News in Brief

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  • MLC Expands Direct Product Distribution;
  • ClearView Releases Updated Life Solutions PDS;
  • Omnium Upgrades Risk Research

MLC Expands Direct Product Distribution

MLC Life Insurance Chief Customer Officer of Bancassurance, Digital & Direct, Anand Thomas
MLC Life Insurance Chief Customer Officer of Bancassurance, Digital & Direct, Anand Thomas

MLC Life Insurance has expanded the distribution of its National Australia Bank (NAB) branded simple life insurance product and will now offer it via the bank’s branch network, over the phone and online.

The MLC product, which has been labelled as NAB Essential Life, will not require consumers to access financial advice and will offer up to $1 million of cover in the event of a terminal illness or death without the need for medicals.

Applications for insurance will be based on a number of basic questions about the applicant with decisions provided on the spot.

The arrangement is the first between the life insurer and the bank since the completion of an acquisition which resulted in Nippon Life purchasing 80% of MLC from NAB.

MLC Life Insurance Chief Customer Officer of Bancassurance, Digital & Direct, Anand Thomas said the product was best suited to customers who don’t have complex debts arrangements nor time time to meet with an adviser

“The introduction of the Essentials range is a tangible example of how MLC Life Insurance and NAB are working together to make life insurance more accessible. Our strategic partnership with NAB provides us with access to one of the largest distribution networks in the industry and we’re proud to be supported by a bank that believes in the value of protection,” Thomas continued.

 

ClearView Releases Updated Life Solutions PDS

Life insurance provider ClearView has released an updated Product Disclosure Statement and Policy Document for its entire Life Solutions product range.

The 100 page document was released on 21 October and covers both the super (ClearView LifeSolutions Super) and non-super (ClearView LifeSolutions) insurance products. These include life, accidental death, TPD, accidental TPD, trauma, income protection and accidental income protection cover, as well as child cover, parent cover and business expense cover.

The PDS is available via the riskinfo Resource Centre and can be downloaded here.

 

Omnium Upgrades Risk Research Solution

Omnium Director, Dr David King
Omnium Director, Dr David King

Risk software specialist Omnium has upgraded its flagship research product OmniLife to include projection tools for wider range of periods and premium structures.

Announcing the upgrades Omnium director Dr David King said the firm had been investing substantial amounts of time and resources into OmniLife and plans to continue these efforts through to the next year.

“As Life Risk insurance products evolve and become more complex, we’re working extremely hard to have comprehensive functionality delivered to advisers in the most intuitive and user-friendly way possible” King said.

The specific changes include:

  • Adding projected premiums for an array of different time periods, for Stepped, Level and Blended premium structures, with added functionality to compare between premium structures
  • Adding in an intelligent premium loadings calculator for insurer specific or universal loadings
  • Allowing advisers to save their own desired defaults on premium options
  • Displaying specific Super and Non-Super splits on screen