MLC Life Insurance has welcomed the industry's first-ever mandatory consumer Code of Practice.

CEO of MLC Life Insurance, David Hackett, said "We have been active and constructive in driving the development of this Code in collaboration with other FSC life insurance members. First and foremost, the Code of Practice is customer-focused and the right thing to do. It will also ensure that there are consistent standards which will be binding on FSC industry members."

“Consumer trust is built on honesty, transparency, speediness and clarity of communication, as well as dependable claims processes. The Code sets the industry on a clear path to increase trust and ensure that all Australians can continue to benefit from life insurance products that provide security and peace of mind.”

Said Hackett, “We support and have signed this Code with clear intent: We want to ensure all consumers benefit from a responsible, industry-wide approach to life insurance practices.

“At MLC Life Insurance, we’re constantly striving to improve the customer experience. For example, we’ve been the leading way in rapidly expanding the number of health professionals employed in the insurance industry, such as, doctors, nurses, physiotherapists and psychologists. We’ve also improved our claims processes, and continue to do so, including reducing the case load in our claims teams by about 30 per cent so our people can focus on helping our customers in their time of need.

“It’s our culture to pay claims quickly and with a minimum of fuss. We want customers to spend more time focusing on getting well and less time filling in forms for us.”

“We intend to be constructively engaged with the industry and regulators in the further development of minimum standard medical definitions for the Australian life insurance industry and any further evolution of the Code of Practice.”

About MLC Life Insurance

MLC Life Insurance is a specialised life insurance business. It represents a landmark strategic partnership between National Australia Bank (NAB) and Nippon Life Insurance under which NAB retain 20% shareholding and Nippon Life hold a majority 80% of the shares in MLC Limited, the entity which operates the MLC Life Insurance business.The Australian-led and managed business aims to leverage Nippon Life’s global presence, built over 127 years, alongside MLC Life Insurance’s significant experience in understanding and meeting the insurance needs of everyday Australians since 1886.

For more information on MLC Life Insurance, visit mlcinsurance.com.au