{"id":41363,"date":"2018-06-26T14:45:58","date_gmt":"2018-06-26T04:45:58","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=41363"},"modified":"2018-06-27T07:29:38","modified_gmt":"2018-06-26T21:29:38","slug":"mlc-life-retention-strategy-reduces-lapse-rate","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2018\/06\/26\/mlc-life-retention-strategy-reduces-lapse-rate\/","title":{"rendered":"MLC Life Retention Strategy Reduces Lapse Rate"},"content":{"rendered":"

MLC Life Insurance has reduced the level of lapse rates by a quarter for a cohort of financial advisers, following the introduction of specialised client retention managers a year ago.<\/p>\n

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MLC Life Insurance, Retail Advised Insurance Chief Customer Officer (acting), Sean McCormack<\/figcaption><\/figure>\n

The life insurers appointed seven Business Engagement Managers (BEM) operating in Victoria, New South Wales, Queensland, Western Australia and South Australia in May 2017, and stated that since that time they have worked with more than 120 advisers to implement a series of changes to their business<\/p>\n

MLC Life Insurance, Retail Advised Insurance Chief Customer Officer (acting) Sean McCormack<\/strong> said the BEMs have worked with advisers to provide greater value in their advice offering and ongoing interaction with clients.<\/p>\n

\u201cOur sector is moving away from a \u2018set and forget\u2019 mentality, and customers\u2019 needs and expectations have risen dramatically. They want tailored interactions that are quick, easy and online. The advisers we speak to see that, and are now revisiting the way they engage with their customers and give them a more individualised experience,\u201d McCormack said.<\/p>\n

“Our sector is moving away from a \u2018set and forget\u2019 mentality…”<\/h6>\n

\u201cWe know advisers are specialists in providing financial advice, but historically haven\u2019t been experts in marketing activities, latest fintech capability or customer engagement. Our BEMs are here to support them to build the skills and resources in these areas to better interact with their customers,\u201d he added.<\/p>\n

MLC Life Insurance stated that since the hiring of the seven BEMs, the cohort of advisers who have worked with them had seen a 25 per cent improvement in their lapse rates with MLC Life Insurance.<\/p>\n

At the same time, the life insurer reported seeing a 22 percent increase in the number of new customers being insured with MLC Life Insurance from January to May 2018 compared to the same period in 2017.<\/p>\n

MLC Life Insurance added the BEM model to its Retail Advised division in May 2017\u00a0(see: MLC Appoints Client Retention Managers<\/a>)\u00a0and will work with an adviser\u2019s business for up to 12 months providing resources and techniques to improve their customer engagement strategy.<\/p>\n

The BEM role and services are provided in addition to other support available to advisers from MLC Life Insurance Business Development Managers and its\u2019 sales, underwriting and new business hub.<\/p>\n

The life insurer stated the BEM roles were aimed at supporting the needs of advisers \u2018looking to do things differently\u2019 and the managers were able to provide support in the area of adopting technology into a business to boost customer relations and to automate marketing campaigns.<\/p>\n","protected":false},"excerpt":{"rendered":"

MLC Life Insurance has reduced the level of lapse rates by a quarter for a cohort of financial advisers, following the introduction of specialised client retention managers a year ago.<\/p>\n","protected":false},"author":3,"featured_media":41387,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,4,5],"tags":[4247],"class_list":["post-41363","post","type-post","status-publish","format-standard","has-post-thumbnail","category-company-news","category-products","category-services","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/41363","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=41363"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/41363\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/41387"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=41363"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=41363"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=41363"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}