Head of Legal & Compliance | AIB Life
Michelle Cunningham
Head of Legal & Compliance | AIB Life
What are the key projects that you have been involved in over the past 12 months?
It is an exciting time at AIB life! We launched our protection, pensions, savings and investment products to AIB customers in June 2023, and in the past year there has been a step change in new business growth. This has meant lots of complex and varied work for Legal – as the team continually evolves.
We play a central role supporting AIB life’s strategic initiatives in line with our vision of being ‘trusted to help people along their path to financial security, one step at a time’. Some examples of the key projects I’ve been involved in over the past 12 months:
We recently launched digital investment advice tool on our AIB life hub (a digital customer portal that sits within the AIB mobile app). This allows customers to invest between €125 and €2,500 per month and offers digital access to regulated investment advice and appropriate products for customers. It also offers guidance on making investments that are suitable for customer risk appetite or needs. This provision of a fully advised process is an important development in the realisation of our vision, and we continue to further develop the hub to provide guidance and information – helping customers plan for their financial futures.
We also launched two new products: an approved retirement fund; and a structured investment product – Fixed Term Invest. Fixed Term Invest is a lump sum investment product providing exposure to the performance of a European stock market index while aiming to provide 100% capital protection on the amount invested (after the 1% government levy) at the end of the investment term. Combined, these new products further strengthen and broaden our customer product offering.
Based on your experiences in the past year, are there any trends in the legal or business world that you are keeping an eye on, of which you think other in-house lawyers should be mindful?
AI is a hotly debated topic, particularly with its usage becoming increasingly accessible and widespread. With the AI Act coming into force in the last year, it is now a trend firmly on every business and lawyer’s radar. Where implemented correctly, the potential benefits could be transformative. When looking at use cases in Legal, I see the automation of repetitive tasks and contract reviews having the most impact for Legal, but also the business. It would allow our business interactions to be more focused on where we can add value – our strategic input on legal-related issues.
How do you prioritise diversity and inclusion within your legal department, and what initiatives have you implemented to foster a more inclusive work environment?
I am a member of our DE&I Committee which formulates our DE&I strategy, aligning it to our vision and purpose. We engage an external DE&I partner annually to provide data-led baseline measures through an employee engagement survey and learning platform. Based on the results of the survey, we have been focusing on three main DE&I categories across AIB life, and in the Legal team: We Includes Me; Multi-national Inclusion; and Inclusivity Through Life-stages. We delivered targeted goals for each of these categories during 2024 and continue to build on this. For example, we hold regular interactive sessions and panel discussions. These provide a company-wide platform for sharing personal experiences and perspectives – proving invaluable to fostering our inclusive culture.