MLC Life Insurance has announced the creation of new Business Engagement Managers roles, a unique industry-first initiative which will help advisers better understand changing consumer needs and build long-term customer relationships.
Four Business Engagement Managers (BEMs) will be introduced into MLC Life Insurance’s Retail Advised division from 1 May, providing advisers with the training, tools, insights and processes to embed best practice customer engagement in their businesses.
Melissa Heyhoe, Chief Customer Officer of Retail Advised Insurance at MLC Life Insurance, believes the new roles will allow advisers to maintain ongoing engagement with their customers, leading to improved retention and greater business revenue.
“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.
“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,” said Ms Heyhoe.
The Business Engagement Managers will work with selected adviser practices that have identified the need for the engagement program, with the relationship arranged for a finite time period up to a maximum of 12 months.
The roles aim to supplement advisers’ existing relationships with their MLC Life Insurance Sales hubs, providing more support with customer retention while allowing these hubs to focus more on increasing the active and repeat adviser numbers with MLC Life Insurance, growing share of wallet and ultimately acquiring more customers.
The announcement of the new roles follows enhancements to MLC Life Insurance’s underwriting processes made last month. Called Fast Track, the service reduces the time required for underwriting by 50 per cent, alleviating significant administrative effort from financial advisers and clients in the process.
