| RiskeBusiness (ReB) Articles | RiskeBusiness Editions |
|---|---|
| ReB Articles deliver frequent industry-relevant content, such as technical information and innovations, tools of the trade, and smarter analysis. Earn ALUCA CPD points for reading this content. Read below. To contribute or if you find broken links, contact the ALUCA secretariat: secretariatofficer@aluca.com | RiskeBusiness Editions cover diverse topics relevant to life insurance professionals and service providers. ALUCA members have access to all past editions of RiskeBusiness journals in the members centre. Read in the Members Centre. |
RiskeBusiness (ReB) Articles
The Human Technology Institute – Facial Recognition Technology: Towards a model law
In Australia and around the world, facial recognition technology is growing exponentially. Facial recognition technology is used to unlock a smartphone, organise photos of friends and family, in home security systems, at passport control, and in monitoring and surveillance by employers and law enforcement.
While facial recognition is primarily used to identify an individual or to verify that they are who they claim to be, it is increasingly being used also to assess characteristics, such as a person’s age, gender or even emotions. Our law should protect against harmful uses of facial recognition, while also fostering innovation for public benefit.
ALUCA CPD POINTS 0.75 total: – LEGAL 0.25 + ETHICS 0.50
READ Report Overview and READ Exec Summary pages 6-13 of the Report by The Human Technology Institute – Facial Recognition Technology: Towards a Model Law
The Ethics Centre – On saying “sorry” most readily, when we least need to
A word that can mean little can mean much. This article by The Ethics Centre considers the intentions, perceptions and power behind a word so commonly used in society. Even if we haven’t done wrong technically, we might have had a chance to help, and turned away. Using “sorry” to express true regret—to “repent”—could be the rarest use of “sorry” there is.
ALUCA CPD POINTS: ETHICS 0.25
READ article by The Ethics Centre
ATLIS 2023 Paper 2nd Runner-Up, ‘REP760: What can we learn from the Silver Screen?’
This paper, by Stuart Wing – Product Manager at REST, analyses ASIC REP760, the learnings to be gleaned and why now is the time for Super Funds and Insurers alike to be placing value for money and the member journey at the front of their collective minds.
ALUCA CPD POINTS 0.5: GENERAL
READ REP760: What can we Learn from the Silver Screen?
ATLIS 2023 Paper 1st Runner-Up, ‘Redefining the Role of Life Insurance’
This paper, by Vanessa Back – Senior Claims Consultant at RGA, examines the advancements in digital and data capabilities, allowing life insurers to involve themselves in preventative and predictive health solutions for customers in the pursuit of a common goal – to live longer, healthier lives thereby producing a healthier book of business, reducing claims costs and improving industry sustainability.
ALUCA CPD POINTS 0.5: GENERAL
READ Redefining the Role of Life Insurance
ATLIS 2023 Winning Paper, ‘The Rise of Artificial Intelligence – Life Insurance Implications: Is the Risk Worth the Reward?’
This paper, by Matthew Garrett – Claims Technical Specialist at the Australian Retirement Trust, breaks down the complex issues around AI into an easy to digest analysis of how AI has the capacity to revolutionise life insurance for the good of customer and insurer alike.
ALUCA CPD POINTS 0.5 total: – TECHNICAL 0.25 + ETHICS 0.25
The Conversation – Erasing or Replacing Errors in a Patient’s Genetic Code can Treat and Cure Some Genetic Diseases
This recent piece by David Liu, Professor of the Natural Sciences at Harvard University, looks at gene editing as a way to alter sections of a person’s DNA to correct mutations, in the hopes of treating or even curing genetic diseases. The article also discusses the ethical aspects of this new technology.
ALUCA CPD POINTS 0.5 total: – TECHNICAL 0.25 + ETHICS 0.25
READ article on Gene Editing by The Conversation
The Conversation – How do Blood Tests Work? Medical Laboratory Scientists Explain the Pathway from Blood Draw to Diagnosis and Treatment
To complement ALUCA’s webinar ‘Understanding Lab Test Results’, this article from The Conversation by Rodney E. Rohde, Regents’ Professor of Clinical Laboratory Science at Texas State University and Nicholas Moore, Associate Professor of Medical Laboratory Science at Rush University, describes how blood specimens are collected, testing pathways, the challenges faced as well as the evolution of medical laboratory testing.
ALUCA CPD POINTS: 0.5 – TECHNICAL
READ article by The Conversation
The Ethics Centre – Who are You? Why Identity Matters to Ethics
A cornerstone of ethics is our fundamental human need to be recognised for who we are and who we want to be. This article from the Ethics Centre discusses the concept of identity crisis and the ethics of recognition.
ALUCA CPD POINTS: 0.5 – PROFESSIONALISM AND ETHICS
READ Who are You? Why Identity Matters to Ethics by The Ethics Centre
The Ethics Centre – The New Normal: The Ethical Equivalence of Cisgender and Transgender Identities
This article from the Ethics Centre looks at the complex relationship between sex and gender. What drives clashes is divergence over the metaphysics of sex and gender: what is ‘sex’, really? What is ‘gender’, really? The way we answer these questions shapes our estimation of which people can belong to which group, how people can behave, and in what ways society should recognise our identities.
