Directors’ Report
experience, not just their claim entitlements. By assisting customers as quickly as we can with respect, kindness, and consideration, we aim to help them through some of the most challenging times in their lives. In FY24 ClearView paid $134.9 million in claims to 1,040 customers. This reinforces our purpose which is to help as many Australians and their families as possible achieve peace of mind for the future. Financial Advice Landscape Following years of unprecedented regulatory disruption leading to a significant reduction in adviser numbers, the industry is now returning to growth. Pleasingly, in the last 12 months the number of specialist life insurance advisers increased by 21% 1 . This has been reflected in the growth of industry new business sales. This stabilisation of Financial Adviser numbers presents a critical inflection point for the life insurance industry, and we must continue to develop support systems and innovation to ensure continued growth and access to advice for more Australians. Quality products and being easy to do business with have never been more important. Recognising the underinsurance gap in the market, we have made strategic decisions, such as partnering with specialist Life Advice firms that embrace attracting a younger demographic of client through social media, podcasts, and refined technology, and processes. As a result we are seeing an increase in younger lives entering our risk pool. More needs to be done to address the underinsurance gap and we are supportive of the Delivering Better Financial Outcomes ( DBFO ) legislative drivers to enable us to support our customers with their queries more easily. We continue to be an active member of CALI, working with them to ensure industry lobbying efforts are focused on long term, sensible reform. A positive impact on our people, partners, customers, and community Our ClearView Lifeline Australia Scholarship Program has continued this year, supporting nominated employees with paid community service leave up to 92 hours per calendar year, and through donations and awareness raising activities such as the Lifeline Pushup
Challenge. We continue to support those charities nominated by our employees, making donations to key organisations including the Australian Kookaburra Kids Foundation, Cancercare Australia, Cerebral Palsy Alliance and Sony Foundation Australia. This year we also provided additional support to our customers diagnosed with cancer through our provision of the Cancer Coach program in partnership with Osara Health. Since the commencement of the partnership, 60% of our customers diagnosed with cancer have engaged in the program, and their testimonials support our belief that this is a valuable offering to our customers navigating this challenge. Update on Strategic Execution I am incredibly proud of the team’s achievements in delivering on our refreshed strategy in FY24. We have achieved many significant milestones, further reinforcing ClearView’s foundations and allowing us to grow consistently while progressing our wider transformation goals. Our strategy is laid out through to FY26, and it is pleasing to see that we continue to be on track to meet our targets across the board. In particular, I am really proud that during FY24 we: • Accelerated sales momentum through strengthening adviser relationships; • Enhanced our service proposition and operational resilience through the completion of our target Policy Administration System build, significant uplift of our cyber security rating, and Operations’ performance improvements; • Maintained product leadership with our FY24 ClearChoice refresh, data analytics capability uplift, and completion of APRA IDII Review 1; • Demonstrated the maturity and growth of the business, which enabled us to increase our underwriting risk and pay our inaugural interim dividend; and • Completed the implementation of AASB 17. I was also delighted to be able to broaden the diversity and depth of experience in the executive leadership team during the first half of the year, with the appointment of a new Chief of Staff and Chief People Officer. These changes fortified an already solid team, helping to ensure that ClearView is set up for success.
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ClearView Annual Report 2024
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