The Council of Australian Life Insurers (CALI) has appointed a well-respected financial services leader as the new Industry Representative of the Life Code Compliance Committee (LCCC).
Paul Reid brings almost 50 years’ experience to the role, having worked at KPMG for nearly four decades including as a partner for 25 years. Paul was also a non-executive Director at TAL Life Limited until June 2023.
“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,” said CALI CEO Christine Cupitt.
“We are thrilled to have someone of Paul’s calibre representing our industry on the issues that matter most to the people we serve,” she said.
CALI took over governance of the Life Insurance Code of Practice (Life Code) last year, which delivers tough penalties for conduct breaches and strong independent enforcement.
It sets standards higher than the law to expand Australians’ access to the life insurance protection that suits them when they need it most, in a fair, transparent and accountable way.
The LCCC Industry Representative contributes significantly to achieving these goals and plays a crucial role in ensuring high standards are met across the life insurance industry.
“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,” said newly appointed LCCC Industry Representative Paul Reid.
“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,” he said.
In recent years, Paul has committed much of his time to pro bono work particularly with organisations that support young Australians, such as the Chain Reaction Foundation.
He has also offered his expertise to Assistance Dogs Australia and St Lucy’s School, to help Australians who are living with a disability.
He replaces Brad Clarke who is returning to consulting, after having contributed to the role of Industry Representative for two years.
“Brad has made a valuable contribution during his time in the role and we thank him for his work” Ms Cupitt said.
“We look forward to working with Paul and thank Brad for his service over the past two years,” said LCCC Chair Jan McClelland AM.
“This role is critical to promoting high standards and better industry practices whether through customer service, claims processing or addressing complaints,” she said.
Paul Reid officially starts in the role of LCCC Industry Representative on 3 June 2024.
MEDIA CONTACT: 0475 514 672