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The reputation of funeral insurer Aboriginal Community Benefit Fund (ACBF) took a beating before the royal commission last year over accusations that it was misleading and profiting off indigenous consumers. In response, the company has initiated a rebranding effort to rehabilitate its image – changing its name to Youpla and enlisting the star power of an indigenous rugby league professional player to promote its services.
The insurer was accused of taking advantage of how important funeral insurance was to indigenous communities – an accusation denied by chief executive Bryn Jones. Since then the insurer said it would stop door-to-door sales of funeral insurance products and undertake a cultural audit of the business, according to a report by the Financial Review. Youpla also sold 50% of the company to Worimi entrepreneur Isaac Simon. The other half was purchased by Jones in December.
“Youpla to me is an empowering cultural message, founded upon trust, family and togetherness,” said Simon. “Our claims process and how we support our members when a family member passes away is one of our most important, unique and valuable aspects of our business.”
Simon’s purchase brought with it another benefit – the addition of his brother, Jamal Idris, as an endorser. Idris is a former rugby league international and Indigenous All Stars player.
“You tend to think you’re bullet proof and push the boundaries,” said Idris. “A lot of people sit there and think it’s not going to happen to them, but death doesn’t discriminate, it’s a certainty. I guess I’m lucky as I grew up in a large aboriginal family, so we know what it’s like when someone passes. One thing you don’t want to leave behind is a burden.”
However, not everyone is satisfied with the move. Fiona Gutherie, chief executive of Financial Counselling Australia, told the Financial Review that the underlying business model was still problematic.
“This company’s products have not been good value in the past, they have been exploitative,” Gutherie. “We hold grave concerns that a rebranding will just be smoke and mirrors.”
Youpla claimed to currently have over 17,000 members, with the highest proportion based in Queensland (47%) and New South Wales (41%).
