MLC Life Insurance has marked 2024 as a year of significant growth and transformation, with the company reporting a 19% increase in new business volumes – nearly double the industry’s 10% growth rate in the retail advised insurance market.
According to Jane McGovern, chief customer and strategy officer at MLC Life Insurance, this progress is a result of strengthened adviser partnerships, enhanced productivity, and a focus on delivering customer-centric solutions.
“We expect to see even more growth in retail new business as adviser productivity improves, and customers see the value in life insurance. Positively, over the same period, our new business volumes grew by 19% thanks to the hard work of our teams and adviser partners,” McGovern said.
The company also highlighted its role in group insurance, where it works with superannuation partners to ensure adequate coverage for Australians while enhancing member experiences.
Separately, legislative reforms in the financial advice sector have gained attention. MLC Life Insurance welcomed the government’s Delivering Better Financial Outcomes legislation and expressed support for additional reforms to simplify the advice framework and make financial guidance more accessible.
In addition to policy advancements, MLC Life Insurance has invested in digital transformation to improve customer engagement. A new customer portal, launched for a trial group in 2024, allows users to self-manage their policies intuitively. The platform will be expanded further in 2025.
The company is also addressing emerging challenges such as mental health-related claims, which have surged by 732% over the past decade for Australians aged 30 to 40, according to KPMG Australia.
“Not only does this demonstrate the increasing need and complexity of mental ill health across all cohorts but it also illustrates the vital role insurance will need to play, not only as an essential pillar of the social safety net, but also as a support structure in empowering their recoveries,” McGovern said.
Looking ahead, MLC Life Insurance plans to adapt to evolving demands by supporting younger generations in their financial planning journeys and preparing for reforms in superannuation and retirement income.
“Too often, industry conversations focus on those approaching retirement, but younger generations also require affordable and accessible solutions,” McGovern said.
By focusing on innovation, legislative alignment, and customer engagement, MLC Life Insurance aims to build on its 2024 achievements and continue addressing the needs of Australians across all life stages.
