Life Insurance and Wealth Management Practice Committee practice update podcast

Life Insurance and Wealth Management Practice Committee (LIWMPC) Convenor, Anton Kapel, is joined by committee member David Millar to discuss the latest news and developments from the LIWMPC. These include the committee’s structure, its response to the Hayne Royal Commission, and the challenges posed to life insurers by COVID-19.

Listen to the podcast, read the transcript, or keep reading for a breakdown of the conversation.

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Made up of 14 members, the LIWMPC’s focus is supporting actuaries working in life insurance and wealth management. Having taken on the role of LIWMPC Convenor this year, Anton commenced the podcast by paying tribute to the incredible services of the members who had rotated off the committee for 2020, including his predecessor as Convenor, Ilan Leas.

A strategic refresh at the end of 2018 saw the establishment of a broadly focused Life Insurance Subcommittee (LSC) from which the LIWMPC could set up short-term working groups to address issues as they arise. The LSC enabled members increased accessibility for members to contribute in their areas of expertise and interest, and to provide a closer link between the practice committee and the members it represents.

The Wealth Management Subcommittee was also reinvigorated at that time, with a key focus on customer outcomes and wealth distribution. Now with a full operating under the refreshed structure, the LIWMPC is taking the opportunity to evaluate and potentially refine the structure.

Similar to most industries across Australia, the COVID-19 pandemic has triggered problems throughout the life insurance space, a matter Anton and David address in this podcast.

“Just operationally, companies having to learn to work from home and deal with very different operational environments has been one thing, but for insurers now, the potential impact on claims, on income protection and TPD products in particular, is definitely causing a lot of concern,” Anton explained.

While Anton explains how regulators APRA and ASIC have been active in responding to these challenges, the Actuaries Institute has also responded by forming the cross-practice COVID-19 Working Group.

Prior to the onset of COVID-19, a primary focus of the LIWMPC was acting upon the outcomes of the 2019 Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Once the ‘Hayne’ Royal Commission was handed down, the LIWMPC responded by forming the Customer Outcomes Working Group, a matter further explained by David throughout the podcast.

Anton and David concluded the podcast by paying homage to the members who volunteer on the LIWMPC, as well as to all other volunteers who support the profession by participating on other committees.

Any Actuaries Institute members with an interest in contributing to the LIWMPC are encouraged get involved in the Life Insurance or Wealth Management Subcommittes, by contacting Catherine Robertson-Hodder, Douglas Isles or Anton Kapel. Alternatively, please visit the microsite on the Actuaries Institute website.

Listen to the podcast or read the transcript.