The major life insurer has confirmed that 50 employees have lost their jobs amid a shakeup of the group's direct sales business.
TAL confirmed in a statement provided to Investor Daily this evening that an ongoing program of change related to its direct sales business model has been underway for some time.
"That program has resulted in a reduction in staffing requirements in that part of the direct business, which includes Insuranceline, leading to approximately 50 roles recently being made redundant," the group said.
"The program of change is in line with the strategy for our direct business, and focused on achieving the best possible customer outcomes. It includes reviewing all lead types in our Direct business to make adjustments where required, as well as a move away from outbound sales channels, which also aligns with recent recommendations from the ASIC Direct review.
"All impacted staff have been provided with full support and a number of options have been made available throughout the process, including redeployment where possible."
Direct sales practices in the life insurance industry have faced heavy criticism from Commissioner Hayne in his interim report. TAL was one of several insurance groups to appear in the sixth round of royal commission hearings last month.
The Hayne inquiry revealed that an injured TAL customer had been investigated by a TAL claims manager and bullied by the same manager.
New data has shown Westpac has the largest proportion of high-net-worth individuals (HNWs) out of the four major banks, with 35.6 per cent o...
Westpac can’t pretend this is business as usual. ...
NAB has settled a class action brought against it for its consumer credit insurance sales, agreeing to cough up $49.5 million. ...