MLC Life Insurance is accelerating the time it takes for clients to be underwritten for life cover, following the launch of a new tele-underwriting service for all retail-advised life insurance policies. 

Called Fast Track, the service reduces the time required for underwriting by 50%, alleviating significant administrative effort from financial advisers and clients in the process.

With adviser consent, MLC Life Insurance can now complete a full personal statement with clients directly, not just the health component, with tele-underwriting. Simple cases can now be completed in 10 minutes while most cases can be completed in 20 minutes.

Chief Customer Officer for Retail Advised Insurance at MLC Life Insurance, Melissa Heyhoe, said feedback from clients and advisers was instrumental in developing the new service.

“Underwriting is an area that has been ripe for innovation in the industry, and we know it is a process that can and should be done better. FastTrack is all about making it simpler and quicker to get life cover, both for the client and adviser.

“The investment from Nippon Life in our technology and data will enable us to do more than this. We’ll be able to ask better questions at the underwriting stage. Instead of focusing on customers’ faults, we’ll be able to judge risk better by looking at the more positive aspects of their health.

“In the long term, we expect to make further changes to our underwriting rules engine to improve straight-through processing and therefore reduce the time it takes to get cover.”

As part of the launch, MLC Life Insurance is also releasing an enhanced version of their Professionals Package. Available to newly qualified professional workers registered or licensed within the last three years - such as accountants, solicitors and medical professionals - the package allows an Agreed Value endorsement with no financial information required at claim time.

In addition, the Professionals Package offers increased limits on Life Cover for these occupations, as well as increased limits on Income Protection for new medical professionals.

Lastly, in response to market feedback to meet the needs of high value clients, higher sum insured amounts for all benefit types can now be considered.

The sum insured thresholds are now as follows:

• Life cover – $40 million (up from $15 million)
• TPD cover – $15 million (up from $5 million)
• Critical illness cover – $10 million (up from $2 million)
• Income Protection – $60,000 per month (up from $40,000 per month)

Heyhoe continued:

“We are committed to providing advisers and customers with products and services that meet their needs and more. We believe these enhancements to our underwriting processes and life cover to newly qualified professionals will make life insurance more accessible and relevant.”

About MLC Life Insurance

MLC Life Insurance is a specialised life insurance business.  It represents a landmark strategic partnership between National Australia Bank (NAB) and Nippon Life Insurance under which NAB retain 20% shareholding and Nippon Life hold a majority 80% of the shares in MLC Limited, the entity which operates the MLC Life Insurance business. The Australian-led and managed business aims to leverage Nippon Life’s global presence, built over 127 years, alongside MLC Life Insurance’s significant experience in understanding and meeting the insurance needs of everyday Australians since 1886.

For more information on MLC Life Insurance, visit mlcinsurance.com.au