TAL has today announced that following its acquisition of Suncorp's Australian life insurance business (Asteron), it has completed a strategic review of the Retail business and operating model across both the TAL and Asteron brands. The strategic review was undertaken with the ambition of creating a single, market-leading life insurer and delivering the best outcomes for its customers and adviser partners.
A key outcome of the review will be the restructure and realignment of both TAL and Asteron’s Retail adviser focused businesses. In addition, the Asteron Retail product will be taken off-sale to new customers from 1 July 2019.
The restructure is anticipated to impact some employees within the TAL and Asteron businesses, with an introduction of some new roles and a reduction in the total number of roles in the Retail channel across TAL and Asteron. TAL will be working with and supporting all employees throughout the consultation process.
TAL Group CEO and Managing Director, Brett Clark, said, "To deliver the best outcomes for our customers and adviser partners, we need to simplify our Retail business model. We believe it is in our customers’ and advisers’ best interest not to offer two similar retail propositions in the Retail advised market.
“Having one Retail adviser proposition gives clarity to the market, creates a simpler business structure and a more efficient service model, which allows us to provide better value propositions for customers and our adviser partners.
“The restructure and realignment will have no impact on our ability to service financial advisers or customers on existing Asteron or TAL policies.
“We remain committed to ensuring the Asteron retail life insurance products remain relevant and up to date post 1 July 2019 for existing Asteron customers, in the same way we do for TAL customers today.
“We will be maintaining our presence across Australia and we are continuing to invest strongly in our core Retail business, and also in adjacent markets to enable more opportunities in the future for advisers to create value in their relationships with their clients.” Clark said.