“Appointing Arthur Tang in Queensland, and Mat Amanovich and Adam Read in New South Wales will boost our strength and experience and deliver quality interactions for our partners,” said Michael Rogers, Chief Individual Insurance Officer for MLC Life Insurance.

“Financial advisers have always been key partners for MLC Life Insurance,” he said. “Bringing in experienced industry professionals means we can continue to focus on delivering a total customer experience to our partners, and these hires are the next step in underlining the improvements in our adviser experience and part of our ongoing commitment to the health and success of the financial advice industry.”

The new hires add to an already strong bench with runs on the board.

“Our sales team has already doubled our new sales market share,” said Michael Downey, General Manager of Distribution for MLC Life Insurance, “and we’re excited for these new appointments to continue that trajectory.”

“In Arthur, Mat and Adam, we have three seasoned leaders in our industry, they’ll be a crucial part of our sales strategy which is focused on new business growth, building out our key partnerships and driving a culture of excellence.”

Adam Read brings to MLC Life Insurance more than 23 years of diversified financial services experience, including at Westpac and BT.

“I’m proud of my reputation for building trusted partnerships with some of the country’s top advice businesses, and at MLC Life Insurance I’ll continue to help financial planning practices achieve the goals of their clients and businesses,” Mr Read said.

Mat Amanovich has almost a decade of experience working in financial services including business development roles at multiple leading insurers and financial institutions, most recently at Clearview.

“MLC Life Insurance is one of Australia’s leading and most trusted insurers, and I’m proud to continue that tradition and help usher in a period of increased growth and better outcomes for advisers,” he said.

Rounding out the team in Queensland, Arthur Tang brings more than two decades of experience in financial services, having undertaken business and practice development roles with several leading insurers and financial institutions.

“I’m passionate about building trusted partnerships and helping advisers and their staff deliver exceptional outcomes for their clients, and I’m excited to do that for an insurer with such a terrific proposition for advisers,” Arthur said.

MLC Life Insurance also announced that long-time team member Ben Deslongrais will take up a promotion in Victoria, adding to the Southern Distribution team.

Ben Deslongrais, who has been working at MLC Life Insurance for 13 years and in a business development role since 2017, said of the appointment: “This new role is nine years of hard work coming to reality. I love the adviser development space and enjoy working with and embedding myself into adviser offices.”

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Michael Downey

In an environment of rising household costs and affordability pressures, MLC Life Insurance has launched a campaign to promote its competitive new business pricing. The campaign highlights the value being offered to customers, while showing how advisers can best structure insurance cover to suit their clients’ needs in an ever-changing risk advice landscape.

The ‘It’s not a miscount’ campaign centres on the discounts of up to 50%^[1] that are available for retail customers through their adviser. The new competitive pricing is part of MLC Life Insurance’s focus on regularly reviewing and improving its products to ensure advisers can get the best value for money while meeting their clients’ needs.

“Backing advisers is a big part of our 137-year history, and finding ways to offer better discounts and value for customers is one of the ways we’re continuing to do that,” said Michael Downey, General Manager for Distribution for MLC Life Insurance.

“This campaign is all about making sure advisers know that MLC Life Insurance’s competitive new business pricing can deliver better value for customers, and our overall product offering will deliver better outcomes.”

Discounts that can save clients up to 50% form the centrepiece of the campaign and are the result of a structured approach to customers’ insurance needs:

• Multi-cover discount (MCD) – a 10% discount on eligible lump sum covers for customers who bundle with Income Protection.
• Vivo Incentive – a 7.5% discount on premiums for customers within certain BMI range.
• Income Protection Large Case Discount – between 7% and 10% in tiered discounts for clients with greater amounts of Income Protection cover.
• Lump sum Large Case Discount – between 5% and 40% tiered discounts for clients with greater amounts of lump sum cover.

MLC Life Insurance is also currently waiving policy fees for new customers, so clients don’t have to pay extra when advisers set up their policies.

“I’d encourage advisers to consider new pricing options on the Adviser Portal and to get in touch with our BDMs to discuss how we can help them deliver better value and better outcomes to their clients,” said Michael Downey.

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[1] Eligibility criteria and terms conditions apply.

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Vivo provides a suite of services to MLC Life Insurance customers to improve their physical health, mental health and wellbeing. It brings together all the support and tools available and is offered at no additional cost.

MLC Life Insurance is now making Vivo’s Virtual Care service available to advisers and their practice staff that partner with MLC Life Insurance.

