A former senior manager in MLC’s advice business will step into the role of general manager of retail distribution at MLC Life Insurance, the insurer announced on Monday.
In a statement, MLC Life said Michael Downey would be appointed to the position later in March, replacing outgoing general manager Russell Hannah.
Mr Downey was previously general manager of advice partnerships at MLC for two years, and had held a range of other senior management roles in his 10-year career with the wealth brand.
“Michael has more than 30 years’ experience in financial services, including advice and licensee strategy, strategic product development, distribution strategy and management,” MLC Life said.
“He has held senior executive roles in advice partnerships, wealth distribution, retail insurance, retail investments and group insurance.”
Mr Downey had also previously worked for TAL as head of insurance products and strategic marketing from 2002 to 2006.
MLC Life said he would report to chief life insurance officer Michael Rogers in his new role, with responsibilities for “the strategic and operational leadership and direction of the retail distribution partnerships function”.
Mr Rogers said he was delighted that Mr Downey would be coming on board at the final phase of MLC Life’s technology upgrade.
“His deep experience and leadership skills will be central to delivering our retail distribution strategy and management,” Mr Rogers said.
Mr Downey said he was “thrilled” to be joining the insurer.
“I’ve a long-standing admiration for this iconic Australian life insurer, which is soon poised to leverage its significant investment in technology in order to excel in servicing licensees and advisers,” Mr Downey said.
“I’m looking forward to leading the distribution and adviser servicing team.”
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