TAL to cut jobs amid major restructure

 — 1 minute read

The life insurance giant has confirmed that it will reduce the total number of jobs in its retail channel following a strategic review.

TAL today announced that following its acquisition of Suncorp's Australian life insurance business (Asteron), it has completed a strategic review of the retail business and operating model across both the TAL and Asteron brands. 

“A key outcome of the review will be the restructure and realignment of both TAL and Asteron’s Retail adviser focused businesses. In addition, the Asteron Retail product will be taken off-sale to new customers from 1 July 2019,” the group said. 


“The restructure is anticipated to impact some employees within the TAL and Asteron businesses, with an introduction of some new roles and a reduction in the total number of roles in the Retail channel across TAL and Asteron. TAL will be working with and supporting all employees throughout the consultation process.”

TAL Group CEO and Managing Director, Brett Clark, said: "To deliver the best outcomes for our customers and adviser partners, we need to simplify our Retail business model. We believe it is in our customers’ and advisers’ best interest not to offer two similar retail propositions in the Retail advised market. 

“Having one Retail adviser proposition gives clarity to the market, creates a simpler business structure and a more efficient service model, which allows us to provide better value propositions for customers and our adviser partners.”

Mr Clark said the restructure and realignment will have no impact on the company’s ability to service financial advisers or customers on existing Asteron or TAL policies.

“We remain committed to ensuring the Asteron retail life insurance products remain relevant and up to date post 1 July 2019 for existing Asteron customers, in the same way we do for TAL customers today,” he said. 

“We will be maintaining our presence across Australia and we are continuing to invest strongly in our core Retail business, and also in adjacent markets to enable more opportunities in the future for advisers to create value in their relationships with their clients.”



Stimulate new ideas. Stimulate new thinking. Top up your CPD and hear from industry experts with InvestorDaily’s Knowledge Centre. Keep up to date with the latest trends and reforms, all while adding to your CPD. Explore the knowledge centre Knowledge Centre now. 

TAL to cut jobs amid major restructure
investordaily image
ID logo
James Mitchell

James Mitchell

James Mitchell is the editor of the Wealth and Wellness suite of platforms at Momentum Media including Investor Daily, ifa, Fintech Business, Adviser Innovation and Wellness Daily.


related articles

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.