“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 Rogers

MLC Life Insurance has welcomed the Albanese Government’s commitment to implement 14 of the 22 recommendations made by the Quality of Advice Review, while also calling for more Australians to be given access to simple personal advice from their insurer.

“We’re pleased to see the Albanese Government delivering better financial outcomes for Australians, with clear reform to make financial advice more accessible and the intention to allow members of superannuation funds to access advice on an affordable basis through their fund,” says Kent Griffin, Chief Executive Officer of MLC Life Insurance, “but more can be done to look after those that need access to affordable, simple advice.”

“Australia’s superannuation system is world-class, in providing consistent wealth creation to working Australians while providing them a default base cover of insurance,” says Kent Griffin, “and the government’s announcement to allow super funds to provide advice to their members is a terrific step in the right direction.”

“The same notion that would see super funds provide customer service so their members have access to personalised information to make the right choice for their circumstances, is also true for Australia’s life insurers,” he said.

Life insurance plays a critical role in providing financial security and peace of mind for Australians and protecting them in life’s most vulnerable moments, but currently millions of Australians are unable to speak to their insurers about their personal circumstances to ensure they have the right coverage.

“Australians are asking pretty basic questions, all ultimately seeking appropriate coverage that’s affordable and accessible,” says Michael Rogers, Chief Individual Insurance Officer for MLC Life Insurance, “and it is virtually impossible to help if we can’t provide simple advice to our customers that suits their personal circumstances.”

“Every day, customers contact us for help as they seek to ensure they have the most appropriate cover at an affordable price. In instances where the customer no longer has an adviser, the current advice rules mean we’re simply not allowed to assist them,” says Michael Rogers. “This isn’t about making sure more people have more insurance, we want to make sure our customers have insurance that’s affordable, accessible and appropriate.”

“From a consumer protection perspective, most people believe they are seeking basic customer service and the Quality of Advice Review clearly identified that the current situation doesn’t provide enough choice for Australian consumers who are seeking simple insurance advice that isn’t comprehensive.”

In most cases, customers are simply seeking guidance to help them make a decision about their coverage in the face of changing life circumstances, including the birth of a child, the purchase of a home, or a change in their employment.

“For many Australians a financial adviser is an important investment, but for some they are simply looking to check their coverage or review their policy,” says Michael Rogers.

“Like super funds, insurers are governed by an obligation to act in the interests of our customers, including section 13 of the Insurance Contracts Act of 1984, which imposes a statutory duty of utmost good faith on life insurers, and has been interpreted by the courts as requiring the insurer to look to the interests of the policy holder,” says Kent Griffin.

This provision allows for damages as well as imposing penalties for breaches.

“These obligations are in addition to the many consumer protection and conduct obligations by which life insurers are currently restricted to operate only in the interests of customers and potential customers,” says Kent Griffin, “including the requirement to operate efficiently, honestly and fairly, anti-hawking requirements, product design and distribution obligations, prohibition on misleading and deceptive conduct, and the imminent Financial Accountability Regime.”

Life insurers, like trustees and super funds, operate in an environment where the interests of customers are at the core of the business, both culturally and because of a robust regulatory environment.

“It is clearly in the customer’s best interest to enable them to get the help they need from their insurer, to help them understand the appropriateness and affordability of their cover,” says Michael Rogers, “and some key guardrails will help ensure consumers are protected.”

MLC Life Insurance has joined industry calls for legislating consumer protections including education standards, quality assurance and oversight, clear limits to the scope of simple advice, as well as the expansion of the Life Insurance Code of Practice.

“These protections are all about making sure consumers are given the advice that’s appropriate to their needs,” says Michael Rogers, “so we can offer affordable and appropriate insurance to everyone, not just those that can afford financial advice.”

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Jarrad Wilson and Rob Dassie are well known across the industry, and their appointments add to an already strong sales leadership team, with Cassie Wilson, Dinah Munro, Lianda Stoel and Angela Reinmuth forming a respected and experienced team that has more than doubled the business’s new sales market share over the previous year.