ALUCA CPD POINTS: 0.5 – PROFESSIONALISM AND ETHICS
READ The New Normal: The Ethical Equivalence of Cisgender and Transgender Identities by The Ethics Centre
Latest Medical Advances in Cancer Detection by Pacific Life Re
This report by ALUCA Gold Sponsor Pacific Life Re focuses on new diagnostic techniques aiming to diagnose cancer at earlier stages.
Cancer is easier to treat if it is diagnosed early. Multi-cancer early detection (MCED) tests are being developed which aim to detect cancers at more treatable stages. These tests seek to identify fragments of DNA circulating in blood which have been released by cancers. The ability to diagnose (or rule out) cancer using a simple, minimally invasive test could be extremely valuable. Data from a recent trial sheds light on how effective the technology currently is and what its major limitations are.
ALUCA CPD POINTS: 0.5 – TECHNICAL
READ Latest Medical Advances in Cancer Detection by Pacific Life Re
Capgemini’s Top Trends in Life Insurance 2023
This report by Capgemini looks at the drivers, opportunities, and risks shaping the life insurance industry in 2023, revealing the tactical and strategic initiatives carriers are undertaking to ensure profitable growth and future readiness.
Life insurance reinvention will continue in 2023 as the industry aims to ensure ongoing relevancy. Pushed by current geopolitical and financial challenges, life insurers remain hyper-focused on system modernisation, digital transformation and innovation to boost customer centricity.
Moreover, worldwide risk awareness sparked by the pandemic has encouraged carriers to personalise solutions and focus on bettering customer lives through financial wellness. We also anticipate firms to continue to invest in intelligent automation, omnichannel distribution, and cloud solutions.
ALUCA CPD POINTS: 1 – GENERAL
READ Top Trends in Life Insurance 2023 by Capgemini
The Ethics Centre: ESG is not just about ticking boxes, it’s about earning the public’s trust
This article by The Ethics Centre discusses that in order to earn the public’s trust, businesses need to take Environmental, Social and Governance (ESG) standards seriously, and communicate what they’re doing authentically and transparently.
ESG is a framework used to assess a business’s activities and performance on ethical and sustainable issues. This includes an organisation’s ability to safeguard the environment, manage relationships with employees, supply chains and the community, and how company leadership, shareholder rights and internal controls monitor the outcomes. Importantly, the framework serves as a tool to assess how an organisation manages risks and opportunities in our changing world.
ALUCA CPD POINTS: 0.5 – PROFESSIONALISM AND ETHICS
READ the article from The Ethics Centre
Australian Institute of Health and Welfare (AIHW): Overweight and Obesity
Based on the latest available data, two in three (67%) of Australian adults are living with overweight or obesity. This is approximately 12.5 million adults. These interactive graphs by the AIHW explores the prevalence of overweight and obesity in Australian children and adults, revealing the variations by population groups, remoteness and socioeconomic areas.
ALUCA CPD POINTS: 1 – TECHNICAL
READ the AIHW’s Overweight and Obesity Report
Bain & Company – Customer Behaviour and Loyalty in Insurance: Global Edition 2023
The traditional premise of insurance—providing capital to cover risk and reimburse claims—doesn’t fully satisfy anymore. Customers increasingly are looking for help from insurers to reduce and even prevent the risks that pervade their lives.
This detailed report by Bain & Company delves into a desire from consumers globally for more convenient digital tools, more risk-prevention services, a greater value on purpose, personalised experiences and much more.
ALUCA CPD POINTS: 1 – CUSTOMER
READ Customer Behaviour and Loyalty in Insurance: Global Edition 2023
The Ethics Centre – Ethics Explainer: Truth and Honesty
How do we know we’re telling the truth? If someone asks you for the time, do you ever consider the accuracy of your response? This article from the Ethics Centre discusses the theories of truth as well as the ethical aspects of truth and honesty.
ALUCA CPD POINTS: 0.25 – PROFESSIONALISM AND ETHICS
The Ethics Centre – Ethics Explainer: Trust
Trust forms the foundation for relationships, cooperation, social interaction and the development of societies, but it is equally important as it is dangerous. This article from The Ethics Centre looks at the distinction between trust and trustworthiness, the ethics of trust, as well as defining interpersonal vs institutional trust.
ALUCA CPD POINTS: 0.25 – PROFESSIONALISM AND ETHICS
World Economic Forum: Global Gender Gap Report
Following ALUCA’s popular International Women’s Day event held last month, we share the World Economic Forum’s Global Gender Gap Report 2022, which benchmarks the current state and evolution of gender parity across four key dimensions (Economic Participation and Opportunity, Educational Attainment, Health and Survival, and Political Empowerment).
After benchmarking 146 countries, the report found it will take another 132 years to close the global gender gap. As crises are compounding, women’s workforce outcomes are suffering and the risk of global gender parity backsliding further intensifies.
So how did Australia and New Zealand rank? Find out:
ALUCA CPD POINTS: 1 – GENERAL
READ the Global Gender Gap Report 2022 by the World Economic Forum
Cutaneous Melanoma: An Underwriting Primer by Hank George, FALU
Did you know that melanomas are gram for gram the deadliest cancer in humans? This insightful paper by Hank George FALU details useful information for underwriters including Melanoma Pathology Report Analysis, the significance of family history as a risk factor, Melanoma staging, additional prognostic factors and much more.
