POWERED BY MOMENTUM MEDIA
MLC Life Insurance sees underwriting performance improve
MLC Life Insurance is claiming a significant reduction in the time it takes for customers to receive cover thanks to its new digital underwriting platform.
According to MLC the average time it took to assess and admit a customer’s life insurance application had fallen from 15 days to seven.
The platform was launched a year ago and over 7,200 policies had been accepted automatically, without the need for any manual underwriting, with underwriting decisions being made on only 53 per cent of all benefits applied for.
The platform used a comprehensive database of industry standard questions to assess a person’s health and lifestyle status.
Mick Jones, chief underwriter at MLC Life Insurance, said the system had received positive feedback from advisers and customers.
“The platform is quick, easy and efficient, and it supports a more engaging application process between the adviser and the customer,” Jones said.
“Many advisers state that administration is one of the most expensive aspects of delivering advice, so the platform is reducing the cost of advice by removing unnecessary time spent on what have traditionally been manual processes.”
Recommended for you
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
32.57 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
32.09 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
27.42 3 y p.a(%)
