MLC Life Insurance will provide assistance to advisers in pro-actively retaining clients after announcing the introduction of specialised managers within its Retail Advised insurance division.
The insurer said it had appointed four Business Engagement Managers (BEM) who would work with advisers to improve retention of clients and would offer training, tools and processes to enhance the level of customer engagement in an advice business.
The BEMs would supplement the current relationships advisers have with MLC Life Insurance sales hubs providing specific client retention support while the hubs focused on increasing the number of active and repeat clients through advisers.
The support would be offered to selected adviser practices that have been identified for the engagement program, for set periods up to maximum of 12 months.
MLC Life Insurance Chief Customer Officer of Retail Advised Insurance, Melissa Heyhoe said MLC would be approaching practices that had similar values and business ideals as MLC Life Insurance but would also welcome expressions of interest from advisers.
“We will be looking at practices that are aligned to MLC Life Insurance, not from a licensee perspective, but in how the business operates and the values that drive the practice,” Heyhoe said.
“…customer retention has traditionally been reactive. By the time advisers have had conversations with their clients…the horse has often bolted…”
“The Managers will be looking at client retention in the business and where MLC Life can add more value,” Heyhoe added, stating that feedback from advisers highlighted the need for greater business efficiencies and client retention a changing environment.
Heyhoe said the new roles build on the back of an existing Customer Experience and Retention team which had been in operation for three years and had identified ways to keep clients informed and engaged with their insurance.
“The approach to addressing customer retention has traditionally been reactive. By the time advisers have had conversations with their clients about changing or cancelling policies, the horse has often bolted and there have been missed opportunities with their clients,” Heyhoe said.
“Our new Business Engagement Managers will provide advisers with the resources to engage with clients earlier in the relationship, to ultimately help clients maintain the security and protection of life insurance in line with their individual needs.” Heyhoe added.
“We have found education is the key and that includes helping customers understand what happens when they don’t want or don’t keep their insurance policy.”
The names of the four managers, who started on 1 May, have not been released by MLC Life with Heyhoe stating they have been drawn from non-BDM roles from inside and outside the financial services sector.
