The Board appreciates David’s strong commitment and contribution to MLC Life Insurance. This has included leading, as the first CEO, its establishment as a standalone life insurer whilst separating from the National Australia Bank and joining the Nippon Life Insurance Group.

This has been a complex and difficult task and has required enormous personal time and energy from David. This task has been made even more complex by the significant commercial challenges facing the Australian life insurance sector along with major regulatory changes. The Board wishes David all the very best for his future.

Chief of Group and Retail Partners, Sean McCormack, will become Acting CEO and Managing Director, effective immediately, until a permanent new CEO and Managing Director is appointed.

The Board has commenced a global search and will also consider strong internal candidates.

MLC Life Insurance continues to have the full support of the Nippon Life Group, Japan’s largest private life insurer, and NAB as shareholders. MLC Life Insurance remains totally committed to its partners and policyholders as it has over the last 133 years.

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MLC Life Insurance honoured Employer of Choice award for gender equality.

MLC Life Insurance is honoured to be awarded the Workplace Gender Equality Agency’s (WGEA) Employer of Choice citation for gender equality.

MLC Life Insurance is one of 140 organisations across Australia to receive the citation, which is awarded to organisations that meet rigorous standards in workplace gender equality.

David Hackett, CEO, MLC Life Insurance said: “I’m proud that MLC Life Insurance has been awarded the Employer of Choice for Gender Equality Citation.  As a WGEA Pay Equity Ambassador, I personally believe in creating equity in our society. This citation is a significant achievement and demonstrates our organisation’s commitment to gender equality and inclusion.”

David said the citation is a great acknowledgement of the progress being made, as the life insurer continues to cultivate an ethical culture of customer empathy.

“MLC Life Insurance’s diversity helps us to attract and support people who understand the needs of our customers. Our aspiration is for every employee, to bring their whole selves to work so that we can embrace diverse perspectives and improve our employee and customer experience,” said David.

“We’re the custodians of a 133 year old Australian icon, so I see we have an extra responsibility to advance workplace gender equality for our current and future customers, employees and industry.

“MLC Life Insurance has also been a member of the Nippon Life Group of Companies since 2016 and during this time we have exchanged ideas and initiatives on diversity and inclusion. Nippon Life is looking closely at our diversity initiatives and how this can contribute to other companies in the Nippon group worldwide.”

This accolade recognises the commitment of MLC Life Insurance to enhance gender equality through initiatives that include:

• Fostering a culture of flexible working, including flexible working options and primary carer’s leave available for all employees.
• Training and policies in place for all MLC Life Insurance employees.
• Running an annual pay gap analysis.
• Supporting parents and working families, with parental leave is available to both males and females.
• Having a domestic violence policy and support initiatives.
• Establishing a Diversity and Inclusion Council to listen to employees, improve the gender balance, deliver responsive programs and drive progress.

“Through programs such as these we are dedicated to building a supportive environment for MLC Life Insurance employees,” said David.

“Embracing workplace gender equality means different things for different organisations. Every employer committed to gender equality embarks upon their own unique journey towards achieving the equal participation by women and men in their workplace. The WGEA Employer of Choice for Gender Equality citation provides a rigorous and sophisticated roadmap to guide employers along the path,” said WGEA Director Libby Lyons.

“We have awarded a record 140 EOCGE citations this year. All of our 2018-19 EOCGE citation holders are at different stages of their gender equality journey. What unites them is their determination and commitment to achieving workplace gender equality. I congratulate all of these organisations for being agents of change, leading the way forward for other Australian employers to follow.”

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Sally Loane

The Financial Services Council, which represents most of Australia’s life insurers, has launched the inaugural Parliamentary Friends of Insurance Group alongside MLC Life Insurance and AIA Australia.

At a launch event in Canberra on Wednesday 18 October, fitness data for three federal politicians – Senator Deborah O’Neill, Senator Dean Smith and Ms Terri Butler MP – was released to demonstrate how wearables and wellness programs can improve the health of Australians.

Each of the politicians wore a fitness tracker for one month to monitor step count, hours of sleep, heart rate and calories burned.

Their results were as follows:

Sally Loane, Chief Executive Officer at the FSC, said, “The life Insurance industry in Australia has been going through massive reform. It’s terrific to hear how insurers are using the latest technology to help people live longer and healthier lives, over and above providing insurance policies. These initiatives, which are beginning to merge positive health and life insurance outcomes, are very welcome.”

Life insurers are increasingly investing in wellness programs to help improve the health of their customers.

MLC On Track and AIA Vitality are examples of health and wellness programs designed to incentivise and reward customers for physical activity and positive health behaviours.

These programs deliver positive benefits for customers, as well as shared benefits for both government and insurers through lower health costs and lower claims.  It’s a win-win-win and gaining traction across the industry.