Jarrad Wilson joins as Head of Distribution for the Northern Region, with extensive experience in life insurance sales and managing insurance advice frameworks for large and small licensees, having held leadership roles at Westpac, BT Financial Group and Suncorp Life.

Rob Dassie will serve as Head of Distribution for the Southern Region, bringing more than 20 years’ experience, including most recently at MLC Wealth as Head of Distribution and Head of Strategy and Enablement, before which he delivered outstanding services to financial planners with companies including Colonial, Commonwealth Bank, Aviva and Insignia Financial.

“Financial advisers are critical partners to MLC Life Insurance,” said Michael Rogers, MLC Life Insurance Chief Individual Insurance Officer. “Bringing in top talent ensures we can focus on delivering a total customer experience to our partners. Jarrad and Rob are the next step in demonstrating the improvements in our adviser experience and part of our strong commitment to the health and success of risk advice and the financial advice industry more broadly.”

“In Rob and Jarrad, we have two seasoned leaders in our industry,” said Michael Downey, MLC Life Insurance General Manager of Distribution. “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.”

“Our sales team has already doubled our new sales market share, and we are excited for Rob and Jarrad to continue that trajectory.”

Speaking about his appointment, Rob Dassie said, “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.”

Jarrad Wilson said, “MLC Life Insurance has an exciting strategy and I’m looking forward to executing it with the team – by ensuring we align operations with distribution we’ll make sure our service to advisers is fit for purpose.”

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Michael Rogers

MLC Life Insurance has announced a series of upgrades to the MLC Insurance product range.

From 31 October 2022:

• Income Replacement Ratios (IRRs) for both Income Assure and Income Assure+ will be raised for customers with higher incomes so they can insure a greater portion of their earnings.
• For Income Assure+, MLC Life Insurance will use an ‘Own Occupation’ assessment for clients with a 5 Year Benefit Period for the duration of the claim.

These upgrades are in addition to other Income Assure+ features, which also includes an income replacement ratio of up to 90% for six months post claim if customers select the ‘Booster’ option.

Michael Rogers, Chief Retail Insurance Officer, MLC Life Insurance, said: “Informing the design of our products is extensive customer, adviser and licensee research. Advisers want to provide their customers with greater flexibility and options in their policy, including higher income replacement levels and greater certainty of future premiums. The upgrades we are making now further enable our ability to provide quality protection to Australians.”

Income Assure and Income Assure+ were launched on 1 October 2021. They 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.

Customers also get access to Vivo, MLC Life Insurance’s health, wellness and recovery service. Launched in August, Vivo brings together all the support provided to customers insured by MLC Life Insurance under one brand, fully accessible online and offered at no additional cost.

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Michael Rogers

MLC Life Insurance has announced a series of enhancements to its Income Assure and Income Assure+ product range, following feedback from advisers.

Considering cost-of-living pressures, customers will now have the option to ‘inflation-proof’ their cover to ensure the benefits they receive at claim stage keep pace with future increases to earnings. An annual increase in cover level up to 3% can be suspended for any year or be turned off completely, should customers wish.

Other enhancements include the option for customers unemployed for more than 12 months to keep their cover regardless of employment status. In addition, customers who hold their policy inside superannuation can access a Certificate of Disability for Unemployment at no extra cost. This means if they are unemployed when making a claim, and do not satisfy the relevant condition of release, MLC Life Insurance can assess the claim outside of superannuation.

The enhancements came into effect on 27 June 2022.

Michael Rogers, Chief Life Insurance Officer, MLC Life Insurance, said: “Our goal is to ensure our customers have income protection cover that reflects contemporary needs, offering more sustainable premiums, while providing options to cater to specific requirements. We will continue to make enhancements over time.”

Income Assure and Income Assure+ were launched on 1 October 2021. They 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.

Informing the design of the products was extensive customer, adviser and licensee research. It revealed customers wanted greater flexibility of the conditions included in their policy, had high income replacement needs during the early stages of a claim, and wanted greater certainty of future premiums.

Income Assure and Income Assure+ enables most customers to have the maximum sum insured allowable, underpinned with premium stability and product sustainability. Income Assure provides an income replacement ratio of 70 per cent, with tiering for income above $150,000, and Income Assure+ provides a ratio of up to 90% for six months post claim if customers select the ‘booster’ option.

