In light of the growth in the sector, TAL is looking further towards the “substantial and significant” SMSF market.
Speaking to SMSF Adviser, Brett Clark, chief executive of the TAL life division at TAL, said the insurer has recognised Australians are looking towards superannuation to play a more significant role in funding and structuring their insurance arrangements.
“TAL has a strong position in the group insurance market and we have a very strong position in retail also. And within the retail market in particular, we’re identifying more and more opportunities that are superannuation related. And one of those which is really substantial and significant is the SMSF sector,” he said.
“It is one of the fastest growing superannuation parts of the market, and it is highly specialised and individualised and [in] that context, our retail business is well positioned to support SMSF trustees and their advisers.
“We’ve identified that this is an important market for us in the future.”
TAL, which was named the winner in the SMSF Insurance Provider category in this year’s SMSF Awards, has experienced a positive reaction to its offerings in the SMSF sector so far, according to Mr Clark.
“We’ve adopted a strategy which is less about product and more about education, training [and] how we can support advisers and accountants to be more effective in dealing with their SMSF client base,” Mr Clark said.
“So a lot of workshops, a lot of specifically developed tools to help those people be more effective in their roles, and that’s really resonated well with the market.”
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