ASFA Conference: life beyond disability

The TAL team were delighted to attend the second ASFA conference for 2023, held in Adelaide on 28–30 November.

Protecting members… no matter where they are in life

As Australia’s leading annual event for the superannuation industry, the ASFA conference is always a great opportunity to connect with our partners and share our latest initiatives for improving member outcomes and delivering a better member experience across insurance and super.

TAL’s theme for the conference was “Protecting members…no matter where they are in life”, reflecting our approach to supporting members from their first job through to their golden years.

This includes helping members whether they’re making a claim, preparing for retirement or simply looking to improve their health.

Life beyond disability

As always, the ASFA conference offered a range of fascinating panel sessions featuring thought leaders from across the superannuation ecosystem.

Jenny Oliver, TAL’s Chief Executive of Group Life & Retirement, hosted a parallel session entitled “Life beyond disability: The real needs of TPD claimants”. Jenny was joined on the panel by Penny Pare, Senior Manager of Insurance at Australian Retirement Trust, and Professor Nick Glozier, Professor of Psychological Medicine at the University of Sydney and the Royal Prince Alfred Hospital.

The session included insights from a recent TAL study based on a survey of 177 members who have made a Total and Permanent Disability (TPD) claim within the last one to five years. The research aimed to better understand their experience after the claim process and how their lives have been since, in areas such as their financial situation, their health circumstances and their capacity for returning to work.

“Through this research, we heard some stories of people experiencing significant challenges, which they encountered in managing large sums of money when they have mental health conditions or are in a vulnerable place,” Jenny said.

“On the other hand, the research has reinforced that TPD insurance provides a valuable benefit for members when they need it most.”

The panellists also discussed the opportunity to re-position ‘total and permanent disability’, alternate product designs, and how the health and insurance ecosystems can do more to deliver the right support services at claim time.

We look forward to sharing further insights from our research with you in 2024 and continuing the conversation on how we can work together to achieve better outcomes for members following a TPD claim.

TPD research highlights

• 67% of the 177 claimants who responded were 55 or older
• The leading claim causes were musculoskeletal (33%) and mental health conditions (19%)
• 75% of claimants received a benefit below $100,000
• Only 28% of claimants initially believed their benefit would cover their financial needs, with 50% now saying their benefit has met or exceeded their needs
• 46% of claimants have since accessed support services like rehabilitation, financial advice and mental health support – and many more would like to
• 14% of claimants are now working, mostly in new roles requiring new skills, while 32% more haven’t ruled out returning to work in the future