MLC Life Insurance sees underwriting performance improve

mlc/MLC-Life-Insurance/people-and-products/appointments/underwriting/

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 news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 4 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 3 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND