From April 1 to September 30, 2024, TAL processed IP or TPD claims for 28,450 individuals rendered unfit to work due to health challenges, with mental health accounting for 29% of these claims. This represents a marked increase of 6% from the previous year, when mental health was cited in 23% of 24,340 similar claims during the same timeframe in 2023.
These figures surface in the context of a CALI-commissioned report highlighting a surge in mental health-related TPD claims by Australians in their 30s and 40s over the past decade.
Moreover, the insurer reported dispensing $2.3 billion across various claim types during the past six-month window, reflecting a climb from $2 billion allocated to 32,456 claimants a year prior. TAL’s Chief Claims Officer, Georgina Croft, emphasized the critical role life insurance plays, underscoring, “Life insurance offers more than financial support when a loved one passes away. In the past 6 months, TAL benefit payments provided an important safety net to more than 28,000 Australians unable to work due to injury or illness.”
Croft elaborated on the company's broader mission: “Helping Australians during their toughest times with care and compassion is the most important thing we do. Beyond a claim payment, we want to help – for customers claiming IP or TPD this is about assisting them on their recovery journey. We do this by providing the financial, emotional and physical support they need to get back to health and on with life.”
TAL has been incorporating innovation and AI to enhance the claims process, thus facilitating a more responsive support network for those navigating claims. Croft noted, “We continue to uplift the personalised support we give Australians navigating the claims process and through their recovery.”
Uniquely placed through in-house health expertise, TAL contributes to swift claim adjudication and connects policyholders to crucial health services spanning mental health, occupational rehabilitation, and cancer support, fostering their journey to wellness and helping achieve established health goals.
In addition, TAL's pioneering 'Mental Health Assist' initiative, launched in 2021, extends virtual psychiatric assessments within 10 days to eligible customers. By 2023, feedback showed substantial benefits — diagnostic revisions for 70% of users, medication adjustments for 68%, revised therapy courses for 64%, and a 16% acceleration in the return to work for some participants.
Kate Tran, TAL Claims Recovery and Support Specialist, summarized the ultimate goal: “We’re focused on supporting our customers to live full lives, whether that’s improving their functional capacity so they can better engage in everyday activities and with those important in their life or return to work.”
Essentially, TAL aims to orchestrate early intervention and remove financial barriers to recovery aids, bolstering faster, enriched paths to rehabilitation for customers.
Published:Tuesday, 10th Dec 2024
Source: Paige Estritori
Building Resilience: ICA Aligns Floods Inquiry Plan 19 Dec 2024: Paige Estritori The Insurance Council of Australia (ICA) is strategically addressing the recommendations from recent inquiries into flood responses and code of practice in its latest updates. Acknowledging the variety and complexity of the suggestions, ICA supports 78 out of the total recommendations presented, tackling them in a staged and structured manner. - read more |
Major Acquisitions Shake Up the Australian Life Insurance Sector 18 Dec 2024: Paige Estritori In a significant move estimated at $13 billion, MLC Life Insurance and Resolution Life’s subsidiaries in Australia and New Zealand are set to merge. This development is part of an acquisition involving Nippon Life, a major player in the global insurance industry. - read more |
Sure Highlights Coverage Gaps in Cyclone Zones 17 Dec 2024: Paige Estritori An alarming gap in insurance coverage has been spotlighted by Queensland underwriting agency, Sure, as it drew attention to underinsurance among cyclone-susceptible areas. Their comparison of coverage across the state reveals stark contrasts that could have dire consequences for residents. - read more |
Term Life Insurance Fuels Customer Grievances 13 Dec 2024: Paige Estritori New insights from the Australian Securities and Investments Commission (ASIC) highlight that term life insurance sparked the most grievances among consumers last financial year. ASIC's newly released internal dispute resolution report indicates that 41% of the complaints were linked to term life policies. - read more |
Car Theft Case: Ignition Key Slip Leads to Unexpected Payout 13 Dec 2024: Paige Estritori A recent ruling has shed light on an insurance predicament where a policyholder’s vehicle was taken directly from outside his house while the ignition key remained in the car. Despite this oversight, the couple involved managed to secure compensation for the incident. - read more |
Practical Security Measures Every Caravan Owner Should Implement Now In recent years, we've seen a troubling rise in caravan thefts nationwide, which has undoubtedly caused concern within our vibrant community. It's clear that the adage 'better safe than sorry' has never been more applicable to caravan ownership. - read more
|
Tips for Sustainable Caravanning: How to Tread Lightly on the Road The allure of the open road and the freedom to explore has never been more inviting, or more necessary, to do so responsibly. Sustainable caravanning offers a way to embrace the joys of adventure while ensuring that the natural landscapes we cherish remain unspoiled for future explorers. But what exactly is sustainable caravanning? Essentially, it is the practice of minimizing our environmental impact while enjoying life on the road. - read more
|
Roadworthy and Reliable: The Comprehensive Guide to Caravan Upkeep Maintaining your caravan isn't just about keeping it looking good; it's a crucial practice that ensures your safety on the road, as well as helping you protect your investment. A caravan represents a significant financial commitment, and just like any other vehicle, it requires regular care to maintain its value and functionality. - read more
|
Caravan Insurance Disasters: Real-Life Lessons and Horror Stories Caravan insurance is an absolute necessity for anyone who owns a caravan. Accidents can happen at any time and without adequate insurance, the costs can be devastating. In this article, we will be exploring real-life horror stories and disasters regarding caravan insurance, to help you understand what can go wrong and what steps you can take to avoid similar situations. - read more
|
Top 5 Things to Look for When Choosing Caravan Insurance Caravan insurance is an important investment for anyone who owns a caravan, whether it's a touring caravan or a static caravan. Caravan insurance is designed to protect you financially in the event of theft, damage, or accidents. However, not all caravan insurance policies are created equal, and it's essential to choose the right policy to ensure you're adequately covered and get the best value for your money. - read more
|
Comprehensive vs Third-Party Caravan Insurance: Which is Right for You? With the growing appeal of exploring the vast and varied landscapes of Australia, the caravanning lifestyle has seen a significant surge in popularity. The sense of freedom that comes with a home on wheels captivates adventurers and holiday-makers alike, making the choice of caravan protection through insurance an essential aspect of ensuring ongoing travel peace of mind. - read more
|
Top 5 Things to Look for When Choosing Caravan Insurance Caravan insurance is an important investment for anyone who owns a caravan, whether it's a touring caravan or a static caravan. Caravan insurance is designed to protect you financially in the event of theft, damage, or accidents. However, not all caravan insurance policies are created equal, and it's essential to choose the right policy to ensure you're adequately covered and get the best value for your money. - read more
|
The Importance of Reviewing Your Caravan Insurance Policy Annually A caravan insurance policy is essential for protecting your investment against various risks, such as theft, damage, and accidents. However, your insurance needs may change with time, and your current policy might not offer adequate coverage anymore. That's why it's essential to review your policy at least once a year and make the necessary changes to ensure it still meets your requirements. - read more
|
5 Top Tips for Safely Caravanning with Your Furry Friends in Australia Exploring the great Australian outdoors in a caravan with your furry friends by your side can create unforgettable memories and provide experiences that deepen the bond between you and your pets. The joy found in watching your pet's excitement as they encounter new sights, sounds, and smells is irreplaceable and adds a layer of delight to the adventures ahead. - read more
|
Practical Security Measures Every Caravan Owner Should Implement Now In recent years, we've seen a troubling rise in caravan thefts nationwide, which has undoubtedly caused concern within our vibrant community. It's clear that the adage 'better safe than sorry' has never been more applicable to caravan ownership. - read more
|