Lisa Green will join Acenda Life as Group Chief People and Culture Officer, succeeding Mr Miller, effective immediately. Ms Green brings over 30 years of human resources experience across Australia and the USA, spanning financial services, listed companies and media.

With these appointments, Sean McCormack will step down as Chief Commercial Officer, after two periods of leadership with the Group. Mr McCormack originally joined MLC Life Insurance in 2009 and rejoined Acenda Life in 2025 to lead the Commercial division through the early stages of the Acenda Life and Resolution Life Australasian integration. This follows Nippon Life’s acquisition of Resolution Life globally.

Chief Executive Officer of Acenda Group, Chris de Bruin said these appointments position the business for the next phase of the Australian integration and growth strategy.

“Almost a year into our integration in Australia, the Acenda Group is making strong progress towards a simpler, digitally enabled operating model. These appointments bring together the commercial, customer and people capabilities we need for our next phase, while maintaining disciplined execution for customers, advisers and partners,” said Mr de Bruin.

“Ross has made an exceptional impact since joining Acenda Life earlier this year. He brings more than 20 years of commercial and customer leadership experience across complex financial services businesses,” Mr de Bruin said. “His enterprise perspective, deep understanding of customer and distribution operations, and proven ability to lead through transformation will be important as we sharpen our commercial strategy and build a sustainable platform for growth.”

Mr de Bruin said Lisa Green’s appointment would add significant depth to the Acenda Group Leadership Team. “Lisa brings a wealth of experience across various industries that will be invaluable as we continue to build an integrated, high-performing and people-centred culture across Australia and New Zealand.”

Mr de Bruin also acknowledged Mr McCormack’s contribution to Acenda Life. “Since rejoining the business, Sean has led the Commercial team to important market wins, supported the integration of our teams, helped establish the cultural foundations of our Melbourne office and played a key role in shaping our future strategy. I thank Sean for his contribution and wish him well for the future.”

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Sean McCormack

Acenda Life has launched a new guaranteed retirement income solution designed to provide Australians with financial confidence, as the latest research shows Australians are increasingly worried about running out of money in retirement.

The launch marks Acenda Life’s entrance into retirement, bringing Australians more choice in retirement income. Acenda Life’s Lifestream Guaranteed Income is a modern retirement income solution, and addresses the challenges posed by longer lifespans by providing predictable, guaranteed income for life, even when unexpected events occur.

The launch comes as 40 per cent of Australians aged over 45 are concerned about running out of money in retirement, amid rising living costs and uncertainty about how long savings need to last.

A new research paper by CoreData explores factors leading to retirement uncertainty, and the need for Australians to have access to new income solutions providing confidence when planning for retirement. The Paper found:

• The amount pre-retirees think they need to retire has increased by 18 per cent over the past two years to $953,550.
• 87 per cent of working Australians believe the age pension is insufficient for a comfortable lifestyle.
• The proportion of the Australian population aged over 65 will double by 2060 with a 65- year-old male expected to live 20 years in retirement, and a female another 23.
• Only one in 10 Australians feel comfortable with their financial wellbeing all the time and only 41 per cent understand how to reach their retirement goals.

Sean McCormack, Acenda Chief Commercial Officer, said: “A dignified retirement is a financial and social imperative for all Australians. With Australians living longer and living costs rising, retirees are worried about whether their savings will be enough.

“There is a clear opportunity for the industry to create more predictable retirement income solutions, that give Australians confidence and certainty in their financial future.

“Building on over a century of protecting Australians, Acenda Life is uniquely positioned to be a leader in the concentrated and underserved retirement sector. Backed by the strength of Nippon Life, Acenda has the scale, deep expertise and a proven investment capability to provide retirement solutions that will improve financial outcomes for retirees.

“This is the first in a suite of modern retirement solutions we’re building in response to the growing need for financial confidence.

“Our new solution, Lifestream Guaranteed Income, helps older Australians retire with confidence. Together with tailored financial advice, it can provide predictable retirement income and reassurance that payments will continue, even when markets or circumstances change. That certainty becomes increasingly important over longer retirement periods, while helping to counter market volatility and rising living costs.”

McCormack said financial advice is critical to help Australians understand their retirement needs and reiterated Acenda Group supports the full implementation of the Federal Government’s Delivering Better Financial Outcomes (DBFO) reforms.

“Planning for retirement is one of the most important financial decisions Australians will make and it’s important they can also get access to affordable and tailored advice to help them prepare for what should be the best years of their lives,” he said.

“We provide financial advisers with easy-to-use digital tools and access to retirement specialists, so they can generate instant quotes for their clients. This provides another layer of confidence as Australians plan their financial future.”

