MLC Life Insurance has launched a digital underwriting tool through its Riskfirst platform, which the company says will allow the process to be done “better and more efficiently”.
According to MLC Life chief underwriter Debbie Kennedy, underwriting has been “primed for innovation for quite some time”, and the new service will make the process faster and easier to complete.
“The traditional approach has been complex, lengthy and invasive for the customer and an onerous task for both customers and advisers. The reality is it can be done better and more efficiently,” she said.
Responding to questions from Risk Adviser, Ms Kennedy said the platform uses algorithms to assess a person’s “health and lifestyle status” when they apply for cover.
“We have also developed an integrated pre-assessment tool that will enable advisers to get an indicative underwriting decision for their client before they apply,” Ms Kennedy said.
“This is a process that previously took 24 – 48 hours but can now be done in as little as five minutes. Our focus on improving the customer journey means this is a seamless process from the pre-sales stage through to apply and all the details are captured and pre-populated in the online personal statement.”
The service will be housed on the Riskfirst platform, Ms Kennedy said; however, the company intends to “evolve this in time”.
“This is the start of our underwriting modernisation program and, in the next 12 months we will be creating new streamlined approaches to underwriting and a more tailored application form,” Ms Kennedy said.
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