Welcome to our final edition of the Life Insurance Bulletin for 2020!

Obviously it has been quite the year. I think we have all learned a bit about ourselves and our work in the process and at the risk of being branded an optimist, I think most of these learnings have been positive. For example, I think to the wonderful paper our 2020 ALUCA Turks Scholarship winner, Honor Grant-Hennessy, wrote on life insurers rising to the challenge in difficult times and note her belief that the life industry has before it tantalising opportunities through technology to both deepen trust levels with customers and also connect with them in more meaningful and immediate ways. As Honor said, ‘Any device, anywhere, anytime’. More power to her and to the power of optimism.

Turning to the Bulletin, Group Occupation Guides are very important documents that often do not get the attention that their contractual significance demands. In this edition, we look at a recent Victorian case where an Occupation Guide was front and centre of the controversy. Many takeaways from this case.

In a similar vein of courts strictly interpreting the words used in policies, we also look at the recent NSWCA decision involving a general insurance exclusion which emphasises the importance of both keeping policy wording up to date and also general enough in scope to do the job intended.

The regulators have been busy of late and we break down for you ASIC’s recent survey on member engagement in insurance through super (some work to do there). We also look at ASIC’s draft note on the pending legislative change to include claims handling as a financial service.

Building on from our recent webinar on Offset Clauses, we scratch a little deeper on this issue with some key points from important cases as well as analysis of an interesting SCT decision touching upon who has the right to exercise the s29 remedy between the incoming/outgoing group insurer.

I do hope you enjoy the read and as usual, reach out to your favourite Turks life expert if you have any queries (did I mention we love talking shop?).

Hope to catch up with you all soon.

AE