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Goals-based advice podcast

Economic wellbeing for a wellbeing economy.

Episode 128, Season 2

Is the Life Insurance Industry Sustainable? With Niall McConville and Gavin Teichner

May 23, 2020
HubSpot Video


Duration: 42 min

All advisers have been witness to the frustration clients feel when faced with yet another steep annual premium increase. Insurance affordability is an increasing issue for Australians and is of particular to concern to one group in particular: APRA. With a rise in mental health claims, a changing employment landscape and insurance providers who have struggled to adapt with the times, is the life insurance as it stands, sustainable?

In this episode, we speak to Niall McConville, General Manager of Retail Distribution at TAL and Gavin Teichner, Executive General Manager of Individual Life at TAL. We discuss how they have seen the advice landscape change over time, the issues currently facing the industry, and their predictions for the future of the life insurance space. We touch on the ramification of COVID-19, as well as discuss what we can expect to see changes to in the near future.

This episode provides great insights into the complexities both Australia and international insurance companies face. Niall and Gavin provide some great food for thought and share some great insight into what the big players can do to ensure sustainable insurance products to consumers. 


To reach out to Gavin Teichner, please contact him via his LinkedIn profile. To reach out to Niall McConville, please contact him via his LinkedIn profile.

What You'll Learn From This Episode:

  • How coronavirus is impacting the life insurance industry
  • How many losses are being made in certain insurances
  • Why APRA is concerned about the financial position of life insurers
  • Have product benefits been ‘too generous’ over the years?
  • How mental health has contributed to an already stretched market
  • What the industry should do to give consumers certainty around cost
  • Why a move towards simpler insurance products may help 
  • How the industry needs to adapt to the ‘gig economy’
  • How insurers are supporting those impacted by financial hardship due to COVID-19
  • How have new education standards affected risk adviser numbers?
  • What will future insurance product development focus on?

About Our Guest:

Niall McConville is the General Manager of Retail Distribution at TAL. Gavin Teichner is the Executive General Manager of Individual Life at TAL. With a combined 40+ years experience in the life insurance industry, Niall and Gavin provide great insight into the minds of life insurers and the impact a challenged industry has on financial advisers

For more conversations with the thinkers and movers in the world of financial advice, go to Goals-Based Advice Podcast. You can also access more episodes on Apple Podcasts and Spotify. For updates, follow our Facebook page

If you have more questions, don't forget to reach out to me on LinkedIn and to send an email at fraser.jack@adviceintelligence.com.  

Thanks for tuning in!