MLC Life Insurance has again been recognised with another industry award, highlighting the strength of its customer focus in the life insurance sector.

MLC Life Insurance has won Money Magazine's 2017 Best of the Best Awards 'Cheapest Term & TPD Insurance' category for its Life Cover product. The win comes on the back of recently being awarded Money Management' Adviser Choice Risk Company of the Year for the second year in a row.

MLC Life Insurance finished ahead of its competitors based on stepped year-one premiums for $500,000 of cover.

The judges noted that MLC Life Insurance’s ‘Life Cover’ product pays the traditional lump sum both inside and outside of superannuation. The policy also offers terminal illness and accidental injury cover, with access to an advanced death benefit of up to $20,000. In addition, the judges highlighted that MLC Life Insurance allows policyholders aged 30-plus to freeze stepped premiums.

Commenting on this latest achievement, Melissa Heyhoe, Chief Customer Officer, Retail Advised Insurance at MLC Life Insurance said, “While it is great to win another award, our main priority is to ensure all Australians get access to a great range of life insurance products that protect their family’s future, ability to earn an income or ability to maintain their business.

“In addition, we have strengthened our product offer to our advisers. Our pricing for our TPD range has been reduced overall, but we’ve also made enhancements, such as supporting premium payments through rollovers, to provide more tailored solutions to suit clients’ protection needs.”

Last November, MLC Life Insurance reduced stepped premiums for all new life and linked TPD insurance policies by 2.5% at age 40 increasing to 15% at ages over 45. In addition, we also reduced rates for clients aged 40 – 44 years, applying a 2.5 per cent cumulative rate reduction each year starting from age 40.

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

MLC today announced the launch of Australia’s first smartwatch technology program in the life insurance market, in a potential game changer for the industry.

MLC On Track is a new program that uses smartwatch technology to measure physical activity and will reward customers with lifelong premium savings when wellness targets are achieved.

David Hackett, Executive General Manager Insurance, said NAB and MLC are on a journey of innovation, and we’re investing significant time, resources and money to ensure we are catering to our customers’ evolving needs.

“For too long, companies have relied on old ways to do business. We want to create more value for an insurance customer than the policy itself,” Mr Hackett said.

Through MLC On Track customers will be provided with a target wellness score, based on factors including step count, active hours, sleep duration and average resting heart rate.

Customers will have between 90 and 160 days to achieve their target wellness score to receive a 5 per cent discount. This opportunity will be available twice, which means customers could receive a maximum discount of 10 per cent off their insurance premiums for the life of their policy.

“Our customers’ expectations have changed by the use of digital channels and devices, and we’re excited about the opportunities MLC On Track will provide them,’’ Mr Hackett said.

“We believe this Australian first smartwatch technology program will shake up the insurance industry and give us a significant competitive edge over our counterparts.’’

“Our industry has assessed risk the same way for a long time. Smartwatch technology offers new ways of assessing and pricing insurance risk, while also providing us with new opportunities to improve customer engagement.’’

MLC will work in partnership with Big Cloud Analytics to bring the wearable device, the Intel® Basis Peak fitness and sleep tracker, exclusively to customers in Australia. The device will be available to customers purchasing an MLC Insurance or MLC Insurance Super policy.

MLC On Track will launch on 23 November.

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