MLC Insurance has made a proposal to AIOFP risk advisers, offering a deal to work together as a way to improve the public’s perception of the life insurance industry.
MLC Insurance chief operating officer Sean McCormack says the industry has been through challenging times recently, and it is time for advisers and insurers to work together.
“I think we need to acknowledge that in light of recent challenges, the insurance sector as a whole has got some work to do to recover the trust of the Australian people,” Mr McCormack told delegates at the AIOFP conference last week
“We’re all in this together. I think that the time has come to get together and understand more deeply everybody’s point of view and start making some progress on the issues that we have seen.”
In an effort to achieve this, Mr McCormack made an offer to the AIOFP where the insurer will open its doors twice a year.
“We’ll have a half-yearly roundtable. We’ll let you know what we’re seeing from Canberra, the intelligence that we’re getting, understand your perspective, give our perspective on what’s going on in the current debate, and sit down and see if we can get some mutual alignment and a united front on how we respond,” he said.
In addition, Mr McCormack said that Nippon Life – the Japanese insurer that owns 80 per cent of MLC – will also open its doors to the AIOFP when the association holds its conference in Japan next year.
“We’ve got some big challenges and the challenges that we faced over the last five years have been immense,” he said.
“There is huge opportunity in the Australian life insurance industry, but realising those opportunities is going to require everyone to change. Together, I think we can play a vital role in protecting Australians, their families and their businesses.”