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Michael Rogers

MLC Life Insurance is offering a discount on lump sum covers for new retail customers who have a Body Mass Index (BMI) within a specified range.

Called Vivo Incentive, eligible customers will receive a lifetime discount of 7.5 per cent on their annual premium for new lump sum covers, including Life Cover, TPD and Critical Illness.

Available now, the launch of Vivo Incentive is the first component of a new health, wellness and recovery offer from MLC Life Insurance, Vivo, which will launch soon.

Michael Rogers, Chief Retail Insurance Officer, MLC Life Insurance, says, “Through Vivo Incentive, we can quickly help more customers obtain affordable lump sum cover. Our data shows by attracting healthier customers who are less likely to claim, we can help keep premiums more affordable and stable in the long term.”

“While BMI does not provide a complete picture of a person’s health, there is evidence that a healthy BMI is associated with a reduced risk of a range of conditions, including heart disease, cancer and diabetes. And using BMI as a metric is easy to calculate and verify.”

In 2021, MLC Life Insurance paid more than $1 billion in claims to customers and their families.

The health of customers has changed during the COVID-19 pandemic, which is likely to increase the incidence of life insurance claims in the future. According to an Ipsos global survey in 2021, one in three Australians (35%) gained weight during the pandemic as lifestyles and working habits changed.

To secure the lifetime discount, a customer’s BMI is calculated when they provide their height and weight in the policy application process. The discount is then automatically applied to customers with a BMI of between 18.5 and 28.5 inclusive. Advisers can quote on the discount through MLC Life Insurance’s quoting tool or their preferred research software.

Michael Rogers continued: “From application to claim, we are innovating to improve the sustainability and affordability of life insurance. By offering more primary and secondary health support for our customers through Vivo Incentive, and our health, wellness and recovery programs like Best Doctors and Cancer Aid, we are there for customers at all stages of their journey with us and driving better health outcomes.”

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Michael Rogers

MLC Life Insurance is launching a new range of income protection products offering more choice for customers seeking protection from illness and injury.

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.

The new products will be offered as part of MLC Insurance and MLC Insurance (Super) from 1 October 2021, and have been designed following extensive customer, adviser and licensee research and analysis.

This research revealed:

• 83% of retail insurance customers earn $150,000 or less per annum, with income replacement needs highest during the early stages of a claim.
• 89% of retail insurance customers were able to return to full health within the first two years of making a claim.
• Both customers and advisers value price and income replacement ratios, well above all other features.
• Advisers wanted us to introduce products with greater certainty of future premiums, underpinned by more choice and options.
• Customers would like greater flexibility of the conditions included in their policy.

Michael Rogers, Chief Life Insurance Officer, MLC Life Insurance, said: “We’re really excited to bring these new products to market. Through our comprehensive research, we’ve designed products that go further than just meeting regulatory obligations. We believe they offer clients income protection cover that reflects contemporary needs, offering more sustainable premiums, while providing options to cater to specific requirements.

“Underpinned by our ambition to be Australia’s leading and most trusted life insurer, we went back to the core principle of how we could meet customer needs. We looked at the principles of indemnity, and insuring definable, calculable, and meaningful losses caused by accident, injury, or illness. We believe these products strike the right balance between benefits and affordability.”

‘Income Assure and Income Assure+’ enables most customers to have the maximum sum insured allowable, underpinned with premium stability and product sustainability. ‘Income Assure’ provides an income replacement ratio of 70 per cent, with tiering for income above $150,000, and ‘Income Assure+’ provides a ratio of up to 90% for six months post claim if customers select the ‘booster’ option.

By providing two levels of cover, each with 4 options, advisers can choose the product and options that best meets the needs of their client. Examples of the choice provided includes how cover is assessed after two years on claim, if partial disability payments are required without the customer ever being totally disabled, or the flexibility their clients require if they return to work during the waiting period.

Michael Rogers concluded: “Our research shows that customers value Income Protection as a product, but the sobering reality is that the traditional offers in the market have not been sustainable. This needs to change.

