The Future of Life Insurance

by ilan leas

Life Insurance is an important financial thread that binds our social and economic fabric and recently in Australia, has been subject to intense public scrutiny by customers, media, regulators and investors. In this paper, Ilan Leas discusses the future of the Australian life insurance industry and sets out a range of ideas for government and industry that suggest how life insurance could adapt to meet increasingly demanding consumer needs and expectations of the future.

Key points

  • Life insurance is important, providing $5.21 trillion dollars of peace of mind to Australians. Despite this, there are areas of life insurance that have not kept up with rapid societal changes or met community expectations.
  • Life insurance will only remain relevant if it takes some significant steps towards a future model that centres around the consumer. Some have been taken but the shift needs tohappen quickly.
  • Life insurance’s value proposition must be more understandable, easier to access, modernised and fairer.

Dialogue Podcast

John McLenaghan (Public Policy Adviser at the Actuaries Institute) interviews Ilan Leas (Managing Director at Retender) on his Dialogue thought leadership paper about what the life insurance industry might look like in the future as it strives to meet consumer expectations in a fast-changing environment.

Listen to the podcast

The Dialogue is a series of papers written by actuaries and published by the Actuaries Institute. The papers aim to stimulate discussion on important emerging issues.

Opinions expressed in this publication do not necessarily represent those of either the Institute of Actuaries of Australia (the ‘Institute’), its members, directors, officers, employees, agents, or that of the employers of the authors. The Institute and the employers of the authors accept no responsibility, nor liability, for any action taken in respect of such opinions.