Austock Life has changed its name to Generation Life and appointed Catherine van der Veen and Lucy Foster to replace Ross Higgins and act as joint CEOs.

Ms van der Veen was previously GM of strategic projects for the wealth management arm of Commonwealth Bank and held a number of senior roles at Westpac.

Ms Foster has worked at global financial services companies including Commonwealth Bank, Standard Life and KPMG Financial Services Consulting in the UK.

“Attracting two highly qualified, senior executives with complementary skills to embrace a job-shared leadership role is… emblematic of our progressive intentions as a company and financial brand,” Group Executive Chairman Rob Coombes said.

He says the new name reflects a vision to talk directly with Australians and their financial advisers across different generations.

New product features such as tiered pricing, additional investment options and a range of index funds have been added to the group’s investment bonds.