Insurance Risk Revolutionised
Typically, insurance companies take a very traditional approach to underwriting – assessing a customer’s self-reported health based on a lengthy personal statement. Premiums are then based on this assessment and apply for the life of the insurance policy.
With MLC On Track, we’ve revolutionised the way we think about assessing insurance risk. Following the initial underwriting assessment, customers have the opportunity to prove they live a healthy lifestyle. Through MLC On Track they can meet specific physical activity and general wellbeing targets and receive up to 10% off their premium for the life of their policy. Not only does this give customers the opportunity to change their health, but it’s also making their life insurance more affordable.
We’re looking forward to using the learnings from MLC On Track to completely change the way we underwrite insurance customers. And we don’t think this underwriting revolution is that far away. We’re already getting some amazing learnings from the program – from how active our customers are, right through to how much sleep they get. For example we know that the average run for our MLC On Track customers is 18.4 minutes!
We encourage you to get involved with MLC On Track – by participating yourself as well as encouraging your customers to experience the program with support from you, their trusted adviser. You never know what you might achieve – and change – as a result! Advisers who participate in the program also receive their Garmin fitness tracker for free.
You can visit www.mlc.com.au/personal/important-updates/on-track for more information on the MLC On Track program.
Typically, insurance companies take a very traditional approach to underwriting – assessing a customer’s self-reported health based on a lengthy personal statement. Premiums are then based on this assessment and apply for the life of the insurance policy.
With MLC On Track, we’ve revolutionised the way we think about assessing insurance risk. Following the initial underwriting assessment, customers have the opportunity to prove they live a healthy lifestyle. Through MLC On Track they can meet specific physical activity and general wellbeing targets and receive up to 10% off their premium for the life of their policy. Not only does this give customers the opportunity to change their health, but it’s also making their life insurance more affordable.
We’re looking forward to using the learnings from MLC On Track to completely change the way we underwrite insurance customers. And we don’t think this underwriting revolution is that far away. We’re already getting some amazing learnings from the program – from how active our customers are, right through to how much sleep they get. For example we know that the average run for our MLC On Track customers is 18.4 minutes!
We encourage you to get involved with MLC On Track – by participating yourself as well as encouraging your customers to experience the program with support from you, their trusted adviser. You never know what you might achieve – and change – as a result! Advisers who participate in the program also receive their Garmin fitness tracker for free.
About the Author, Fiona Guscott
Fiona Guscott is a dedicated life insurance professional with over 19 years of life underwriting experience. Also a qualified nurse, Fiona has worked in a number of operational and strategic underwriting roles at CommInsure, Aviva and MLC. During her career, Fiona has had the opportunity to coach and mentor many underwriters, and continues to be committed to the professional development and technical proficiency of the underwriting team.
Fiona now holds the position of Chief Underwriter for MLC. In this role, Fiona has extended her commitment and passion to our broader insurance business, as well as the life insurance industry more generally. From an MLC perspective, this commitment has seen Fiona lead key strategic and innovative risk initiatives relating to risk selection and assessment.
Fiona holds a position on the ALUCA board, contributes to a number of industry working groups, and in 2016 was awarded the FSC Industry Pioneer Award for her contribution to the life insurance industry.
Important information
This information, provided by MLC Limited (ABN 90 000 000 402, AFSL 230694), is intended to provide general information only and has been prepared without taking into account any particular person's objectives, financial situation or needs. Before acting on this information, interested persons should consider the appropriateness of this information having regard to their personal circumstances. MLC on Track is available for customers with new MLC Insurance or MLC Insurance (Super) policies. MLC Insurance is issued by MLC Limited and MLC Insurance (Super) is issued by NULIS Nominees (Australia) Limited (ABN 80 008 515 633 and AFSL 236465), trustee of the MLC Super Fund (ABN 40 022 701 955). Persons who are interested in insurance with MLC should first consider the relevant Product Disclosure Statement (PDS). For a copy of the relevant PDS please visit our website, mlc.com.au, or call us on 133 652.
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