MLC Life Insurance and wealth platform Praemium have signed Memorandums of Understanding in which they agree to collaborate with Iress on the design and creation of its Connectivity Network, says the technology company.
A statement from Iress says the Connectivity Network intends to directly connect platforms and insurance providers with advice software such as Xplan, in order to streamline and simplify the advice execution process (see: Efficiency-Boosting Connectivity Network Launched).
It says MLC Life Insurance and Praemium are the third and fourth participants to sign a MOU to collaborate on the network along with Colonial First State and MetLife Australia, which signed MOUs in November 2022.
Iress notes that MLC Life Insurance partners with financial advisers, superannuation funds and employers to provide life insurance products to more than one million Australians.
It says Praemium is an Australian wealth platform that administers and reports on over $230 billion in FUA for some of Australia’s largest institutions, private wealth firms and advice practices.
Iress’ Commercial Director – Investment Infrastructure, Geoff Rogers, says the firm is pleased to continue growing the Connectivity Network with the support of MLC Life Insurance and Praemium.
He says that together, they are “…collaborating on the design and creation of Xplan Affinity – the infrastructure that will enable direct connection between platforms, insurance providers and Xplan.”
…by joining forces, we’re combining our collective networks, knowledge, and resources to create a more efficient and resilient advice industry…
Rogers notes that adding MLC Life Insurance and Praemium to the network “…will support the delivery of efficiencies to a broader group of advisers and ultimately help decrease the cost of providing financial advice. By joining forces, we’re combining our collective networks, knowledge, and resources to create a more efficient and resilient advice industry.”
MLC Life Insurance’s Chief Individual Insurance Officer, Michael Rogers, says the company is delighted to join the Connectivity Network “…and to play a leading role in collaborating on the future of advice execution. We know the importance of creating fast and efficient processes to ensure advisers can serve, and ultimately protect, more Australians, more easily.”
Rogers adds that MLC Life Insurance has “…invested heavily in re-platforming our technology capabilities to ensure we are in a position to support and grow the advice community. We’re excited by the opportunities the Connectivity Network can bring in delivering superior experiences for our adviser partners and their clients, supported by technology.”
Praemium’s Chief Commercial Officer, James Edmonds, says the company has a strong focus on using technology to simplify complex and time-consuming processes “…so advisers can operate more efficiently and deliver an enhanced experience to their clients.”
Xplan Affinity is aiming to launch by the second half of 2023.
