MLC Life Insurance sees underwriting performance improve

18 April 2019
| By Chris Dastoor |
image
image
expand image

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.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

11 months 1 week ago

Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Co...

1 day 6 hours ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

1 day 6 hours ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

1 day 7 hours ago