Damien Mu, Chief Executive Officer of AIA Australia and New Zealand said, “Most Australians are aware that we could, and should, be taking steps to improve our health. But we overestimate our ability to make healthy choices consistently, and underestimate the long-term harm caused by daily unhealthy decisions. By rewarding healthy behaviour, health and wellness programs are a proactive way for life insurers to make healthy choices the easiest choices and help people live longer, healthier, happier lives.”

David Hackett, Chief Executive Officer at MLC Life Insurance, said, “As the life insurance sector adapts to changing customer needs and the era of big data, it’s vital that insurers use technology to provide more value to customers and support them throughout their lives, rather than simply at the time of making a claim.

“It’s great to be recognised for the work we are doing to improve the health of customers – and for our parliamentary representatives to engage in this push, and support us to support our customers,” said Hackett.

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David Hackett

MLC Insurance yesterday announced it will cut premiums for two of its key life insurance products by up to 15 per cent, effective yesterday.

David Hackett, Executive General Manager, Insurance, said “At MLC, we know that every dollar counts for Australian families, so we’re making our insurance options more affordable.”

Effective from 23 November 2015, stepped premiums for life cover insurance, as well as total and permanent disability (TPD) extension insurance, will fall by 15 per cent for new customers at, or when they reach 45 years of age or over on the MLC Insurance and MLC Insurance (Super) products.

MLC will also be reducing stepped premiums rates for life cover insurance and TPD extension insurance for new customers at or when they reach between 40-44 years for MLC Insurance and MLC Insurance (Super). These customers will receive a 2.5 per cent cumulative rate cut each year up until 45 –which in total will represent a full 15 per cent saving. From age 45 onwards, the 15 per cent rate cut will apply.

“With many insurance premiums increasing as you get older, a 15 per cent rate cut from 45 years of age represents a significant saving.’’

“This will help more Australians to keep life insurance for longer, which is an important component in helping to save for retirement,’’ said Mr Hackett.

Over the past 12-months, MLC has announced a number of new initiatives to improve customer and adviser experience, including:

• removing insurance policy fees in an effort to improve affordability, particularly among younger customers
• increasing our multi-cover discount to a maximum of 30 per cent
• extending our TPD optimiser
• introducing insurance premium payments by partial rollovers.

“Yesterday’s announcement represents the next step towards delivering on our goal of making life insurance more affordable and accessible for more Australians.’’

Mr Hackett said the rate reductions will make MLC significantly more competitive in the marketplace, and put us in a strong position to win new business.

“We are confident these changes, which come off the back of our partnership with Nippon Life and our recent innovation with MLC On Track, will be well received by advisers and customers.’’

Research conducted by KPMG for the Financial Services Council shows that approximately 11.5 million working Australians are underinsured, and 19 per cent of families do not have any life insurance.

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Kathy joined MLC in 2012 with more than 20 years of financial services experience. She has led MLC’s Retail Investment Platforms strategy team since 2012, having previously worked in roles involving product strategy, development and management for retail investors across a breadth of products including cash, online trading, managed investments, direct investing and investment platforms.

As General Manager for Retail Wealth platforms, Kathy will lead a team responsible for managing and developing products that sit on the MLC Wrap, MLC Navigator and MLC MasterKey platforms, representing over 350,000 investors and $60 billion in Funds Under Management (FUM).

Executive General Manager David Hackett said, “We’re delighted to appoint Kathy to this fundamental leadership role. Kathy is a strong leader with a deep understanding of the retail wealth industry. Her track record in this area is exceptional and we’re very excited to have her level of expertise in our business.

“MLC is committed to helping our customers build their wealth and save their retirement. Kathy will lead a team focussed on this commitment at a time of great growth and opportunity for our customers.”

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NAB Essential Life launches life insurance protection online process.

It’s now easier than ever for Australians to protect themselves and their loved ones with life insurance, with the National Australia Bank (NAB) launching the new online NAB Essential Life protection to coincide with MoneySmart Week.

Customers will be able to apply for the NAB Essential Life insurance protection online at nab.com.au in only a few simple steps and receive cover immediately.

To celebrate the launch of NAB Essential Life, customers who receive coverage online by 31 October 2014 will receive a 10 per cent discount on their premium for the life of the policy.

Unfortunately, many Australians don’t realise the importance of life insurance. According to the latest MLC Wealth Sentiment Survey, 50 per cent of Australians don’t want or don’t think they need life insurance to protect their family’s finances in the event something happens to them.

Retail Wealth Product Executive General Manager, David Hackett said NAB Essential Life was designed to make it simpler for Australians to protect their family’s future with life insurance.

“We are constantly looking at ways to make it easier for Australian families to protect their financial future, and address our nation’s underinsurance problem,” Mr Hackett said.

“We all know that life doesn’t always go according to plan and life insurance can help protect your loved ones if the unexpected happens.

“The launch of NAB Essential Life marks the first time our customers can apply for and receive life insurance protection quickly online at nab.com.au, and is an important part of our strategy to make quality financial advice and services accessible to more Australians.

“The last thing anyone wants is to leave their loved ones in financial difficulty after they are gone. NAB Essential Life gives you the peace of mind that your family will be protected.”

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