MLC Life creates new life insurance division, appoints new life chief

Mr McCormack will report directly to chief executive Rodney Cook and head up the life insurance team, with responsibility for the company’s group and retail distribution channels, underwritings, operations, pricing, product, brand and marketing units. Mr McCormack will also be responsible for finalising the company’s technology transition program, which includes new adviser and customer digital portals.

“In response to the fast-changing operating environment for the life insurance industry, exacerbated by the impacts of COVID-19, I will be spearheading changes to our business operations to ensure that we deliver a better partner, customer and member experience,” Mr McCormack said.

“As a member of the Nippon Life Group of Companies, we benefit from its long-term view which has enabled us to invest in the sustainability of our business and services, including our technology upgrade.”

MLC says that the restructure is designed to support its ambition to “deliver superior experiences for customer and business partners”, underpinned by better digital and automated capabilities and more sustainable products that better meet community expectations and regulatory obligations.

“Frankly speaking, I recognise that the current service experience we are delivering is not acceptable to our retail partners and customers as we are transitioning to new, legacy-free technology platforms,” Mr McCormack said. 

“These changes are a response to those challenges and I am confident that, once overcome, we will provide a superior service experience over time…Our belief is that by making these decisions now, such as changing our structure, investing in product innovation and technology, we can be confident in our ability to support the needs of our partners and customers in the future.”