Meet the team: Franco Crapis

What is TAL’s approach to product design? 

TAL is committed to innovation and member satisfaction, and it’s very evident in our forward-thinking approach to product design. As the insurance landscape rapidly changes, our product design must evolve to meet the diverse and shifting needs of members.  

Our product design approach is built on five key design principles:  

1. Value: We focus on creating products that offer the best-value cover, ensuring they are accessible and relevant to members.
2. Affordability: The aim is to provide cost-effective protection that minimises the erosion of the member’s account balance. This includes refining cover for key life stages and exploring gender-specific premium rates to build a more equitable risk model.
3. Simplicity: Products are designed to be simple, reducing ambiguity in product definitions so members can easily understand their cover.   
4. Fairness: The approach includes exploring inclusive pricing models to ensure all members receive fair pricing and claims distribution, with no group unintentionally disadvantaged.
5. Stability: We ensure our products will be sustainable over the long term, while providing consistent and dependable cover for members.

To support these principles, we collaborate with reinsurers and industry stakeholders to develop policies and pricing structures that evolve with regulatory changes and consumer needs.

How do you leverage data-driven insights to enhance product design and stay ahead of industry trends? 

We capture a vast amount of information across our Retail and Group portfolios, which gives us a unique advantage in identifying emerging trends early. This allows us to address issues proactively and ensure that product designs are not just effective, but also user-friendly. 

By analysing complaints, claimant feedback, administrator insights and underwriting data, we can pinpoint where friction exists and work to resolve it—whether that means adjusting a policy’s structure or improving digital tools to make interactions more seamless. 

As an example, we've been working with our industry fund partners to reshape how voluntary insurance is taken up. We’ve used data driven insights from our total portfolio to shape the voluntary product offer terms, such as the eligibility, opt in periods, amount and type of cover, limitations, and restrictions.   

This is supported by digital enablement to improve efficiency and make it easier for members to upgrade their cover, which also helps reduce “not proceeded with” rates. This approach ensures that we maintain sustainability for the whole membership and provide relevant insurance cover when it’s needed most.  

What industry trends are influencing your approach to product design? 

The rising prevalence of mental illness claims is a key industry trend, and we’re working to develop adaptive solutions. We know that mental illness claims are increasing – and over the last decade, 80% of the increase in TPD claims across the industry has been due to mental health.¹

In response, we’re taking a holistic approach that goes beyond just providing financial support. By integrating rehabilitation services with thoughtful product design, we aim to support members throughout their recovery. We’re working with our super fund partners and exploring innovative ways to evolve our disability products, ensuring they effectively address emerging trends and meet members’ changing needs.  

At the same time, climate change and economic shifts are also influencing and reshaping financial security, requiring us to rethink how we design insurance products. By future-proofing our offerings, we aim to provide meaningful, sustainable cover that adapts to changing external pressures. It’s about staying ahead of changes and ensuring that our products continue to provide real value in a changing world. 

How do you stay at the forefront of product developments across the market?  

I’ve been involved in the industry for over 25 years, and my roles at ANZIIF (Australian and New Zealand Institute of Insurance and Finance) and ALUCA (Australasian Life Underwriting and Claims Association) have given me the opportunity to shape product development across life insurance, superannuation funds, and financial services.  

Most recently, I was appointed as the inaugural Chair of ALUCA’s newly established Product Committee, where I’m focused on driving professional excellence, improving industry standards and fostering a more engaged and innovative product community. 

Finally, what excites you the most about your work? 

The most exciting part of my role is collaborating with partners to develop unique and innovative product solutions. The tender and proposition phases are particularly inspiring because it’s where we get to be creative and push boundaries in product design. 

Ultimately, my passion is in creating products that genuinely benefit members, making their insurance experience simpler, fairer and more effective. 

¹ CALI and KPMG, Australia’s mental health check up, 2024.