MLC announces insurance upgrades
MLC is aiming to reduce insurance turnaround times by up to 70 per cent through a new offer with upgraded service, product and technology benefits.
The improvements are based on adviser feedback and aim to give them more time to focus on their clients, said MLC executive general manager of insurance, Duncan West.
Advisers have been asking for an upgraded product that is more competitive in the marketplace as well as a service and technology offering that makes it easier for them to do business, West said.
Launching from 17 October, MLC will present improvements to its online application engine, Riskfirst, and a new desktop based quotation tool called Illustrator, West said.
"From launch day we expect at least 20 per cent of applications completed online will be approved immediately," he said. Currently applications have to be signed off manually and depending on the rate at which the technology is taken up we could see higher rates of online approvals, he said.
The new offer will bring together the best elements of Protectionfirst and MLC's Personal Protection Portfolio, West said.
"We're excited about these developments and will work closely with advisers to support their businesses through implementation," he said.
Recommended for you
The Federal Court has dismissed a conflicted remuneration case brought by ASIC against the director of life insurance distributor Freedom Group, where Bali holidays and Vespa purchases were among sales incentives.
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
