MLC Life Insurance creates new Life Insurance Division and appoints Chief Life Insurance Officer

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MLC Life Insurance has appointed Sean McCormack as Chief of a newly created Life Insurance Division designed to better meet the needs of customers, advisers and superannuation funds.

Reporting directly to Chief Executive Officer Rodney Cook, Sean will lead the Life Insurance Team, responsible for the company’s group and retail distribution channels, underwriting, operations, pricing, product, brand and marketing units. In addition, Sean will be responsible for finalising the company’s technology transition program, which includes a new policy administration system as well as new adviser and customer digital portals.

The restructure is designed to support the company’s ambition to deliver superior experiences for customers and business partners, underpinned by better digital and automated capabilities, enhanced data and analytics and more sustainable products that better meet community expectations and regulatory obligations.

Sean McCormack, Chief Life Insurance Officer, said: “In response to the fast-changing operating environment for the life insurance industry, exacerbated by the impacts of COVID-19, I will be spearheading changes to our business operations to ensure that we deliver a better partner, customer and member experience. I am also focussed on ensuring our sustainability.

“As a member of the Nippon Life Group of Companies, we benefit from its long-term view which has enabled us to invest in the sustainability of our business and services, including our technology upgrade. Frankly speaking, I recognise that the current service experience we are delivering is not acceptable to our retail partners and customers as we are transitioning to new, legacy-free technology platforms.  These changes are a response to those challenges and I am confident that, once overcome, we will provide a superior service experience over time.

“Our ambition is to make it more efficient for advisers to protect their customers by reducing their cost to serve, make it easier for superannuation funds to manage their members’ insurance needs through real time reporting, and to provide customers with the information they need about their life insurance, all at the touch of a button.

“We have adapted and evolved to support the needs of our partners and customers for over 130 years. The rate of change over the last few years has been intense and challenging for all industry participants who believe in the importance of life insurance. We refuse to stand still. Our belief is that by making these decisions now, such as changing our structure, investing in product innovation and technology, we can be confident in our ability to support the needs of our partners and customers in the future.”

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