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Russell Hannah

Integrity Life has formally announced the appointment of Russell Hannah as the General Manager (GM), Distribution and Marketing. Russell joins Integrity from MLC Life where he served as the GM of Retail Distribution Partnerships for the past five years. Prior to that he has held a number of senior roles across the industry including with well-known insurers such as BT Life, AVIVA & ING

Sean McCormack, Managing Director and CEO said: “I’m excited to welcome someone of Russell’s industry pedigree and standing to fill this critical role at Integrity. Russell brings with him more than 20 years’ experience across life insurance and has a deep understanding of the importance of partnerships.  In addition to this, he is a thought-leader and champion for change with a genuine passion for protecting customers along with strengthening and evolving all aspects of our industry. I am delighted he has elected to join Integrity as he is an outstanding addition to the business.”

Commenting on his new role, Russell said: “Integrity is an organisation that is changing the insurance sector for the better. They are focussed on partnering with advisers, licensees, brokers and corporate clients with a contemporary and truly customer centric proposition. They also understand the importance of service excellence and creating operational efficiencies for their partners and customers alike. I’m really excited to play a key role in driving this next phase of growth and looking forward to joining the team in early June.”

Russell’s appointment comes off the back of the recent announcement of Sean McCormack as the new Managing Director and CEO.

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Sean joins Integrity from MLC Life, where he has spent the past 11 years, most recently as their Chief of Life Insurance. He is exceptionally well regarded in the industry with experience that spans the full lifecycle and value chain of the life insurance market.

He has a strong belief in the benefit of life insurance advice and the importance of partnerships.

He has a specific interest in enabling life insurance advice through technology which make him uniquely suited to Integrity, a life insurer that has recognised the benefits of a digital offering when providing a more transparent and Adviser-focused experience.

Chairman Eric Dodd said of the appointment, “This has been a key hire for us and we are delighted that someone of Sean’s calibre and experience will be joining the team.

He has an exceptional track record and is incredibly well regarded by industry participants, across the spectrum of super funds, corporate clients, licensees, advisers and their various associations, as well as our regulators.

His joining Integrity should serve as further confirmation to the market that we have the right strategy and a first class team to deliver it.

I want to use this opportunity to sincerely thank Lesley Mamelok, personally and on behalf of the Board, for her leadership whilst in the role of Acting CEO.”

Lesley will revert back to her CFO role when Sean joins on 22 March 2021

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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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Rodney Cook

The Board has completed its global search and is pleased to appoint Mr Rodney Cook as CEO and Managing Director of MLC Life Insurance, with effect from Monday 15 June 2020.

Rodney is a highly experienced CEO and financial services executive with strong actuarial insight and deep first-hand knowledge of UK, Australian and NZ financial services.

His first CEO role was as Managing Director of AMP New Zealand in 1996. He later became MD of Pearl Assurance and CEO of London Life and then held a number of senior roles at Zurich Financial Services, Prudential UK and was Managing Director of Life and Pensions at LV=UK. In 2010, he became CEO of the company that grew to be Just Group plc (UK). Under Rodney’s leadership the company became one of the fastest growing and most customer focused insurers in the UK. It also won the ‘Customer Focus Award – Large Enterprise’ at the 2019 Institute of Customer Service, UK Customer Satisfaction Awards.

MLC Limited Chairman, Peter Grey, said, “We are delighted that a person of the calibre and experience of Rodney Cook will lead MLC Life Insurance.”

Mr Cook said, “I am thrilled with the opportunity to lead an iconic company, which MLC Life insurance is. These are challenging times for all Australians and their life insurers. With the continued support of Nippon Life and NAB, and significant ongoing investment in our technology and processes, I aim to deliver outstanding service to our 1.3 million customers through our business partners and people.”

The Board also extends its thanks to Sean McCormack for his strong leadership as acting CEO and Managing Director during the last 5 months. Mr Grey said, “We are grateful to Sean for his leadership in very difficult circumstances. He has led with purpose and made a positive impact. We look forward to him taking on an expanded role within MLC Life Insurance in due course.”

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Kent will lead both the finance and actuarial teams at MLC Life Insurance. He will have accountability for financial management and internal audit strategies, systems, controls and governance frameworks to ensure continued compliance with industry and regulatory standards.

Sean McCormack, Acting Chief Executive Officer, MLC Life Insurance, said: “I’m delighted that Kent has joined us. It is an important time for MLC Life Insurance as we ensure sustainability for now and the future and fulfil our ambition to be Australia’s leading and most trusted life insurer. As a seasoned financial services professional, Kent’s experience will be instrumental as we adapt to the ongoing structural challenges facing the life insurance industry and deliver on the promises we make to our customers and business partners.

