MLC Life Insurance launches new reward for customers using digital underwriting platform

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MLC Life Insurance’s focused on delivering the advanced digital infrastructure.

MLC Life Insurance has announced a reward for customers who purchase life insurance cover through our digital underwriting platform.

The Digital Application Reward (DAR) will apply to new MLC Life Insurance customers whose advisers use the platform to lodge their application. From 5 November 2018 to 11:59pm 5 May 2019, customers whose applications are submitted with policies issued during the reward period will receive a premium discount for two years – 10% for the first policy year and 5% discount for the second year.

Mick Jones, Chief Underwriter at MLC Life Insurance, says the offer is intended to encourage more financial advisers to write life insurance using our latest underwriting technology. “Since the launch of the platform in April, the feedback from advisers and their customers has been really positive. But we know there are still some advisers who are reluctant to take the first step and use the new technology.

“The platform is quick, easy and efficient, and it supports a more engaging application process between the adviser and the customer. In addition, as the administrative burden on advisers grows, it is important that we find ways to support them and reduce the cost of advice. This platform does just that.”

Since the platform’s launch, there has been a vast reduction in time taken to perform underwriting. MLC Life Insurance has seen a 20% reduction in number of follow-up calls to customers seeking further underwriting information.

Available now, the automated platform includes a self-serve pre-assessment tool, giving customers an indicative, underwriting decision in as little as five minutes. Straight-through acceptance rates have increased significantly since April this year and the number of clients who receive a straight through acceptance has tripled.

The platform works by using a comprehensive database of industry standard questions that assess a person’s health and lifestyle status. Based on the responses, it provides an instant quote on premiums for life insurance. Mick continued: “Our new platform is enabling us to move away from a ‘one size fits all’ approach. We can now tailor questions to customers based on a number of factors including customer age and lifestyle – not just the product for which they are applying. This will reduce the number of requests for further evidence, and allow our underwriters to focus on more complex cases.”

Yesterday’s underwriting announcement is a key pillar of MLC Life Insurance’s $400 million transformation program, which is focused on delivering the most advanced digital infrastructure in the industry to better serve customers.

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