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.”