TAL shatters records with $4.2 billion in claims payments
TAL shatters records with $4.2 billion in claims payments | Insurance Business Australia
Life & Health
TAL shatters records with $4.2 billion in claims payments
Customer experience investments highlighted
Life & Health
By
Roxanne Libatique
TAL has achieved a milestone in the fiscal year ending March 31, 2024 (FY23) by disbursing a record $4.2 billion in claims benefits, which the company claimed to be the highest amount ever recorded by a life insurer in Australia.
This payout was directed to over 50,000 policyholders, primarily assisting those recovering from illnesses or injuries, with about 70% of the claims addressing such cases.
Georgina Croft, chief claims officer at TAL, emphasised the significant role these claims play in the lives of customers.
TAL highlights approach to claims management
In managing claims, TAL said it incorporates a comprehensive support system that aids policyholders throughout their recovery. This includes access to specialised health programs, mental health services, and rehabilitation aimed at helping individuals return to work and daily life.
“With the majority of TAL’s claims paid to Australians as they recover from an illness or injury, it’s important that we meet their needs, not only when they claim, but with personalised support on their path to recovery,” Croft said.
Over the past year, the claims team undertook more than 22,000 hours of training in 277 distinct programs offered through the TAL Claims Academy, focusing on person-centred claims management.
“Supporting our customers starts with providing our claims consultants with the tools and training they need to be there for each customer when they need us most,” Croft said.
The insurer has also advanced its digital capabilities to improve the efficiency of the claims process.
“TAL continues to invest in TAL Connect, its digital platform providing TAL’s superannuation fund partners and their members with control and visibility to engage with their insurance or manage their claim, to create a faster and better experience when making and managing claims,” Croft said. “Over the past 12 months, more customers have chosen to lodge or manage their claims digitally, with 50% of claims commenced via the TAL Connect platform submitted within just 24 hours.”
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