Former MLC CEO backs new life insurance entrant

Market entrant iExtend, backed by former MLC and Perpetual chief executive, Geoff Lloyd, will target life insurance policyholders wanting to cancel their policies by providing them with another option. 

The firm launched  a new life insurance offer which would see it partner with life insurance owners to share co-ownership of the life policy, paying ongoing premiums on the cover which would have otherwise been cancelled. 

According to iExtend, the new solution would address the fact that currently many Australians facing retirement on reduced disposable incomes were driven to cancel their policies due to increasing insurance premiums. 

The company also said it was working with adviser networks across the advice industry, including self-directed advisers which represented the largest adviser segment of the licensed advisers in the market and they were responding to the opportunity to maintain relationship they had with their clients and to deliver on their ‘best interest’ obligations. 

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At the heart of the iExtend offering and its market approach was its leadership team which included former executive director of Bankers Trust Australia, Rodney Payne, who had been appointed Chairman, and co-founder and former chief executive of MLC and Perpetual, Geoff Lloyd, who was chair of advisory board. 

“We are excited to be bringing this flexible and innovative life insurance option to the Australian market and to provide a social wellbeing and quality of life benefit to those we partner with whilst also helping the insurance industry provide sustainable products and continue to service this market segment,” iExtend chief executive, David Sarkis, said.