“Kent will also play a key role in maintaining our momentum in delivering the most advanced digital ecosystem in the industry to create a great experience for our customers and business partners. I look forward to him joining our leadership team.”

Kent has over thirty years’ corporate and consulting experience in financial services, both in Australia and internationally. Prior to joining MLC Life Insurance, Kent was the Chief Financial Officer of TAL (2012-19). Before that, he was a partner of Ernst & Young (2010-2012) and Regional Chief Financial Officer of AXA Asia Life (2007-2009).

Kent has a Bachelor of Economics, is a Fellow of the Actuaries Institute, a Chartered Enterprise Risk Actuary, and a Graduate of the Australian Institute of Company Directors.  He has served on several Boards, both in Australia and internationally, and is currently a Director of Hume Bank and a Board Member of the Country Fire Authority.

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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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Sean McCormack

A new MLC Life Insurance commissioned whitepaper into the cost and efficiency of life insurance advice reveals risk advisers must examine their cost base to be sustainable in a reduced commission environment.

With maximum upfront commissions decreasing to 60% (plus GST) for new life insurance policies from 1 January 2020 as part of the Life Insurance Framework reforms (LIF), the whitepaper – The Cost and Efficiency of Delivering Life Insurance Advice – suggests that commission only advisers may need to reduce their expenses by as much as 20-25% to return to profitability.

If this cost gap is not addressed, risk advisers may need to commence charging their clients a fee in addition to commissions received from product issuers to remain sustainable – a practice that would impact accessibility of advice for all Australians.

Sean McCormack, Chief of Group and Retail Partners, MLC Life Insurance, said the whitepaper allows advisers to benchmark their businesses relative to their peers while also highlighting opportunities for business improvements and change.

“What is clear from the research is that there is a need for more detailed knowledge of the true operating costs associated with providing advice, and how each facet of the process – such as marketing, administration, client servicing and compliance, can impact overall profitability. With upfront commissions reducing further next year, it is imperative that advisers act.

“The analysis shows these advisers should take the opportunity to better understand peer relative industry averages and use this information to review their own business’ costs and, potentially, make changes to their business model.”

In other major findings, the whitepaper highlights:

• 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.
• Life insurers must do more to improve the efficiency of the advice process, by simplifying and speeding up the policy application and underwriting process.
• While 67% of risk advisers say they have experienced a reduction in profit since the introduction of LIF in 2018, a surprising 42% say they haven’t made changes to their business model to accommodate the reduction.
• Less than half (48%) of risk advisers said they felt they were ready for the next phase of LIF.

Prepared by Plan For Life, Actuaries and Researchers, the whitepaper examined the costs and time involved in providing life insurance advice. It was based on an online survey distributed to a wide range of financial advisers, followed by face-to-face interviews with advisers.

Sean McCormack says that unless the costs are reduced, commissions alone would be unlikely to support the profitability of current advice models, impacting the number of Australians who are able to access advice. Further, life insurers must invest in technology to improve its efficiencies.

“We strongly believe in the value of quality, lifelong financial advice and believe more Australians would benefit from receiving it. However, 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. At a time when Australians are taking on an increasing debt, access to advice is critical for the prosperity of our nation.

“As a member of the Nippon Life Group of Companies, we see investment in technology, including digital and data, infrastructure, and support services as the best way to reduce cost and better serve advisers. Our new digital underwriting platform, for example, can now assess and admit a customer’s life insurance application in just seven days, down from 15. In the last 12 months, more than 7,200 policies have been accepted automatically without the need for any manual underwriting.

“While this is only the beginning, we believe that delivering an efficient experience that is digitally enabled can reduce the cost of advice and give advisers confidence that their businesses can be sustainable in the future.”

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From today, MLC Life Insurance will waive premiums for up to three months for affected retail insurance customers. Customers can contact us at any time from now until the end of February 2020 about the offer and how it applies to them.

Sean McCormack, Chief of Group and Retail Partners, MLC Life Insurance, said, “We are deeply troubled by the significant impact of the bushfires on our customers, their families and communities. We want to support them in their time of need. By waiving premiums for those experiencing hardship our customers can rest assured that their life insurance cover remains in place.

Advisers and customers in areas affected by the bushfires are encouraged to contact their MLC Life insurance Distribution Engagement Manager or call 132652 to apply for the offer.

The premium waiver will be available to existing customers who reside in a bushfire-affected area of NSW and QLD.

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