Hank George, FALU, has been in the life insurance industry for over 40 years, specialising in medical underwriting. He has published over 500 articles and addressed most major life industry organisations in North America and in over a dozen other countries.
ALUCA CPD POINTS: 1 – TECHNICAL
READ Cutaneous Melanoma Underwriting Primer by Hank George, FALU
Non-Alcoholic Fatty Liver Disease Burden: Australia 2019 – 2030
This article accompanies ALUCA’s recent webinar ‘Non-Alcoholic Fatty Liver Disease‘, a recording of which is available for ALUCA members to view anytime on demand.
Published by the National Center for Biotechnology Information, this piece takes a deep dive analysis into Non-Alcoholic Fatty Liver Disease (NAFLD) and Non-Alcoholic Steatohepatitis (NASH), which accounts for a large and growing proportion of liver disease burden globally. The burden of NAFLD/NASH manifests in increasing levels of advanced liver disease and primary liver cancer in Australia. A Markov model was used to forecast NAFLD burden in Australia through 2030.
ALUCA CPD POINTS: 1 – TECHNICAL
READ the NCBI’s publication on Nonalcoholic fatty liver disease burden: Australia, 2019-2030
Deloitte Issues Paper: The New Zealand Life Insurance Sector
The New Zealand Life Insurance industry has a number of features that differentiate it from other countries. As a result, it can be very difficult to compare sector efficiency, profitability and capital adequacy with other countries based only on high level metrics.
The intention of this Deloitte paper is to support informed conversations and promote further discussion within the industry, ultimately ensuring sustainable and customer-focused outcomes:
ALUCA CPD POINTS: 1 – REGULATORY & LEGAL
READ Deloitte’s Issues Paper Introduction and READ Deloitte’s Issues Paper
Turks: Life and Superannuation Cases
In our first RiskeBusiness Edition for 2023, Turks have shared with us two insightful articles. The first is titled ‘AFCA’s Jurisdiction in the Spotlight: MetLife Insurance Limited v Australian Financial Complaints Authority Limited (FCAFC 2022)’. This case is a judgment of the Full Court of the Federal Court of Australia on appeal. The judgment is instructive on the proper statutory interpretation of section 1053(1) of the Corporations Act 2001(Cth) concerning the jurisdiction of AFCA to deal with superannuation complaints. It is therefore significant as it establishes the type of superannuation complaints which AFCA can consider.
The second article is titled ‘Success at Stage 1: Tambakeras v UniSuper Limited (NSWSC 2022)’. This case is a judgment of the Supreme Court of NSW regarding the reasonableness of a trustee’s decision in a TPD claim containing an ‘opinion’ clause. It provides a useful and practical example for a decision maker’s success on a stage 1 reasonableness test. The decision also provides useful guidance regarding a trustee’s duty of inquiry.
ALUCA CPD POINTS: 1 – REGULATORY & LEGAL
READ AFCA’s Jurisdiction in the Spotlight and READ Success at Stage 1
Moray&Agnew Lawyers: A Lesson in Privacy and Changes to Privacy Laws
The recent Optus cyber-attack has brought a renewed focus on the adequacy of Australia’s privacy laws. Is this a matter of non-compliance with the Privacy Act? Or does it highlight the need to implement changes recently proposed?
To accompany ALUCA’s upcoming webinar ‘Privacy Risks and Obligations for Life Insurers‘, this piece by Bill Fragos, Special Counsel at Moray&Agnew Lawyers looks at developments in the area of privacy laws in Australia:
ALUCA CPD POINTS: 0.5 – REGULATORY
READ MORE and READ Handout to Accompany Webinar
Claims 2030: Embracing the Future
The COVID-19 pandemic has spurred innovation and accelerated the pace of technology adoption across industries. It has also expanded our idea of what’s possible, says McKinsey partner Elixabete Larrea—and insurance is no exception.
As technological change accelerates and customer preferences diverge, the future of claims organisations centres on four key trends as outlined in this interesting article from McKinsey:
ALUCA CPD POINTS: 0.5 – TECHNICAL
World Health Organization: Obesity and Overweight
Overweight and obesity are linked to more deaths worldwide than underweight. Globally there are more people who are obese than underweight – this occurs in every region except parts of sub-Saharan Africa and Asia. With increases in BMI, the risk for noncommunicable diseases increases.
ALUCA CPD POINTS: 0.5 – TECHNICAL
Deloitte’s 2023 Insurance Outlook
Insurers are facing a host of macroeconomic and geopolitical challenges likely to inhibit growth and profitability – including the looming threat of global recession, continuing fallout from Russia’s invasion of Ukraine and lingering COVID-19 concerns.
While technology and resulting improvements in risk selection and pricing are likely to remain the primary drivers of improved bottom-line performance, insurers should expect to be increasingly judged by stakeholders on their response to broader sustainability priorities such as climate risk, diversity and inclusion, social equity and transparent governance – all of which could become competitive differentiators in the battle for talent, investors and market share.
