Louise Denver
Media and Communications
Financial Services, Deloitte
Mobile: 0414 889 857
Tel: +61 (0) 2 9322 7615
Renee Knapp, a senior claims consultant at RGA Reinsurance was today announced as the overall winner of the 2008 Deloitte/IFSA Future Leaders Award.
Renee’s paper evaluated the social and economic impacts of underinsurance and proposed a ten point action plan for the industry to follow in order to close the ‘protection gap’.
IFSA’s research in 2005 showed that six in every ten Australian families would be unable to maintain its current lifestyle for more than a year if the main income earner were to die. Since then, various studies have shown Australia to be one of the most indebted, yet least protected nations.
"Life insurance plays a critical role in protecting the quality of life for Australian families and the social cost of not having the right level of cover is not just immediate - it is generational."
“Having the right level of cover gives a family choice. The emotional trauma of an accident, illness or death in a family need not result in financial trauma," said Richard Gilbert, CEO of IFSA.
"Renee's paper shows a deep understanding of this issue, incorporating lessons from overseas and employing creative thinking to develop a recommended plan of action for the industry. Through this paper, Renee will contribute to the development of our awareness campaign, which is aimed at encouraging Australians to understand the risks they face in life and become more engaged in decisions about life insurance.” he said.
“The IFSA team has been actively engaged in discussions with a range of stakeholders to understand the various perspectives on this issue and we are aiming to launch a new website and other tools for consumers in this area in the new year," he concluded.
Andrew Gale, Managing Partner of Deloitte Actuaries and Consultants who announced the finalist and the overall winner said, “Deloitte and IFSA began this Future Leaders Award series three years ago with just three topics to test the mettle of our young people in the wealth management industry.
This year IFSA and Deloitte increased the number of topics from three to five and opened the Award up to one candidate per topic from IFSA full members. Twenty one candidates responded and the quality of their thinking and that of our five young finalists and winner, Renee Knapp, is exceptional.
“Their work continues to grow and improve our treatment of the hot issues in the wealth management business in Australia today,” Mr Gale said.
2008 Future Leaders Finalists
- Investment - Marc Benscher, Colonial First State Global Asset Management
- National Savings - James Nguyen, Tyndall Investment Management
- Life Insurance - Renee Knapp, RGA Reinsurance Company of Australia
- Global Markets - Shan Kwee, Vanguard Investments Australia
- Financial Advice - Sophie Riordan, ING Australia
To read the full press release, download the attachment below.
Additional contact:
Simon Disney
Senior Manager, Media and Communications
Investment & Financial Services Association
Mobile: 0408 161 466
Tel: +61 2 8235 2520
