WEEKLY WRAP: PEOPLE, PRODUCTS AND COMPANIES: MLC enhances insurance offer

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MLC enhances insurance offer

MLC today announced further improvements to its insurance offer to provide faster, more effective and more flexible cover.

Base rates for MLC Insurance Critical Illness (CI) extension cover have decreased with up to 25% reduction for some clients. This is in addition to the multi cover packaging discounts available for clients who bundle their Life, Total Permanent Disability (TPD) and CI cover together to receive a 20% saving on income protection premiums.

MLC General Manager of Advice Product, Sean McCormack said, “We have a number of new innovative solutions to make it easier for advisers to do business.

“In a changing advice landscape we felt it was important to enable advisers to add more value to their clients. These enhancements make it simpler, quicker and easier for clients to get insurance cover.”

One new innovation is Quick Quote which provides simplified and streamlined quoting, greater efficiency through reduced quoting time, and a recommendation based on optimal cover and pricing for the client.

The new Visualiser tool is an easier and more visual way for advisers to demonstrate insurance cover options for their clients. Using graphic representations Visualiser brings a quote to life by suggesting the most cost effective way to quote. It also shows what happens to a client’s cover if they claim on a certain aspect.

TAL appoints new Chief Information Officer

The appointment of David Gillespie into the senior executive role of CIO comes at a time when TAL is refocussing its business systems, processes and culture around its customers.

TAL Managing Director Jim Minto said: “Life insurance plays a vital role in our society in helping financially protect families and individuals when they most need it.

“Technology is increasingly playing a part in enabling customers to access the peace of mind that they are covered if there is a loss of income or wealth in the event of ill-health, accident or death.”

Gillespie will join TAL from global asset management company Fidelity Worldwide Investment in London, where he has been leading the technology function for the company’s Retail, Customer Service and eCommerce business.

ASFA rallies employers to give Aussie women sixty minutes to sort out their super this International Women’s Day

The Association of Superannuation Funds of Australia (ASFA) is rallying Australian employers to give women an hour out of their working day, this International Women’s Day (Friday 8 March), to help them take control of their superannuation.

Spearheaded by ASFA CEO, Pauline Vamos, the sixty minute reprieve to focus on super is an important step to help busy working women take control of their super and close the gender gap.

“Still nearly 90% of Australian women have insufficient super to support a comfortable retirement. For many women, finding the time to take control of their super is a real struggle. By giving women this time on International Women’s Day, we are taking an important first step to helping close the superannuation gender gap and take control of their super,” said Ms Vamos.

Australian women may be among some of the most economically empowered in the world, but inequalities in salaries combined with the financial impact of maternity leave mean women only hold 37% of total superannuation balances, compared to 63% of men.

PhillipCapital launches global Forex service for professional & retail investors in Australia

PhillipCapital has launched its global Foreign Exchange (Forex) trading platform in Australia today, as it diversifies its traditional sources of revenue by expanding its product offerings. The Forex trading platform is the first of a number of new products to be released by PhillipCapital in 2013 as it moves to become a multiple channel-multiple product company in Australia.

The Forex trading platform will be supported by an experienced base of relationship managers in PhillipCapital’s offices. The platform harnesses cutting edge technology and offers competitive pip spreads, a stable and secure structure, advanced charting facilities, technical indicators and 24-hour support services.

The rollout of new products from PhillipCapital will blend the group’s technological capabilities with a high level of service and client support.

Simon McKeon AO to join AMP Limited Board

AMP Limited Chairman Peter Mason today announced that Simon McKeon will join the AMP Limited Board as a non-executive Director, effective 27 March 2013.

McKeon is Chairman of CSIRO and Executive Chairman of Macquarie Group, Melbourne. Mason said that McKeon’s extensive banking experience and diverse portfolio of interests made him a valuable addition to the AMP Board.

Before he joined Macquarie, McKeon practised as a solicitor with Blake Dawson Waldron in Sydney.  He is an active philanthropist.

McKeon holds degrees in law and commerce from the University of Melbourne. He was made an officer of the Order of Australia 2012 for distinguished service to business and commerce through leadership and advisory roles, and to the community as a supporter of national and international charitable, educational and sporting organisations. He was the 2011 Australian of the Year.

BAEP appoints new Senior Investment Analyst

Bennelong Australian Equity Partners (BAEP) has appointed Neale Goldston-Morris to the role of Senior Investment Analyst, responsible for macro-economic, sector and stock analysis.

Morris previously worked at Macquarie Securities Group, where he was Director, Head of Equity Strategy from 2004 to 2012. He managed the Equity Strategy Team, responsible for macroeconomic analysis, bottom-up stock analysis and equity portfolio design and construction. He has also held senior roles with Solaris Investment Management, Credit Suisse Asset Management and Deutsche Bank. 

Select to partner with Neuberger Berman to access global, institutional quality investment advice for its retail investors

Specialist investment management group Select Investment Partners Limited (Select) announced their decision to appoint Neuberger Berman Australia Pty Limited as investment advisory partner for its Select Alternatives Portfolio. The appointment of Neuberger Berman will enable Select to significantly enhance its investment and research resources, extending the depth and reach for the Select Alternatives Portfolio. Improved liquidity for the portfolio will be considered as part of the investment advisory mandate in order to better meet the needs of retail investors.

Neuberger Berman, with a heritage dating back to 1939, has over 1,700 employees across 29 cities in 16 countries and manages over US$205 billion in equities, fixed income and alternative investments, with over US$17 billion in the latter.  It is a majority employee-controlled company, with more than 400 investment professionals, including over 60 in alternative investments, and currently manages assets for some of Australia’s major institutional investors.

  • Paul on 8/03/2013 2:47:56 PM

    If MLC can find such large discounts when most of the industry are increasing rates for Income Protection and Trauma then it probably says something about their currently very expensive rates than anything else.

  • chris on 8/03/2013 10:39:51 AM

    The decrease for MLC clients is great however this does not apply to the large PPP back book contrary to MLC upgrade Philosophy

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