ALUCA CPD POINTS: 2 – TECHNICAL
READ the overview and key findings and READ Deloitte’s 2023 Insurance Outlook Report
The Ethics Centre: Finance Businesses Need to Start Using Artificial Intelligence. But it Must Be Done Ethically.
Banking and finance businesses can’t afford to ignore the streamlining and cost reduction benefits offered by Artificial Intelligence (AI).
But AI must be used prudently. Business managers must be meticulous in setting up rules for the algorithms’ decision making to prevent AI, which lacks a human’s inherent moral and ethical guiding force, from targeting ads towards unsuitable or vulnerable customers, or making decisions that exacerbate entrenched racial, gender, age, socio-economic, or other disparities and prejudices.
ALUCA CPD POINTS: 1 – PROFESSIONALISM AND ETHICS
The World Health Organisation: COVID-19 pandemic triggers 25% increase in prevalence of anxiety and depression worldwide
In the first year of the COVID-19 pandemic, global prevalence of anxiety and depression increased by a massive 25%, according to a recent scientific brief released by the World Health Organization (WHO). To accompany ALUCA’s upcoming webinar ‘Mental Health: What We Have Learned From COVID‘, the WHO brief highlights who has been most affected and summarises the effect of the pandemic on the availability of mental health services and how this has changed during the pandemic.
Concerns about potential increases in mental health conditions had already prompted 90% of countries surveyed to include mental health and psychosocial support in their COVID-19 response plans, but major gaps and concerns remain.
ALUCA CPD POINTS: 0.5 – TECHNICAL
READ the WHO Media Release and Brief Summary
READ the WHO’s 2022 Scientific Brief on Mental Health and COVID-19
Worth the Risk: LGBTIQA+ Experiences with Insurance Providers
To accompany ALUCA’s upcoming webinar ‘Worth the Risk: LGBTIQA+ Experiences with Insurance Providers‘, the Victorian Pride Lobby’s report of the same name sets out the legal issues that insurers must take account of in relation to LGBTIQA+ consumers, as well as general sentiments from amongst respondents. This includes respondents’ perceptions of insurance and experience of insurance – from applying to updating details through to claiming and, in some cases, complaining. The report sets out recommended actions that insurers can take to improve practices.
ALUCA CPD POINTS: 1 – CUSTOMER
READ Worth the Risk Report by the Victorian Pride Lobby
Mapping Australian Systems of Income Support: Improving Return to Work, Health and the Customer Experience
To accompany the ALUCA Rehab Group’s upcoming webinar ‘Walk in in their Shoes – Claims Experiences from Life Insurance Customers‘, The Cross Sector Project Report prepared by professor Alex Collie, Dr Ross Iles and Michael Di Donato of Monash University compares the good, bad and the ugly of different insurance schemes available in Australia, and based on the research, suggests improvements for the future.
Abstract: ‘The systems that societies construct to support work disability prevention can have powerful effects on both the experiences of people with work disability as well as their health and employment outcomes. Comparative studies between jurisdictions provide an opportunity to gain insights into these system level impacts, by comparing system features, processes and experiences; and by determining if jurisdictional variation affects outcomes. In turn, this can prompt policy and practice reform. Reflecting the diversity of work disability systems globally, there is growing interest in cross-jurisdiction comparative research in the field. This special series presents seven articles addressing important methodological and conceptual aspects of comparative research in work disability prevention, and presents practical examples of how jurisdictions vary and the impact this can have on workers.’
In reviewing this article you will note particular themes that correlate with the experiences you will hear from customers in the webinar – such as information sharing and transparency, early intervention and employer engagement.
ALUCA CPD POINTS: 2 – CUSTOMER
READ The Cross Sector Project Report from Monash University
Towards Net Zero: How the World’s Largest Companies Report on Climate Risk and Net Zero Transition
Stakeholders, investors and regulators are now, more than ever, keen to understand how companies are addressing the impact of climate change (both transitional and physical). What risks and opportunities have been identified? What assumptions have been made in their analysis? How have strategies been flexed or redefined to minimise risks and maximise opportunities?
KPMG have conducted a global report of the world’s largest 250 companies, which aims to help corporate reporting, investor relations and sustainability professionals shape their own company’s reporting on climate risk and net zero transition. It may also help investors, lenders, insurers, asset managers and ratings agencies understand the current reporting maturity of the world’s leading global companies and the gaps where improvement is needed.
ALUCA CPD POINTS: 2 – GENERAL
Innovation in Underwriting
In line with ALUCA’s ‘Innovation in Underwriting’ webinar are two articles. The first is an article from The Actuaries Institute (Actuaries Digital) from May 2022. This explores how the ever-developing presence of artificial intelligence and automation is changing the landscape of underwriting.
The second article is ‘The Future of Underwriting: The Rise of the Exponential Underwriter’ by Deloitte published Feb 2021 written by Britton van Dalen, Andy Ferris and Kelly Cusick. This reveals how the convergence of data, technology, and human capital can be leveraged to transform underwriting in insurance.
