Insurance from MLC. Adviser use only. How to Guide. For My Retention and your Daily retention summary

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Insurance from MLC

Adviser use only

How to Guide

For My Retention and your

Daily retention email summary

Better product

Be

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This guide is a step-by-step

manual to help you use our

enhanced ‘My Retention’

online portal and the new daily

retention email alerts summary.

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My Retention

How to guide

My Retention is an

industry-leading tool

that helps you manage

your MLC Insurance

(MLCI), MLC Insurance

(Super) (MLCIS),

Personal Protection

Portfolio (PPP) or

Life Cover Super

clients (LCS) on a

daily or weekly basis.

This is so you can

retain them for longer.

The aim of My Retention is to provide you with client lists and alerts.

You can use these as triggers to identify when a client is at risk of cancelling or lapsing their insurance policy, or when they are due for an annual review.

Tools and support

Importantly, My Retention provides you with the tools and support that you need to help address any retention issues. This enables you to develop deeper client relationships with timely conversations, adding greater value to your business.

Policy cancellations and lapses will reduce the rate of growth of your in-force premiums, which ultimately impacts your income and ongoing business value.

Retaining clients for the life of their insurance policy is critical to maintaining a growing business through customer loyalty.

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How do I

log on?

Checking your My Retention alerts is as easy as logging onto mlc.com.au so you can make a habit of checking your new alerts each morning or each week.

After you’ve logged in, you’ll see a list of new alerts, since you last accessed My Retention.

This will be displayed with the

Retention button that appears under the heading ‘Client leads and alerts.’ See the Retention button circled here.

Simply click on that button to take you to the My Retention alerts page.

Step 1

Simply select Adviser login from the drop down menu on the right-hand side of the MLC home page.

Step 2

Click on the login button and select the product group that includes MLC Insurance, then click login.

Step 3

Click on the Retention button that appears under the heading ‘Client leads and alerts’ to take you to the My

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What retention triggers

will appear?

Once you enter My Retention alerts you’ll get access to a list of policies under four insurance retention triggers relating to your clients.

You’ll also see a list of new alerts, since you last logged on to My Retention, displayed against each retention trigger where this is applicable.

How do I

log on?

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Policy anniversaries is the first retention trigger you will see.

Simply click on the + or – symbol on the right-hand side to expand and collapse each section which shows client policies.

To close this list of policies, click on the minus symbol.

These policies are in the renewal cycle, so they’ll be within seven weeks before their policy renewal date, and they’ll have been sent their renewal documentation. Or, they could be four weeks after their renewal date.

These alerts will be in date order, with the newest or most recent alerts appearing at the top – seven weeks before the policy renewal date.

New alerts since you last

logged in Expand and _{close each alert}

section using the + or – symbol. You can sort by policy type or by ascending or descending order.

Policy

anniversaries

Policies will remain in this ‘Policy anniversaries’ section until their policy payment is received, and no longer at risk of lapsing. If payment isn’t received, the policy will then move to the ‘Policies at risk of lapse’ section.

Data in this section is refreshed daily.

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Remember your

client’s anniversary

date is an ideal time to

arrange an annual

review appointment.

So now you can use the ‘Policy anniversaries’ retention trigger and our Life Stages client review letter and email templates to contact your clients.

This is to help you retain your clients for the longer term.

Almost 50% of clients cancel their policy within a three month period – from one month before the anniversary date to two months after.

We know that some clients can make a decision to cancel a policy without speaking with their adviser.

If you have a review conversation with your client, you can discuss any concerns they may have with keeping their policy.

You can also talk about whether their current policy still meets their needs. The Six steps for completing a client review can be found on the

Insurance Retention Support page of

mlc.com.au under the ‘How to Complete a Client review’ section.

Policy

anniversaries

All the retention triggers have a sort function which allows you to arrange the alerts from ascending to descending order depending on which category you want to sort by.

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All items – when you click on All items it will show you all anniversaries currently appearing in the alert.

Approaching anniversary – when you click on this you’ll see all the clients who are approaching their anniversary and who’ve received an anniversary notification. This includes those due on the actual anniversary date that the alert is opened. The client details won’t appear if the premium has been paid.

Past anniversary - this includes all clients who’ve received their anniversary notification and haven’t paid the

premium due.

The client details under this alert will move to the ‘Policies at risk of lapse’ section if the policy remains unpaid and a cancellation notification is issued by us.

Policy

anniversaries

There are also three buttons at the top of this section that will filter information for you to view.

