MLC Life Insurance has named Michael Downey as its new general manager for retail distribution partnerships – replacing Russell Hannah, who will leave the life insurer on March 26.
Downey has over 30 years of experience in the financial services industry, including advice and license strategy, strategic product development, distribution strategy and management. He has held senior executive roles in advice partnerships, wealth distribution, retail insurance, retail investments, and group insurance.
Downey, who was previously MLC Australia's general manager of advice partnerships, will join MLC Life Insurance on March 22. In the new role, he will be responsible for the strategic and operational leadership and direction of the insurer's retail distribution partnerships. He will report directly to MLC chief life insurance officer Michael Rogers.
Downey commented: “I’m thrilled to be joining MLC Life Insurance. I've a long-standing admiration for this iconic Australian life insurer, which is soon poised to leverage its significant investment in technology in order to excel in servicing licensees and advisers. I'm looking forward to leading the distribution and adviser servicing team.”
Rogers added: “I’m delighted that Michael has joined us as we enter the final phase of our technology upgrade. His deep experience and leadership skills will be central to delivering our retail distribution strategy and management.”
He also acknowledged Hannah's significant role in growing MLC Life Insurance, including increasing its market share.
“I'd like to thank Russell for his strong contribution and commitment to our customers and our business, as well as for his committed leadership of our retail adviser teams. I wish Russell well as he moves into the next phase of his career,” Rogers concluded.