ALUCA CPD POINTS: 1.0 – TECHNICAL
READ Innovation in Underwriting and READ The Future of Underwriting
Long COVID
The Medilaw Group and mlcoa share a selection of their research updates on any relevant COVID-related peer-reviewed research that is emerging following their webinar on Long COVID.
ALUCA CPD POINTS: 1.0 – TECHNICAL
The Ethics Centre – Ethics Explainer: Pragmatism
This article from the Ethics Centre discusses how Pragmatism is a philosophical school of thought that, broadly, is interested in the effects and usefulness of theories and claims.
ALUCA CPD POINTS: 0.25 – PROFESSIONALISM AND ETHICS
The Ethics Centre – Ethics Explainer: Negativity Bias
Sometimes life can seem overwhelming. Often, it’s because we can’t help focusing on the bad stuff and forgetting about the good.
Don’t feel too bad. We’re hard-wired to be more impacted by negative events, feelings and thoughts than those things that are positive.
ALUCA CPD POINTS: 0.25 – PROFESSIONALISM AND ETHICS
The Ethics Centre – Ethics Explainer: Ethics, morality and law
Some people talk about their personal ethics, others talk about a set of morals, and everyone in a society is governed by the same set of laws. They can be easy to conflate.
Knowing the difference and relationship between them is important though, because they can conflict with one another. If the law conflicts with our personal values or a moral system, we have to act – but to do so we need to be able to tell the difference between them.
ALUCA CPD POINTS: 0.25 – PROFESSIONALISM AND ETHICS
Claims in a Digital Era
This article from EY looks at how Data, analytics and AI are transforming the customer experience. To seize this unique “moment of truth” opportunity to strengthen customer loyalty and boost retention, forward-looking insurers will leverage an expanded set of data and adopt more sophisticated analytical tools and techniques. Indeed, more effective use of data and analytics is one of the best ways for insurers to simultaneously improve financial performance, differentiate from competitors and deliver what customers want, which in claims is a fast, accurate, transparent and personalised experience.
ALUCA CPD POINTS: 0.5 – CUSTOMER
Digital disruption in insurance: cutting through the noise Mckinsey & Co
There is a lot of noise out there. Insurance CEOs constantly hear about digital marketing, digital distribution, digital IT architecture, and digital attackers, as well as digital technologies such as telematics, automation, and machine learning, to name but a few hot topics. What is harder for them to discern is the bigger picture. What does success look like for an insurer in a digital world, and how is it achieved?
ALUCA CPD POINTS: 0.5 – CUSTOMER
Turks Legal Scholarship Papers
We were delighted to receive such a high number of quality papers for the 2021 TurksScholarship and it reinforces to us how many difference makers we have in the life insurance industry.
Alan Tealby, Claims Consultant, MLC Life Insurance, was awarded this year’s prestigious ALUCA Turks Scholarship for his outstanding paper examining how Artificial intelligence can be properly harnessed to improve customer experiences in both claims and underwriting cycles.
Alicia Gibbs Wellness and Rehabilitation Manager Life & Investments Zurich Financial Services Australia Limited, was the second runner up with her paper “Artificial Intelligence in Claims and Underwriting”. The paper concludes that By taking a customer centric approach, focussing on creating trust through transparency and by sharing data amongst the industry to increase reliability and therefore credibility of AI tools, we can ensure that the life insurance industry continues to progress and meet customer expectations.
Troy Williams Corporate Counsel TAL was the first runner up with his paper “Income protection offset clauses: the what, why and how”. The paper examines how Offset clauses play a central role in ensuring that the level of financial support provided by Income Protection products is both appropriate and sustainable.
ALUCA CPD POINTS: 0.5 – GENERAL – Per Paper
KPMG Life Insurance Insights 2021
KPMG’s Life Insurance Insights provides analysis and insights based on financial results up to 30 June 2021 for the Australian life insurance market.
The past year has seen a period of continued disruption, with the impact and uncertainty of COVID-19 magnifying the challenges of a dynamic and evolving regulatory environment. Despite this, the insights show that there are signs of recovery compared to recent years.
As part of the Insights, KPMG have also released an interactive dashboard that presents analysis based on a combination of leading analytics applied to APRA published statistics, supported by insights from their Life Insurance specialists.
ALUCA CPD POINTS: 0.25 – GENERAL
Five Big Energisers to Put A Spring In Your Step
Chris Savage shares in his regular blog Wrestling Possums five key snippets which link to his talk at ALUCA Lite. The article is called Five Big Energisers To Put A Spring In Your Step – where his 5th point relates to leveraging your MICRophones (Most Important Client Referrers). An interesting and inspiring short read.
ALUCA CPD POINTS: 0.25 – GENERAL
The Value of Life Insurance
MetLife Australia recently released their Value of Life Insurance Report which seeks to articulate the value of life insurance through several lenses:
- Individuals – the impact life insurance has on individuals and their families, both financially and non-financially.
- Economy – how the industry supports the economy.
- Society – the benefits to the broader community and the Government through limiting the impact on taxpayers.
Find out how you can help educate and build awareness on the Value of Life Insurance.