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Tool Tips

In each section’s column heading you’ll see a question mark icon (see image to the right). This indicates a tool tip that provides important information you need to know about a particular field.

In this example, the tool tip explains when current and new annual premiums will appear for MLC Insurance, MLC Insurance (Super), PPP and LCS policies, as the timing will differ slightly.

Policy

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From each alert, you can also drill down further into your client’s policy information.

Policy

anniversaries

If you click on the client name in the alert, you will be able to see their profile view (see image to the right), giving you more information and details of the various policies they have.

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This is the second

retention trigger

available under My

Retention alerts.

Click on the symbol on the right-hand side to expand this alert to see a list of client policies.

You’ll see an icon titled ‘new’ next to each alert that’s appearing for the first time in the section since you last logged in.

This section shows lapsed policies no longer in-force that may be eligible for reinstatement.

The icon shows that this is a new client in this section.

Use these buttons to filter this section to identify policies eligible for re-instatement.

The three buttons at the top of this section will filter information for you. All items – when you select this you’ll

see all lapses that have occurred within the last six months.

Reinstatement without

underwriting – this includes all clients

Reinstatement with underwriting

This includes all clients that have a lapsed policy which is greater than 30 days and less than six months old. And includes clients who are eligible for reinstatement, provided they pay the

Lapsed

policies

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In order to view ‘Policies at risk of lapse’, simply click on the symbol on the right-hand side.

This section shows a list of client policies that are in payment arrears and have been sent a notice of cancellation giving them 30 days to pay their outstanding premium. (Their policy is still in force but they’ve missed a payment.)

If the premium isn’t paid by the ‘Scheduled lapse date’ shown, the policy will lapse and the alert will move to the ‘Lapsed policies’ alert section.

This retention trigger is a great opportunity for you to make contact with your client and discuss their particular situation and any reasons for the missed payment.

It might need a simple update of banking details.

Or, if finances are tight, it could be an opportunity to evaluate your client’s circumstances and provide them with options to resolve the missed payment and retain their policy.

Policies at

risk of lapse

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The final retention trigger of ‘Cancelled policies’ shows a list of clients who have asked us to cancel their policy.

In this example, no clients have asked us to cancel their policy so the message reads: ‘You have no client entries for this retention alert at this time. Please check daily for updates.’

The final retention trigger of ‘cancelled policies’ shows a list of clients who’ve asked us to cancel their policy.

Cancelled

policies

This same message will appear under all four retention triggers where no client policies are available.

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At the bottom of My Retention alerts is a ‘Popular forms’ section.

Two of the forms most commonly used will be listed.

A copy of the form will open when you click on the form name.

forms

If you click on the client name in the alert, you will be able to see their profile view, giving you more information and details of the various policies they have.

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Another function

available under

My Retention alerts is

the ability to download,

export and save all

your client lists that

appear for that day,

as CSV or PDF

documents.

To export your client list in CSV and PDF: Click on Export to PDF or Export to CSV to open the files. The CSV file will open in Excel.

You can then save the files wherever you wish. This will help you to view the information or conduct analysis outside of the website at a more convenient time.

Exporting and

downloading

client lists

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There’s no change to the daily and weekly new business or retention related emails you receive for Protectionfirst clients.

Daily retention

email summary

In addition to viewing your retention alerts via My Retention, you’ll also receive a new daily retention email summary that includes basic client information on client records for each retention trigger that appears. This information will include: • policy number

• premium and a lapse, and • anniversary or cancellation date

depending on the type of alert. You’ll be asked to visit My Retention for more client details on each of the retention triggers listed.

The introduction of this new email summary means a change to the emails you’re currently receiving from us for policy anniversaries and lapses.

MLCI Insurance (MLCI) and

MLC Insurance (Super)

(MLCIS)

If you have clients with MLC Insurance and MLC Insurance (Super) policies, the daily and weekly emails you receive will no longer include:

• the list of upcoming renewals • the ‘Clients that have Lapsed

Report’ and

• the ‘Statement and Bills sent to your Clients’ report.

Your new business-related emails from us won’t change.

Personal Protection

Portfolio (PPP) and Life

Cover Super (LCS)

If you have PPP and LCS clients, your current lapse notification email will be replaced with the new email summary.

Daily Retention email

Summary Opt Out

You can opt out of receiving the daily retention email summary by calling us on

133 652 or emailing us at

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How to contact us

For more information please speak to your Business Development Manager or call us on 133 652

Postal address:

MLC Limited, PO Box 200 North Sydney NSW 2059