“With the launch of ‘Income Assure and Income Assure+’, we recognise that customer needs and adviser preferences are evolving, and this is our opportunity to offer more tailored solutions through greater choice and flexibility.”

MLC Life Insurance will host a series of webinars to help financial advisers learn about the new products from Thursday 7 October.

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Michael Rogers

MLC Life Insurance is strongly encouraging all customers in Australia to get the COVID-19 vaccine as soon as they are eligible to protect themselves and the wider community from severe disease^[1].

As the pandemic continues, all Australians over the age of 50 are now eligible to receive the AstraZeneca vaccine at Commonwealth Vaccination and state and territory vaccination clinics as well as at participating general practices from 17 May^[2].

More than 130,000 MLC Life Insurance customers are aged 50 and older^[3].

MLC Life Insurance wishes to assure all customers that, despite social media speculation to the contrary, their cover will be unaffected by receiving either the Astrazeneca or Pfizer COVID-19 vaccine^[4]. Importantly, there are no specific exclusions for making a claim if a customer suffers an adverse reaction to a vaccine approved for use by the Therapeutic Goods Administration.

In addition, the life insurance cover of customers who decide not to receive the free and voluntary COVID-19 vaccines will also be unaffected.

Michael Rogers, Chief Life Insurance Officer, MLC Life Insurance, says that, in line with government health advice, it is important that eligible Australians get vaccinated as soon as possible.

“COVID-19 has re-emphasised the important role life insurers play in protecting Australians and their families in times of crisis. When someone takes out a policy with us, we make a promise for life and to be there for them when they need it most.

“We would like to reassure customers that getting vaccinated against coronavirus will not invalidate their life insurance policies or impact the ability to make a claim in future. More than this, getting vaccinated will protect the health of customers, their families and those most vulnerable to the disease in our community.”

Since the beginning of the pandemic MLC Life Insurance has assessed and paid two critical illness claims for customers who were hospitalised after contracting the virus. Both customers were in intensive care for 30 days and needed the assistance of ventilation to survive the disease.

———

[1] Customers should consult their GP if they have any questions about taking the COVID-19 vaccine given their own health circumstances.
[2] Visit here to see the Government’s vaccine rollout phases.
[3] This is for retail insurance customers holding MLCI, PPP, PF and NAFM policies.
[4] This is also the case for any other vaccine that is approved for use in Australia by the Therapeutic Goods Administration (TGA)

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Bozenna will report directly to Chief Life Insurance Officer, Michael Rogers, and become a member of his Life Insurance Leadership Team. As a part of her role, Bozenna will be responsible for ensuring the sustainability of MLC Life Insurance’s portfolio, including the new income protection product to be launched later this year.

Bozenna was most recently the Head of Portfolio Management, Individual Life at TAL where she was responsible for overseeing the commercial performance of the Retail and Direct businesses.

Bozenna has more than 20 years’ experience in the life insurance industry, including in roles spanning customer retention, claims and underwriting insights, pricing, analytics, and portfolio management. Bozenna spent a significant portion of her career to date in actuarial consulting for Trowbridge Consulting and Ernst & Young.

Bozenna is a very active contributor to the actuarial profession and is currently the Chair of the International Committee for the Actuaries Institute of Australia. She has also been Chair of the International Actuarial Association (IAA) Education Committee since 2016.

Chief Life Insurance Officer, Michael Rogers, said, “I’m delighted that Bozenna is joining us. She is a highly qualified and experienced insurance industry professional with a passion for driving great customer outcomes, backed by her extensive experience and expertise in several areas of life insurance. These attributes are especially important for us as we seek to enhance our customer and partner experiences particularly in licensee and adviser markets.”

Bozenna Hinton said: “I’m excited to be joining MLC Life Insurance – an iconic Australian life insurer – in this important role and critical time for the company. I believe that we are well positioned to take advantage of the many opportunities ahead of us, with a focus on improving the experience of customers, licensees, and advisers. I look forward to working with Michael Rogers and leading the product, pricing, and proposition team.”

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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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