ALUCA CPD POINTS: 1 – GENERAL
Declining Prospects: Why Courts Keep Setting Aside Insurers’ Decisions in TPD Claims
Written by Stephen Walsh, Barrister at Sir James Martin Chambers and a key speaker at ALUCA’s August 2021 legal seminar, this article aims to give an advocate’s view of some of the difficulties of persuading judges to uphold TPD decisions. The content addresses; the origin of opinion clauses, the response of the courts, whether opinion clauses still serve their purpose and what can be done to improve insurers’ chances.
ALUCA CPD POINTS: 0.5 – REGULATORY
Realising the Health Benefits of Work – An Evidence Update
The Health Benefits of Good WorkTM (HBGW) initiative is based on compelling Australasian and international evidence that good work is beneficial to people’s health and wellbeing and that long term work absence, work disability and unemployment generally have a negative impact on health and wellbeing.
ALUCA CPD POINTS: 0.5 CUSTOMER CARE
READ Realising the Health Benefits of Work – An Evidence Update
The Customer Experience Excellence Report 2020
The 2020 KPMG Customer Experience Excellence Report gives early and in-depth insight into the ways Australia’s ‘new normal’ is impacting both how customers are interacting with brands and spending their money. What Australian consumers consider essential – compared to their counterparts across the globe – highlights unique immediate and horizon opportunities for local brands and businesses. Note: We have allowed 2 hours reading for this activity.
ALUCA CPD POINTS: 2 CUSTOMER CARE
The Long-Term Effects of COVID-19
Are there any commonalities amongst long-term COVID sufferers? Does the vaccine reduce long-term COVID symptoms? Since April 2020, UNSW Sydney medical researchers have been investigating the long-term effects of COVID-19 to develop improved post-COVID-19 clinical care and help guide future health service requirements. This is part of the ADAPT study at the Kirby Institute, where researchers have been following patients diagnosed with COVID-19 at regular intervals over a minimum of one year post-diagnosis.
ALUCA CPD POINTS: 0.5 TECHNICAL
A Guide to Purpose, Values, Principles by The Ethics Centre
A solid Ethics Framework offers a clear statement of what an organisation believes in and what standards it applies. It’s a roadmap for good decisions, and if it’s lived throughout an organisation, it’s also a guide to making that organisation the best version of itself. Note: We have allowed 2 hours reading for this activity
ALUCA CPD POINTS: 2 – PROFESSIONALISM & ETHICS
KPMG’S Global CEO Outlook Pulse Survey 2021
Based on a survey of 500 CEOs of the world’s most influential companies in 11 key markets, the KPMG 2021 Pulse Survey provides a timely snapshot of CEOs’ views on business growth resumption, their views on vaccine distribution, their top-of-mind organisational risks, and business transformation priorities going forward.
ALUCA CPD POINTS: 1 GENERAL
Ethics Explainer: Particularism
In your approach to decision-making, do you have a set of principals or an overarching framework to determine the most ethical course of action? Can this same set of principles be used to answer every ethical dilemma you face? This article by The Ethics Centre looks at the role of context in ethical problem solving, and explains the concept of Particularism.
ALUCA CPD POINTS: 0.25 – PROFESSIONALISM & ETHICS
Individual Disability Income Insurance: Recommendations from the Actuaries Institute
The Actuaries Institute’s Disability Insurance Taskforce has reached a major milestone in its work on IDII, publishing its main report and associated tools on their website. Revealing signs of a real shift in attitudes towards IDII, this critical resource is essential for anyone involved in the IDII ecosystem – consumer bodies, insurer management and boards, technical and professional specialists, regulators, government and financial advisers.
ALUCA CPD POINTS: 2 – TECHNICAL & REGULATORY
READ DOCUMENT A-2: IDII – FINAL RECOMMENDATIONS
READ DOCUMENT B-2: IDII – THE SUSTAINABILITY GUIDE
30 Voices on 2030: The New Reality for Financial Services
KPMG pulled together 30 distinguished leaders in financial services and beyond to piece together what the industry landscape of 2030 could look like, and come up with 6 areas of disruption: customer service; new business models; regulation and trust in 2030; people & talent; the rise of the digital twin; industry fundamentals.
ALUCA CPD POINT: 1 GENERAL
IDII Reference Product – Actuaries Institute
The Disability Insurance Taskforce of the Actuaries Institute, undertook a comprehensive process to address fundamental weaknesses in the sustainability of individual disability income insurance (IDII). On 30 April, they published an early release of Document C-2 – The Reference Product, to “provide a reference point to aid senior management, the Board and regulators in assessing risk and uncertainty for both customers and the insurance company.”
ALUCA CPD POINT: 1 TECHNICAL
READ Document C-2 – Reference Product Individual Disability Income Insurance
READ the Response to Feedback, Finalised Recommendations & Supporting Documents
Claims handling and settling as a financial service – a step closer
Since the Hayne Royal Commission, the insurance industry has waited with bated breath to see what the proposed changes to claims handling might look like. TurksLegal prepared the following article to discuss the clarity provided for claims handling and settling services, AFSL obligations, timeframes and implications arising from the ASIC draft Information Sheet on insurance claims handling and settling.
