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.”
Unbelievable, the guy responsible for last year and this years systemic processing problems has now been put in charge of the whole shebang! If that’s not politics at its best, I don’t know what is.
MLC is a disaster that isn’t getting any better.
C’mon guys, call this for what it is.
All the mature books across so many insurers have been hoovered up into 2-3 super insurers. They will sit on the margins with premium increases, while managing the cost ratio down.
Meanwhile there is a ‘new breed’ of small insurers to provide a semblance of competition.
But in truth, all of life and disability insurance is in transition until the new products and new distribution models are figured out. Because the current setup doesn’t work.
But that is still some way off yet. For now, watch those IP and TPD claims rise in the next 12-24 months.
Will APRA and ASIC do their job and monitor how well trustees manage these claims? Because traditionally it has been a weak area.
They must be bleeding a lot of business.
I’m sure anyone here using them at all has ripped out at least some of their hair dealing with them since their move to new systems.
How about appointing some staff so simple changes to MLC insurance policies don’t take 3 months. Our MLC BDM is telling us not to use them at the moment because the whole place is a mess.
They are a life insurance company. What other divisions are there? This looks like an org structure to keep a want to be CEO happy.
What are the other divisions of a life company outside of the “life division”?