MLC Life Insurance and Praemium have signed memorandums of understanding (MOU’s) in which they agree to collaborate with Iress on the design and creation of its Connectivity Network.

In a press release on Wednesday morning, MLC Life and Praemium are the third and fourth participants to sign a MOU to collaborate on the Connectivity Network along with CFS and MetLife, who signed MOU’s in November 2022.

Iress’ network intends to directly connect platforms and insurance providers with advice software such as Xplan, to streamline and simplify the advice execution process.

MLC Life partners with financial advisers, superannuation funds and employers to provide life insurance products to more than one million Australians.

Praemium is a wealth platform that administers and reports on over $230 billion in funds under administration.