ALUCA CPD POINT: 0.25 TECHNICAL
Life Insurance Insights 2020
Based on financial results up to 30 June 2020, KPMG’s Life Insurance Insights 2020 Dashboard provides analysis and reveals insights into the Australian life insurance market. This includes the direct premium revenue for the industry and how this compares to the 2017 to 2019 period, as well as product revenue, the impact of regulatory changes, industry profits, risk product profits, claims and more.
ALUCA CPD POINT: 0.25 GENERAL
Vocational Rehabilitation: What Works, For Whom and When
Leveraging data from 450 scientific reports, this in-depth review by Waddell, Burton and Kendall aims to assess the evidence on the effectiveness and cost-effectiveness of vocational rehabilitation interventions, while developing practical suggestions on what vocational rehabilitation interventions are likely to work, for whom and when. Compiled in 2008, it still holds its relevance and impact today.
ALUCA CPD POINT: 1 TECHNICAL
The Rise of the Gig Economy and its Impact on the Australian Workforce
The Actuaries Institute compiled a Green Paper in December 2020 to better understand the gig economy which, since 2015, has grown 9-fold to capture $6.3bn in consumer spend, and to involve as many as 250,000 workers.
The paper outlines that, while a large proportion of gig workers experience a short-term boost in purchasing power, there are some longer-term financial risks, namely minimal superannuation contributions and lower insurance coverage. Follow the link below to READ, and check out more of the Actuaries Institute other great, relevant thought leadership content.
ALUCA CPD POINT: 0.5 GENERAL
Diversity in re/insurance: Rising to the challenge, and reaping the benefits
Does gender equality in senior leadership impact shareholder value? How are women currently represented in the insurance sector? How has this changed over time, and how does Australia compare to the rest of the world?
Sharon Ooi at Swiss Re reveals key findings from recent research to address these questions and more.
ALUCA CPD POINT: 0.25 GENERAL
COVID-19 Brief: What is Kawasaki Disease and its potential link with COVID-19 in children?
RGA Australia’s Chief Medical Officer Dr Paul Davis FRACP FCSANZ discusses Kawasaki Disease (KD) in this RGA article, published on 29 June 2020.
The long-term medical implications of COVID-19 are still greatly unknown, however an emerging area that epidemiological data suggests that KD may have COVID-19 as a causative agent.
ALUCA CPD POINT: 0.25 TECHNICAL
Critical illness – Diagnosis, occurrence and evidence
Diren Fernando, partner at HLW Ebsworth Lawyers, outlines the considerations for determining whether a ‘critical illness / trauma’ policy requires occurrence or diagnosis of a condition within the policy period.
ALUCA CPD POINT: 0.5 TECHNICAL
Responding in times of emergency
The winning paper of the 2020 ALUCA Turks Scholarship comes from Honor Grant-Hennessy, Senior Group Underwriter, Zurich. Honor details the impacts of the 1918 Spanish Flu pandemic on the American insurance industry, comparing this to ramifications witnessed by the COVID-19 pandemic today. Encompassing digital transformation, customer expectations, effective communication and insurance product affordability.
ALUCA CPD POINT: 0.5 GENERAL
Unfair Contract Terms – Striking a Balance
The 1st runner up in the 2020 ALUCA Turks Scholarship was Suzanne Whyte, Senior Claims Consultant at RGA. Her article unveils how underwriters can adapt to the changing laws, with improved practices that balance their risk assessments with better outcomes for customers.
ALUCA CPD POINTS: 0.5 – REGULATORY
Productivity Commission Inquiry Report – Mental Health
The Australian Productivity Commission were asked to undertake “an inquiry into the role of improving mental health to support economic participation and enhancing productivity and economic growth”. One action suggests insurers should be permitted to fund mental health care and treatment through IP and TPD products at the insurer’s discretion. Read the full report for more.
ALUCA CPD POINTS: 3 TECHNICAL
Towards sustainable income protection cover
The 2nd runner up in the 2020 ALUCA Turks Scholarship was Troy Williams, Corporate Counsel TAL Life. With a lens on mental health, Troy’s paper suggests ways to reimagine income protection insurance design to support its sustainability while still providing the customer with adequate protection in times of need.
ALUCA CPD POINT: 0.5 GENERAL
Underwriting upside down
In the era of an ageing population, decreasing social support and an increasing need to be self-funded in retirement, annuities are an emerging income-for-life retirement solution. Hannover Re provide us with this look into annuity underwriting.
ALUCA CPD POINT: 0.25 TECHNICAL
What is Ethics? 6 questions to guide ethical decision making
In your approach to decision-making, how do you determine what’s best? Out of every possible option, what course of action should you take? This article by The Ethics Centre attempts to answer these questions, using ethics to guide decision-making.
ALUCA CPD POINTS: 0.25 – PROFESSIONALISM & ETHICS
COVID-19 and the employee experience: how leaders can seize the moment
McKinsey’s article brings together our recent focus on employee wellbeing with the notion of celebrating and creating role models of those who are living their purpose.
ALUCA CPD POINT: 0.25 GENERAL
Insights into individual and workplace resilience
mlcoa provide commentary on the importance of resilience in individuals and teams, practical suggestions for business, and guidance for a resilient leadership approach.
