Strong market understanding the MLC advantage
MLC Insurance Life Cover and TPD (total and permanent disability) product has taken gold in the Super Term and TPD Rider Product award category at the Money Management/DEXX&R 2016 Adviser Choice Risk Awards for the second year in a row.
MLC chief customer officer, retail advised insurance, Melissa Heyhoe, said the win was a reflection of the company's close understanding of the market space.
"It is an area of market where you need a strong market proposition and it needs to be a real value for our customers, she said.
"Our product is comprehensive, it's flexible, specifically from changes we've done over recent times."
Following premium reductions for life and TPD over the past 12 months, Heyhoe said that MLC had worked comprehensively on attention to detail to support premium payments through rollovers from superannuation funds.
With regard to customer service having contributed to the category win, Heyhoe said MLC had worked to deliver a high level of affordability and accessibility, which went above the nature of the product offering.
Taking second place this year was Zurich's Protection Plus Life Cover and TPD product, which a Zurich spokesperson attributed to a strong focus on customer value and customer service, as well as the recent introduction of a new bundling discount to reduce customer fees.
The bronze award was presented to BT Financial for its BT Wrap Term Life product. National manager, life insurance products, Scott Moffitt, said that BT had worked to a new focus over the course of the year to deliver innovative features and flexibility of services.
"It is a comprehensive range of personal and business insurance products that meet the needs of a diverse group of customers," he said.
"We are focussed on delivering new and improved products and services to maximise the best outcome possible for our customers."
Super Term & TPD Rider 2016
Gold — MLC: Insurance Life Cover and TPD (MLC MasterKey)
Silver — Zurich: Protection Plus Life Cover and TPD (Zurich Superannuation)
Bronze — BT: BT Wrap Term Life (BT SuperWrap)
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