Media release
16 April 2018
MLC Life Insurance launches new era in underwriting
MLC Life Insurance has today launched its new digital underwriting platform to help dramatically reduce the time it takes for advisers and customers to purchase life cover.
Available now, the automated platform includes a self-serve pre-assessment tool, giving customers an indicative, underwriting decision in as little as five minutes.
The platform works by using a comprehensive database of industry standard questions that assess a person’s health and lifestyle status. Based on the responses, it provides an instant quote on premiums for life insurance tripling the number of clients who receive a straight through acceptance.
Debbie Kennedy, Chief Underwriter, MLC Life Insurance believes the new platform is the beginning of a new era in underwriting.
“Underwriting has been an area has been craving innovation for quite some time. The traditional approach has been complex, lengthy and invasive for both customers and advisers. We know it can be done better”.
“Our new platform will enable us to move away from a ‘one size fits all’ approach. We can now tailor questions based on customer age and lifestyle and not just the product for which they are applying. This will reduce the number of requests for further evidence, and allow our underwriters to focus on more complex cases. We expect 25 per cent more customers will no longer require manual underwriting as a result of the new platform.”
Today’s underwriting launch is a key pillar of MLC Life Insurance’s $400 million transformation program, which is focused on delivering the most advanced digital infrastructure in the industry to better serve customers.
Since becoming majority owned by the Nippon Life Insurance Group in late 2016, MLC Life Insurance has landed a number of technology enhancements as it seeks to leapfrog its competitors. In 2017, the company launched its online platform for superannuation funds called LifeView, which provides an integrated insurance experience for trustees, administrators and members. Energy Super became the first fund to go live with the platform in November, and it is currently being rolled out with new partner Vision Super.
Debbie continued:
“Today’s announcement is about taking underwriting from the back office and moving it to the front office. Our platform will provide a simplified application process, greater underwriting transparency and, most importantly, ensure that people get the cover they need more quickly.”
Find out more about the MLC Life Insurance’s underwriting platform
Available now, the automated platform includes a self-serve pre-assessment tool, giving customers an indicative, underwriting decision in as little as five minutes.
The platform works by using a comprehensive database of industry standard questions that assess a person’s health and lifestyle status. Based on the responses, it provides an instant quote on premiums for life insurance tripling the number of clients who receive a straight through acceptance.
Debbie Kennedy, Chief Underwriter, MLC Life Insurance believes the new platform is the beginning of a new era in underwriting.
“Underwriting has been an area has been craving innovation for quite some time. The traditional approach has been complex, lengthy and invasive for both customers and advisers. We know it can be done better”.
“Our new platform will enable us to move away from a ‘one size fits all’ approach. We can now tailor questions based on customer age and lifestyle and not just the product for which they are applying. This will reduce the number of requests for further evidence, and allow our underwriters to focus on more complex cases. We expect 25 per cent more customers will no longer require manual underwriting as a result of the new platform.”
Today’s underwriting launch is a key pillar of MLC Life Insurance’s $400 million transformation program, which is focused on delivering the most advanced digital infrastructure in the industry to better serve customers.
Since becoming majority owned by the Nippon Life Insurance Group in late 2016, MLC Life Insurance has landed a number of technology enhancements as it seeks to leapfrog its competitors. In 2017, the company launched its online platform for superannuation funds called LifeView, which provides an integrated insurance experience for trustees, administrators and members. Energy Super became the first fund to go live with the platform in November, and it is currently being rolled out with new partner Vision Super.
Debbie continued:
“Today’s announcement is about taking underwriting from the back office and moving it to the front office. Our platform will provide a simplified application process, greater underwriting transparency and, most importantly, ensure that people get the cover they need more quickly.”
Find out more about the MLC Life Insurance’s underwriting platform