The Council of Australian Life Insurers (CALI) has appointed Paul Reid as the new industry representative for the Life Code Compliance Committee (LCCC).
Reid (pictured, left), who brings nearly 50 years of financial services experience, previously served at KPMG for close to four decades, including 25 years as a partner. He was also a non-executive director at TAL Life Limited until June 2023.
Additionally, he has dedicated significant time to pro bono work, supporting organisations such as the Chain Reaction Foundation, Assistance Dogs Australia, and St Lucy’s School.
Commenting on the appointment, CALI CEO Christine Cupitt (pictured, right) highlighted Reid’s extensive industry experience and his respected status.
“Paul is very well respected in our industry after excelling in high-level roles that have consistently strengthened the integrity of the industry and contributed to the way life insurers interact with their customers every day,” she said. “We are thrilled to have someone of Paul’s calibre representing our industry on the issues that matter most to the people we serve.”
The Life Insurance Code of Practice (Life Code), managed by CALI since last year, imposes strict penalties for breaches and aims to exceed legal requirements to ensure fairness, transparency, and accountability in the life insurance industry.
The LCCC industry representative plays a crucial role in maintaining these standards.
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Commenting on the Life Code and the LCCC, Reid emphasised the significance of a strong code of practice in the life insurance sector.
“Life insurance is a valuable and integral part of our society’s approach to protecting community members against the risk of losing their livelihood and the consequent impacts to their families,” he said. “The community and the life insurance industry can only benefit by having a well thought out code of practice that sets benchmarks for the manner in which life insurers operate.”
Reid replaces Brad Clarke, who is returning to consulting after serving as the industry representative for two years.
“Brad has made a valuable contribution during his time in the role, and we thank him for his work,” Cupitt said.
LCCC chair Jan McClelland AM added: “We look forward to working with Paul and thank Brad for his service over the past two years. This role is critical to promoting high standards and better industry practices whether through customer service, claims processing, or addressing complaints.”
Reid will assume his new role as LCCC industry representative on June 3, 2024. His appointment follows a significant development in CALI’s partner program, with global technology firm Equisoft becoming the first to join.
