Insurance company TAL unveils a fresh marketing initiative for its life insurance products
In a bid to make life insurance more accessible and relevant, particularly for younger Australians, TAL has introduced a new brand platform, "Life Takes Guts – Protecting it should be easy." This initiative seeks to reframe life insurance as a partner in everyday resilience rather than just a safeguard for death[1][3][5].
The platform celebrates the courage people show in daily life and positions TAL as a supportive safety net during life’s challenges[1][5]. TAL aims to break down complexity, celebrate resilience, and ensure life insurance is an easy, valuable, and relevant choice for younger Australians[1][2][3][5].
Key ways the platform targets younger Australians and simplifies life insurance include:
- Simplifying understanding: TAL introduces a clearer way to understand insurance with two core categories, helping customers grasp its relevance beyond death cover[1].
- Changing perceptions: It addresses young people's feedback that life insurance is too complex and irrelevant for their life stage by making it more meaningful as protection for life’s moments[1][3][5].
- Integrated health incentives: TAL expanded its Health Sense Plus program to include income protection insurance with a straightforward process that rewards routine health checks via a discount, encouraging proactive health engagement with minimal hassle for advisers and clients[2].
- Authentic storytelling: The national campaign shows real Australian lives and stories, bringing authenticity and emotional connection, particularly through streaming and digital platforms popular with younger audiences[3][5].
- Simplified policy access: The new platform supports easier access and retention by embedding wellbeing into product design and streamlining processes without paperwork or tests for some benefits[2].
The FSB report, published by the Financial Stability Board, considers the financial stability implications of the growing use of AI and machine learning in various applications across the financial system[6]. Meanwhile, Zurich Insurance Group has expanded its Zurich LiveWell health and wellbeing business by acquiring digital health and wellbeing service providers HealthLogix, based in Australia, and HealthInsite, based in South Africa[7].
TAL's new brand platform is not the only significant move the company has made recently. In its last financial year, 74% of TAL's claims were Living Insurance benefits, supporting recovery after an accident or illness[8]. Furthermore, TAL Dai-ichi Life Australia has signed a binding share sale agreement to acquire Westpac Banking Corp's life insurance business in Australia for AUD900m (US$660m)[9].
GlobalData, a market analysis firm, views the deal as good news for TAL[4]. TAL's new brand platform, with its focus on simplification, authentic storytelling, and integrated health incentives, is set to make a significant impact in the Australian life insurance market.
For more information about TAL's new brand platform and insurance solutions, visit tal.com.au/life-and-living.
[1] TAL (2023). TAL unveils new brand platform, Life Takes Guts. Retrieved from https://www.tal.com.au/news/tal-unveils-new-brand-platform-life-takes-guts
[2] TAL (2023). Simplifying life insurance with TAL Health Sense Plus. Retrieved from https://www.tal.com.au/life-and-living/health-sense-plus
[3] TAL (2023). Meet the real Australians living life with TAL. Retrieved from https://www.tal.com.au/life-and-living/meet-the-real-australians-living-life-with-tal
[4] GlobalData (2023). TAL's new brand platform to drive growth in Australian life insurance market. Retrieved from https://www.globaldata.com/news/tal-s-new-brand-platform-to-drive-growth-in-australian-life-insurance-market/
[5] TAL (2023). Life Takes Guts - Protecting it should be easy. Retrieved from https://www.tal.com.au/life-and-living/life-takes-guts
[6] Financial Stability Board (2023). Report on the financial stability implications of the growing use of AI and machine learning in financial services. Retrieved from https://www.fsb.org/2023/03/report-on-the-financial-stability-implications-of-the-growing-use-of-ai-and-machine-learning-in-financial-services/
[7] Zurich Insurance Group (2023). Zurich Insurance Group acquires HealthLogix and HealthInsite to expand Zurich LiveWell health and wellbeing business. Retrieved from https://www.zurich.com/en/media-centre/news/2023/zurich-insurance-group-acquires-healthlogix-and-healthinsite-to-expand-zurich-livewell-health-and-wellbeing-business
[8] TAL (2023). TAL's claims data highlights the importance of insurance. Retrieved from https://www.tal.com.au/news/tals-claims-data-highlights-the-importance-of-insurance
[9] Westpac (2023). Westpac sells life insurance business to TAL for AUD900m. Retrieved from https://www.westpac.com.au/about/media/releases/2023/westpac-sells-life-insurance-business-to-tal-for-aud900m
- The TAL's new brand platform, 'Life Takes Guts – Protecting it should be easy', aims to position TAL as a partner in everyday resilience, using innovation in insurtech to simplify understanding and change perceptions of life insurance for younger Australians.
- The platform's integrated health incentives, such as the Health Sense Plus program, offer rewards for proactive health engagement, positioning TAL as a supportive safety net for wellbeing in financial business.
- As part of its expansion, TAL has signed a deal to acquire Westpac Banking Corp's life insurance business in Australia, demonstrating its commitment to growth in the insurtech sector and the utilization of AI and machine learning for improved financial services.
