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MLC Life Insurance snatches mandate from AIA
AIA has lost its second group insurance mandate for this month alone, with Maritime Super today announcing the appointment of MLC Life Insurance as its new insurer following an extensive tender process.
Maritime Super chief executive, Peter Robertson, cited MLC’s ability to provide tailored service propositions that met the specific needs of members, as well as its commitment to innovation and technology, as key reasons for the change.
At the same time as announcing his delight to be partnering with Maritime Super, MLC Life Insurance chief of group and retail partners, Sean McCormack, said that the deal showed the insurer’s growing strength in the group life market.
“As a member of the Nippon Life Group of companies, we’re investing significantly in our people, processes and technology, deploying over $500m investment to better serve our funds, their employers and members, as well as advisers and customers,” McCormack said.
“LifeView, for example, provides us with a digital capability that gives trustees a genuine point of difference for fund members’ insurance needs. We are excited that Maritime Super’s members will benefit from this.”
The deal would be effective from 1 July, this year. MLC Life Insurance already provided group insurance for MLC Super, Energy Super, Vision Super, and Qantas Super, amongst others.
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The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
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