ALUCA CPD POINT: 0.25 GENERAL
ALUCA Wellbeing Research Report
The research aimed to provide pointers on the mental health and wellbeing of professionals in the life insurance sector, the longer-term implications of working from home, key work stress factors and how to improve support in these areas.
ALUCA CPD POINT: 0.5 GENERAL
TO READ – Login to the MEMBERS CENTRE
Multidisciplinary research priorities for the COVID-19 pandemic: a call for action for mental health science
This paper published in The Lancet Psychiatry highlights the urgent need to address the impacts of the COVID-19 pandemic on mental health.
ALUCA CPD POINT: 0.5 TECHNICAL
Stay connected and check in with your friends, family, colleagues and neighbours
This R U OK blog article offers insight into the importance of reaching out, and offers tips on how to connect with those in our world who might be struggling.
ALUCA CPD POINT: 0.25 GENERAL
How to look after your mental health when working from home
Read an article from Beyond Blue’s website on how to look after your mental wellbeing when working from home, with tips on ways to stay healthy, grounded, and productive as we navigate our new normal.
ALUCA CPD POINT: 0.25 GENERAL
Could we cure coronavirus?
ABC News provides an in-depth, interactive explanation into the way coronavirus works, and the different approaches taken by scientists searching for a cure.
ALUCA CPD POINT: 0.5 TECHNICAL
Think Like a Beginner on the Road to Recovery
Taking strategies and tactics from businesses that grew out of the last economic recession, find out why adopting a start-up mindset can help navigate the current health and economic crisis.
ALUCA CPD POINT: 0.25 GENERAL
Supporting vulnerable customers to return to the workplace following COVID-19
Swiss Re outline the types of people considered vulnerable, workplace considerations, a risk assessment tool and additional resources to help insurers and employers in supporting those who are at a greater risk.
ALUCA CPD POINT: 0.25 CUSTOMER
COVID-19: Swiss Re experts discuss the crisis
Swiss Re brings together experts from various fields to share their insights on the COVID-19 crisis to help ramp up dialogue, discuss scenarios and connect wherever and whenever we can.
ALUCA CPD POINT: 0.25 TECHNICAL
Your customers world from “above the line”
Read how ”above the line” thinking fosters a genuine interest in the plight of your customer, and their experience of a product or service.
ALUCA CPD POINT: 0.25 CUSTOMER
Opioid Abuse in Chronic Pain – Misconceptions and Mitigation Strategies; New England Journal of Medicine
Addressing common misconceptions relating to the abuse-related risks of opioid analgesics and proposing strategies to mitigate those risks.
ALUCA CPD POINT: 0.5 TECHNICAL
Medical Marijuana – Harvard Health blog
Medical marijuana is controversial, yet people need to better understand it and doctors need to be prepared to answer patients’ questions.
ALUCA CPD POINT: 0.25 TECHNICAL 
ASIC’s approach to understanding and addressing consumer harms, as illustrated by the outcomes of two ASIC life insurance reviews
REP 633 Holes in the safety net: a review of TPD insurance claims – READ
ALUCA CPD POINT: 2 TECHNICAL
REP 587 The sale of direct life insurance – READ
ALUCA CPD POINT: 2 TECHNICAL
“Our suicide research is clear: Australia needs more urgent action to address the COVID-19 fallout”
Based on long-term research insights and statistical modelling, Prof. Hickie notes several ways in which the Australian Government can better support mental health during and after COVID-19.
ALUCA CPD POINT: 0.25 TECHNICAL
Boosting the Power of Immunotherapy for More Effective Cancer Treatment
Exciting work being done to boost the power of immunotherapy for more effective cancer treatment. It outlines how DCs (dendritic cells) are an important new component in the new world of immune-targeting therapies for the treatment of solid cancers.
Peter McCallum, Cancer Centre
ALUCA CPD POINT: 0.25 TECHNICAL
The C-Word Crippling Our Crisis Response to COVID-19
Focuses on what the marketing and communications departments and agencies should be focusing on, there are plenty of lessons for the life insurance sector.
Chris Savage, The Savage Company
ALUCA CPD POINT: 0.25 CUSTOMER
The psychological impact of quarantine and how to reduce it: rapid review of the evidence
The Lancet
ALUCA CPD POINT: 1 TECHNICAL
The FSC have released six core guiding principles
to outline how customers will be serviced during the COVID-19 crisis, and the commitment participating FSC life insurance member companies are making to frontline health workers.
ALUCA CPD POINT: 0.25 REGULATORY
The Sustainability Fallacy
The white paper provided by Retender
ALUCA CPD POINT: 1 GENERAL
The Size of Australia’s Bushfire Crisis Captured in 5 Big Numbers
Published by ABC Science
Shocking figures highlight the wide-ranging damage that will reverberate for years to come.
ALUCA CPD POINT: 0.25 GENERAL
NEF Five ways to well-being
A report presented to the Foresight Project on communicating the evidence base for improving people’s well-being
ALUCA CPD POINT: 0.25 GENERAL
MEDHEALTH: Telehealth Independent Medical Examinations
Telehealth is not just about technology, it is a solution for new routines and work flows, which continue to put the person being assessed at the centre of care.
ALUCA CPD POINT: 1 TECHNICAL