It offers access to the following services:

• Doctors Online: To get answers to general and non-urgent medical questions from a panel of registered doctors in Australia.
• An Expert Medical Opinion: An in-depth review of any physical condition from leading global medical experts, delivering a better understanding of diagnoses and treatment options.
• Mental Health Navigator: A discreet, expert clinical review of diagnosis and treatment plans for mental health conditions.
• Fitness Consultant: A video consultation with an exercise physiologist who will deliver a fitness plan tailored to goals and lifestyle.
• Nutrition Consultant: A video consultation with a dietitian who will provide a nutrition plan tailored to goals and lifestyle.

Michael Downey, General Manager of Retail Distribution Partnerships, MLC Life Insurance, says that offering Vivo Virtual Care to financial advisers will provide them with an additional tool to address rising stress levels in the industry.

“The changes we have seen in the past few years have sadly brought a huge mental health burden on advisers. Personally, I have spoken to many who want to leave the industry because things are simply too hard,” he says.

The recent Australian Financial Advisers Wellbeing Report 2021^[1] by Deakin University revealed that:

• 82% of practitioners found regulation and compliance to be ‘highly’ to ‘very highly’ stressful
• 73% of planners experienced high levels of burnout from work
• 67% deal with some level of depression
• 17% were depressed most or all the time.

“While we are helping customers to improve their health and wellbeing – from fitness consultations through to a second opinion on a medical condition from a team of experts – we wanted to offer the same service to advisers,” continues Downey.

“We’re here to protect our customers, but we also have a responsibility to support the people who provide them with the vital advice that delivers that protection. Our experience shows Vivo can make a significant difference in people’s lives, and we want advisers to access that too.”

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[1] The E-Lab and Deakin University. 2021. The Wellbeing of Financial Advisers in Australia Report. Produced by The E-Lab PL Sydney Australia, https://wellnessdesigns.com.au/wp-content/uploads/2022/06/AustralianFinancialAdvisersWellbeingReport-2021.pdf

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Michael Downey, General Manager for Retail Distribution Partnerships, MLC Life Insurance, says we believe all Australians should have access to good advice – it is better for them, better for society, better for taxpayers, better for everyone. 

“Successive and ongoing regulation of the advice process has made insurance advice far too costly, leaving too many Australians vulnerable to life events. 

“The Proposals Paper is a step in the right direction and shows there will be meaningful change in reducing the costs associated with providing advice by removing needless red tape while ensuring consumers are protected. This will in turn allow more customers to engage with advice firms who have drifted away from providing insurance advice to clients, to now reconsider including it as part of their advice proposition, ensuring these customers have the appropriate level of insurance protection.” 

“While we await further detail about the future of life insurance commissions, we believe the proposed reforms to the statement of advice, fee disclosure statements, and the obligation to provide good advice are encouraging. On a practical level, this will save a significant portion of administrative time for advisers, leaving them to focus more on the needs of their existing and importantly future customers.” 

“Ultimately, we must do what’s right for our customers and their advisers, which means ensuring more advice, not less. We look forward to working closely with Treasury over the coming months to ensure a positive outcome for all Australians.”  

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Michelle Levy

MLC Life Insurance believes Treasury’s Quality of Advice Review (QAR) should focus on how to ensure more access to financial advice for all Australians, regardless of their wealth.

As Independent Reviewer Michelle Levy and The Treasury consider their recommendations ahead of a draft report anticipated later this month, MLC Life Insurance believes all options should be considered to make advice more affordable for those that receive it, and more cost effective for those that provide it.

Michael Downey, General Manager for Retail Distribution Partnerships, MLC Life Insurance, says successive and ongoing regulation of risk advice is leaving too many Australians without protection, and therefore vulnerable to life events.

“Extensive research shows unequivocally that people have greater peace of mind when they receive quality, life-long, financial advice. But after years of inordinate regulation, however well intentioned, we are haemorrhaging advisers who provide critical advice to clients in their time of need. The trend is not sustainable.

“Unless we take steps to reduce the cost of advice, I have a real fear that only the wealthiest Australians will be able to afford to see an adviser. That means fewer people will have appropriate life insurance protection for their needs and they will fall through the cracks. Where is the fairness in that outcome?”

According to benchmarking research by MLC Life Insurance into the cost of advice, unless advisers can remove 20-25% of the current cost base for each business, advice will not be profitable, leaving many Australians to make important financial decisions on their own.

On average, a total of 10 hours is required by a risk adviser to prepare and implement life insurance advice for a client in simple cases, and up to 15 hours for more complex cases.

