TAL has announced the promotion of Alexis Denby to general manager of consumer and growth, a new division within the life insurer.
Denby (pictured) will guide TAL’s efforts to expand its direct and advised customer base while ensuring the company’s offerings meet the evolving needs of Australians.
Gavin Teichner, chief executive for individual life at TAL, said Denby’s appointment underscores the insurer’s emphasis on adapting to market changes.
“Lexie’s leadership and expertise have been critical in positioning TAL as a market leader in the insurance industry. Lexie and her team are truly focused on what Australians want and need from us as an insurer and are working to develop even clearer, more targeted products and services for our direct and retail customers,” he said.
Denby expressed enthusiasm for the role, noting the importance of innovation in responding to consumer expectations.
“As the expectations and needs of Australian consumers change, we must innovate to meet them – from strengthening our partnerships to reach and help more Australians, sharpening our focus on the distinct needs of Australians throughout their lifetimes, or working to deliver a more meaningful digital insurance experiences,” she said.
Since joining TAL in 2014, Denby has held senior positions across sales, marketing, digital, and strategy. Her most recent role as general manager of sales and marketing involved leading customer acquisition and retention across various brands and channels, as well as overseeing the integration of Westpac Life into TAL’s operations.
Denby’s international experience includes a tenure as general manager at international life solutions in South Africa, where she managed operations and contributed to global strategy development.
Prior to joining TAL, she held senior roles at GE Capital, leading projects to enhance digital customer experiences and launch financial products. Earlier in her career, Denby spent a decade at Telstra in marketing and sales leadership roles.
Denby’s promotion comes as the life insurance sector faces a mix of financial improvements and ongoing challenges.
According to the Australian Prudential Regulation Authority (APRA), total revenue in the life insurance sector rose to $6.2 billion, up from $5.9 billion in the previous quarter.
Insurance service expenses fell slightly to $5.4 billion, contributing to an improvement in the insurance service result, which increased to $639 million from $393 million. Net profit after tax also rose, reaching $459 million, compared to $116 million in the June quarter.
The return on net assets improved to 2.4%, up from 0.6% in the previous quarter, while the sector’s capital base reached $16.9 billion. The prescribed capital amount coverage ratio also increased, standing at 2.15.
Despite these gains, life insurance adoption among Australians remains low, with recent research from the Council of Australian Life Insurers (CALI) highlighting stark gaps in coverage.
A recent study commissioned by CALI found that Australians are significantly more likely to insure their vehicles than their lives, reflecting broader challenges in accessing financial advice.
The survey, which involved over 5,000 working Australians, revealed that while 79% of respondents had motor vehicle insurance, only 34% held life insurance policies.
