MLC Life Insurance is changing its business development support offering to financial advisers, following its introduction of business engagement managers (BEMs) to its Retail Advised division last year.
The new roles would help advisers build skills and resources in marketing, fintech capability and customer engagement.
MLC Life acting chief customer officer, Retail Advised Insurance, Sean McCormack, said these were areas in which advisers historically weren’t experts but would help them better engage with customers in a changing environment.
“Our sector is moving away from a ‘set and forget’ mentality, and customers’ needs and expectations have risen dramatically. They want tailored interactions that are quick, easy and online,” he said.
“The advisers we speak to see that and are now revisiting the way they engage with their customers to give them a more individualised experience.
“Our BEMs are here to support them to build the skills and resources in these areas to better interact with their customers. We’re proud to be the only life insurer in the market offering this kind of service.”
Since the appointment of the first BEMs twelve months ago, they had worked with 120 advisers. During that period, those advisers saw a 25 per cent improvement in their lapse rates with MLC Life Insurance.
The company said this had indirectly seen a 22 per cent increase in the number of new customers being insured with MLC Life Insurance from January to May, 2018, compared to the same period last year.