MLC Life Insurance is seeking to ensure:

• Consumer choice in how to pay for advice: To have a sustainable advice sector, commissions must continue to remain an option that supports everyday Australians having access to much-needed financial advice during key life moments. This includes maintaining the Life Insurance Framework.
• Scaled advice tailored to specific customer need: For life insurance, this could be as simple as a “Life Cover Assessment” that may or may not include a product recommendation. Despite consumers calling out for this style of advice, current regulation and guidance makes this difficult in practice, with often the only options provided being costly full, holistic personal advice or no advice/support at all.
• Tax deductibility of advice: The cost of obtaining personal financial advice should be tax deductible, to increase affordability and accessibility. It may be appropriate to target this assistance to ensure it has the effect of enabling those who cannot currently afford advice, rather than subsidising those who already pay for financial advice.
• Increased use of technology and digital solutions: Legislation and regulatory practice should support innovation and enable technology to provide solutions to industry challenges. Digital solutions, which aim to address the complexities of the advice process, deliver cost-effective compliant advice journeys, that are adviser-led, technology driven and supported by regulator and industry stakeholders.

Michael Downey continued: “We must do what’s right for our customers and their advisers, which means ensuring more advice, not less. The recommendations we have put forward to Michelle Levy and her team are reasonable and we look forward to working closely with them over the coming months to ensure a positive outcome for all Australians.”

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Michael Downey, General Manager of Retail Distribution Partnerships at MLC Life Insurance, has expanded his leadership team with several recent appointments that have significant industry expertise in retail insurance and strong partnership credentials.

These appointments broaden the team’s existing strength and include:

• Lee Cheesman – Head of Retail Distribution Governance & Key Accounts. Lee has worked in the industry for over 30 years and has a strong background in Distribution, Sales, Account Management, Advice, Compliance, Risk Management and Operations. Lee began his career as a financial adviser in the UK and then upon arriving in Australia has spent the past 20 years at MLC Wealth in advice and senior leadership roles. These include – Practice Development Manager, National Insurance Retention Manager, Head of Advice Development and Head of Strategic Growth Advice. His most recent role also involved leading the MLC Advice Licensee Partnership Program.
• Justine Marquet – Senior Manager Retail Distribution Strategy, Enablement & Capability (secondment). Justine has 25 years’ experience in the life insurance industry and is currently the Head of Product Technical Services & Regulatory Change at MLC Life Insurance. Prior to joining MLC Life Insurance Justine held senior leadership roles at both AIA Australia and AXA in education and technical support services for advisers. Before then, she was Head of Professional Development at Kaplan.

The new appointments follow the launch of MLC Life Insurance’s new income protection products called Income Assure and Income Assure+. The products provide income protection insurance with a range of cover options to suit specific needs and budgets, making it easier for advisers to help clients protect what’s important to them.

General Manager of Retail Distribution Partnerships, Michael Downey, said, “I’m delighted that both Lee and Justine are joining us. They are highly qualified and experienced insurance industry professionals with a passion for improving our partnerships with advisers and licensees. Their expertise will be important in supporting our strategic direction and to deliver on the promises we make to our customers and business partners.”

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Michael will report directly to Chief Life Insurance Officer, Michael Rogers, and join MLC Life Insurance on 22 March. He will replace outgoing GM, Russell Hannah, who will leave the life insurer on 26 March.

Michael has more than 30 years’ experience in financial services, including advice and licensee strategy, strategic product development, distribution strategy and management. He has held senior executive roles in advice partnerships, wealth distribution, retail insurance, retail investments and group insurance. Most recently, he was the General Manager of Advice Partnerships with responsibility for leading the MLC Advice Licensees. Prior to that he led the MLC Wealth Strategic Accounts, IFA and Self-Employed Distribution teams, and has also held executive management roles at Tower Australia, CommInsure and AXA Australia.

Michael Rogers, Chief Life Insurance Officer, MLC Life Insurance, said: “I am delighted that Michael has joined us as we enter the final phase of our technology upgrade. His deep experience and leadership skills will be central to delivering our retail distribution strategy and management.

Michael Downey said: “I am thrilled to be joining MLC Life Insurance. I’ve a long-standing admiration for this iconic Australian life insurer, which is soon poised to leverage its significant investment in technology in order to excel in servicing licensees and advisers. I’m looking forward to leading the distribution and adviser servicing team”.

Departure of Russell Hannah

MLC Life insurance also acknowledges the significant role that Russell Hannah has played over recent years. He has been an important member of the leadership team and reinvigorated MLC Life Insurance in the adviser and licensee markets, seeing our market share increase significantly.

Michael Rogers said: “I’d like to thank Russell for his strong contribution and commitment to our customers and our business, as well as for his committed leadership of our retail adviser teams. I wish Russell well as he moves into the next phase of his career.”

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