RiskeBusiness

RiskeBusiness keeps ALUCA members updated with content related to technical analysis, tools of the trade, doing things differently and smarter analysis.

RiskeBusiness (ReB) ArticlesRiskeBusiness 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


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.

General Life Insurance CPD points category

ALUCA CPD POINTS: 0.25 – GENERAL

READ


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. 

General Life Insurance CPD points category

ALUCA CPD POINTS: 1 – GENERAL

READ


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. 

Regulatory life insurance CPD points category

ALUCA CPD POINTS: 0.5 – REGULATORY

READ


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. 

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ALUCA CPD POINTS: 0.5 CUSTOMER CARE

READ Realising the Health Benefits of Work – An Evidence Update 

READ Overview of Initiative 


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

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ALUCA CPD POINTS: 2 CUSTOMER CARE

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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. 

Technical life insurance CPD points category

ALUCA CPD POINTS: 0.5 TECHNICAL

READ


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 

Professionalism and ethics life insurance CPD points category

ALUCA CPD POINTS: 2 – PROFESSIONALISM & ETHICS

READ


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. 

General Life Insurance CPD points category

ALUCA CPD POINTS: 1 GENERAL

READ


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. 

Professionalism and ethics life insurance CPD points category

ALUCA CPD POINTS: 0.25 – PROFESSIONALISM & ETHICS

READ


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. 

Technical life insurance CPD points category
Regulatory life insurance CPD points category

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.

General Life Insurance CPD points category

ALUCA CPD POINT: 1 GENERAL


READ


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.” 

Technical life insurance CPD points category

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.

Technical life insurance CPD points category

ALUCA CPD POINT: 0.25 TECHNICAL

READ


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. 

General Life Insurance CPD points category

ALUCA CPD POINT: 0.25 GENERAL

READ


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.

Technical life insurance CPD points category

ALUCA CPD POINT: 1 TECHNICAL

READ


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.

General Life Insurance CPD points category

ALUCA CPD POINT: 0.5 GENERAL

READ


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.

General Life Insurance CPD points category

ALUCA CPD POINT: 0.25 GENERAL

READ


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.   

Technical life insurance CPD points category

ALUCA CPD POINT: 0.25 TECHNICAL

READ


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.

Technical life insurance CPD points category

ALUCA CPD POINT: 0.5 TECHNICAL

READ


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. 

General Life Insurance CPD points category

ALUCA CPD POINT: 0.5 GENERAL

READ


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. 

Regulatory life insurance CPD points category

ALUCA CPD POINTS: 0.5 – REGULATORY

READ


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.

Technical life insurance CPD points category

ALUCA CPD POINTS: 3 TECHNICAL

READ


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. 

General Life Insurance CPD points category

ALUCA CPD POINT: 0.5 GENERAL

READ


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. 

Technical life insurance CPD points category

ALUCA CPD POINT: 0.25 TECHNICAL

READ


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.

Professionalism and ethics life insurance CPD points category

ALUCA CPD POINTS: 0.25 – PROFESSIONALISM & ETHICS

READ


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.

General Life Insurance CPD points category

ALUCA CPD POINT: 0.25 GENERAL 

READ


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.

General Life Insurance CPD points category

ALUCA CPD POINT: 0.25 GENERAL 

READ


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.

General Life Insurance CPD points category

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 

READ


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  

READ


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  

READ


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 

READ


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 

READ


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 

READ


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  

READ


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  

READ


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 

READ


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 

READ


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 

READ


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 

READ


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 

READ


The psychological impact of quarantine and how to reduce it: rapid review of the evidence

The Lancet

ALUCA CPD POINT: 1 TECHNICAL 

READ


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 

READ


The Sustainability Fallacy

The white paper provided by Retender

ALUCA CPD POINT: 1 GENERAL  

READ


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  

READ


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  

READ


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  

READ