Thank you to all ALUCA members who recently completed a survey designed to help ALUCA better understand its member’s needs and ensure the on-going relevance and value of ALUCA services.
The survey was used to gather insights on the key challenges members are facing in the next 12 months. It also included perceptions about the current economic and industry environment, thoughts around professional development and the key capabilities required of future underwriting and claims professionals as well as what members value about their membership.
The survey highlighted that the key priorities and opportunities facing Underwriting, Claims, CMO and Rehab professionals in 2018 continue to be complex and varied. Life insurance and re-insurance companies and their employees in Australia face a constantly changing regulatory environment, media and regulatory scrutiny and a changing business environment.
Business Environment – Update
Respondents’ optimism about prospects for the Australian life insurance business over the coming 12 months compared with the previous 12 months was high with 47% of respondents stating they were more optimistic. However optimism about the Australian economy over the next 12 months compared to the previous 12 months was weaker with only 31% of respondents stating they felt more optimistic.
Figure 1: Are you more or less optimistic about prospects for the Australian life insurance business over the coming 12 months compared with the previous 12 months?
Figure 2 Are you more or less optimistic about the Australian economy over the coming 12 months compared with the previous 12 months?
Key Challenges – Update
Survey respondents were asked to list the top three challenges they were facing in their role and business over the next twelve months. The top challenge identified by 34% of respondents was incoming regulatory change. Comments about this included the ‘unending Regulatory burden’, ‘engaging with regulators’ and ‘Will new business dry up with all the regulatory changes to how Life Insurance is sold?’.
The other key challenges identified included;
– The effect of market consolidation and mergers/acquisitions
– Keeping up with the rapid pace of technology
– Negative media scrutiny and lifting consumer confidence.
– The skills shortage – recruitment and retention of skilled staff
Figure 3 What are the top 3 challenges you are facing in your role and business in the next 12 months?
Capabilities and Professional Development
Survey respondents were also asked what they thought are the key capabilities besides technical skills that underwriters and claims managers will need in the future. Responses included people/customer service skills (37%), decision making skills (32%) and strong business acumen (17%).
In addition almost three quarters of survey respondents stated that they were interested in taking up ALUCA’s recently launched accreditation program – CPLI ( Certified Professional Life Insurance).
The results from exploring what members valued about their membership to ALUCA were consistent with what we had previously learnt – regular seminars, education, networking, professional development and being part of an association specific to Life Insurance, Underwriting and Claims. All of these are central to our association and are captured in our tagline.
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