Five years after the launch of MLC’s business overhead proposition, the offering has taken out the Business Overhead Product category at the Money Management/DEXX&R 2016 Adviser Choice Risk Awards.
MLC’s chief customer officer, retail advised insurance, Melissa Heyhoe, said that the company’s business overhead proposition was a solid one and covered a broad range of circumstances.
“We launched it back in 2010/2011, and over the last five years or so, we’ve been able to maintain our pricing structure,” she said.
“[We have] maintained the strong features of the product.”
For MLC chief executive, David Hackett, a gold placement in the category was reflective of the company’s approach to delivering customer-centric services.
“It reinforced the importance of putting the customer, the policy holder first, and having their interests primarily at the forefront of everything that we do,” he said.
“Our commitment is to run the business for the benefit of our policyholders and make sure we are providing well featured products at affordable prices.”
Zurich scored silver in the category for its FutureWise Business Expenses offering, which a spokesperson said was a unique offering which gave an extra dimension to product offerings in this year’s business overhead category.
Zurich said that the offering was of particular value to small businesses and partnerships and covered 75 per cent of the costs of replacing key people as part of its Key Person replacement feature.
Clearview’s LifeSolutions Business Expense saw the insurer take the bronze award this year, after a successful gold placement in the same category at the 2015 awards.
Business Overhead Products 2016
Gold — MLC Insurance: Business Expense Platinum
Silver — Zurich Life: FutureWise Business Expenses
Bronze — Clearview: LifeSolutions Business Expense
