Life insurance advisers want more digital capabilities
Life insurance advisers and superannuation partners will be challenged when looking for a partner that can provide them with data and digital capabilities relevant to their business, MLC Life Insurance believes.
MLC Life Insurance chief customer officer, bancassurance digital and direct insurance, Anand Thomas, said advisers believed digital and data changes would play a significant role in making their job easier.
He said the most fundamental challenge in terms of big data would be moving away from having multiple sources of data to a single source of truth.
Thomas said it would entail the ability for advisers and people across a life insurance company to access and extract the same data from one place.
"This is opposed to having teams of people cutting and re-dicing reports for the same information which is extremely cumbersome and takes a lot of time," he said.
"Whole heartedly I would say yes to whether advisers were on board with big data and digital changes. Their overarching request has been ‘makes things easier for us'."
Thomas said the other challenges would be around privacy and the sharing of data between organisations to drive the right customer experience, working with relevant regulators to ensure everything was compliant, educating customers on data benefits, and data security.
"Advisers and superannuation partners will be looking for a partner who can provide them capabilities to offer these services. Looking for a partner that is fast enough and in a manner that is customised to the relevant business would be the challenge," he said.
Recommended for you
EY has broken down which uses of artificial intelligence are presenting the most benefits for wealth managers as well as whether it will impact employee headcounts.
Advice licensee Sequoia Financial Group has promoted Sophie Chen as an executive director, following her work on the firm’s Asia Pacific strategy.
The former licensee of Anthony Del Vecchio, a Melbourne adviser sentenced for a $4.5 million theft, has seen its AFSL cancelled by ASIC after a payment by the Compensation Scheme of Last Resort.
The Australian Financial Complaints Authority has reported an 18 per cent increase in investment and advice complaints received in the financial year 2025, rebounding from the previous year’s 26 per cent dip.
