Media release

10 October 2019

MLC Life Insurance partners with industry to better serve customers and the community

MLC Life Insurance is delighted to have partnered with Australian and New Zealand Institute of Insurance & Finance (ANZIIF) and fellow Australian life insurers as part of the Life Insurance Professional Standards Working Group (LIPSWG), to better serve customers, the community and employees of the industry alike.

Signalling a new way forward for the Australian life insurance industry, MLC Life Insurance alongside ANZIIF and the LIPSWG, have signed a Memorandum of Understanding to work together for the benefit of the industry.

The memorandum includes establishing the Professional Standards Framework; undertaking a demographic survey; and undertaking an assessment of current knowledge standards within the agreed framework.

MLC Life Insurance, CEO, David Hackett said:

“We’re proud to have signed a Memorandum of Understanding with ANZIIF and other members of LIPSWG. This is a good opportunity to drive improvements and collaborate to rebuild trust, both with customers and in the broader community,” said Hackett.

“We believe these initiatives will improve the professionalism of the industry; improve community confidence in life insurance; create a better experience for customers and attract and retain career employees.

“Life insurance protects millions of Australians. It makes valuable promises to them and their families. We’re committed to not only being there in their time of need, but throughout their life, during all its stages and milestones.”

MLC Life Insurance has been providing life insurance for 132 years and proudly provides more than 1.6 million Australians with the assurance that they and their loved ones will be supported when they need it most. In 2018 alone, the life insurer paid out more than $1 billion in claims. As a whole, the life insurance industry has paid out more than $8 billion.

While there is more to do, MLC Life Insurance remains committed to investing in its people, processes and technology. Participating in establishing the Professional Standards Network supports this commitment.

Members of the Life Insurance Professional Standards Working Group include MLC Life Insurance, AIA Australia, AMP Life, Westpac Financial, Clearview, TAL Life Limited and Zurich.