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MLC Life overhauls digital capabilities

MLC Life overhauls digital capabilities

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By Aleks Vickovich ·
April 04 2017

MLC Life overhauls digital capabilities

MLC Life Insurance will move off NAB's technology systems following its acquisition by a Japanese company, in a move it says will have implications for advisers.

MLC Life overhauls digital capabilities
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Speaking to Adviser Innovation on the sidelines of the AIOFP offshore conference in Japan, MLC chief operating officer Sean McCormack revealed a $300 million upgrade of its technology offering that has come as part of the changes implemented by new parent company Nippon Life.

"The investment that's coming through is designed to provide greater digital functionality," Mr McCormack said.

"We are doing a major revamp of all our digital platforms, over $300 million over the next couple of years as we move off NAB systems and start over with fresh technological architecture and transition our clients and advisers over to the new system.

"That will help one of the pain points for advisers. With LIF reforms they need to become more efficient, and we will be digitising processes which will allow them to do business with us much more easily. That's what the investment is designed to support."

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More broadly, Mr McCormack said the post-NAB MLC will be committed to financial advisers as an important distribution channel to meet its new parent company's high expectations.

"We are hoping to grow really strongly in retail advice, this is a really important channel for us going forward," he said.

"The fact is that we can't get to number one in the Australian market without the support of IFAs - it is too important a channel. Millions of Australians simply aren't going to wake up over the next five years and proactively purchase life insurance - they need advice and advice will get them the best outcome when it comes to insurance design."

Nippon Life acquired an 80 per cent stake in MLC Life Insurance in October 2016, in what was the Japanese firm's first majority position in an overseas company. NAB retains a 20 per cent stake in MLC Life Insurance.

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