MLC Life Insurance’s new digital underwriting platform has seen the number of customers who have had their life insurance cover automatically approved triple in less than two months.
According to a statement by MLC Life Insurance, ‘straight-through’ acceptance rates for life insurance cover have jumped 300 per cent since April.
The new platform utilises a number of industry-standard questions aimed at assessing a client’s health and lifestyle status and can provide an “indicative underwriting decision in as little as five minutes”.
MLC Life Insurance chief underwriter Debbie Kennedy said the company’s investment in technology had transformed the underwriting process.
“Whilst we are only a few months post-launch, the feedback we are getting from advisers and their customers has been really positive,” she said.
“The platform is quick, easy and efficient and supports a more engaging application process. We have improved our personal statement and only ask relevant questions for the customer.”
Ms Kennedy added that advisers needed ways to reduce the cost of advice.
“The underwriting process is ripe for transformation and we have been able to deliver an efficient submission process backed up with instant underwriting.”
Australian Financial Risk Management managing director Nick Hatherly said in the statement that he believed the new platform would represent “one of the single biggest productivity improvements [his] business has seen”.
“With one touch, I can go from pre-assessment through to application and terms being issued,” he said.
“No double or even triple handling of data input. This is a massive gain and means my team can focus more time on helping more clients with risk advice.”
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