not the case.
The review, chaired by Allens lawyer Michelle Levy, also recommended insurers continue to be allowed to pay commissions to advisers for selling products at the capped rates introduced in 2017 .
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