MLC Life launches its group insurance platform
MLC Life Insurance has positioned itself to move further into the group insurance market with the launch today of a new digital platform for superannuation funds.
The new platform represents the next phase in the company's $400 million technology transformation, and has been branded as LifeView.
According to the company, the platform will deliver a comprehensive and integrated experience for trustees, administrators and members and will be accessible to members via any device.
Commenting on the launch, MLC Life Chief Customer Officer of Group Insurance, Suzanne Smith said the company believed the new platform would put the business in a great position to challenge the established players in the group insurance market.
“We’ve been investing heavily in our technology and systems since separating from NAB last year. We’ve now got a digital capability that gives trustees a genuine point of difference for their members’ insurance needs," she said.
“Everyone is well aware of how frustrating and time consuming it can be to access group insurance, both for those making a claim and for those managing their cover. It can feel like a black hole at times. We wanted to develop a platform that would put members in complete control of their life insurance, and at a time and place that’s convenient to them," Smith said. “For trustees, we also wanted to create a platform that would lift the lid on how individual claims and their timeframes are being managed by the life insurer, and whether services arrangements are being met.
“Our goal is to become Australia’s leading and most trusted life insurer, and we want to play a bigger role in the group insurance market. To do that we need to focus on how we can transform the way funds and members engage with life insurance, and to do so in a transparent way. This platform will enable us to do that."
Recommended for you
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.
Treasurer Jim Chalmers has opened a consultation into the design of the annual superannuation performance test, canvassing views on a range of reform options.
