MLC Life launches new underwriting platform
MLC Life Insurance has launched its new digital underwriting platform, which includes a self-serve pre-assessment tool, to reduce the time it takes for advisers and customers to purchase life cover.
The platform has used a comprehensive database of industry standard questions that assess a person’s health and lifestyle status, and provides an instant quote based on the responses.
Chief underwriter at MLC Life, Debbie Kennedy, said the new platform has overhauled the complex, length and invasive traditional approach.
“Our new platform will enable us to move away from a ‘one size fits all’ approach,” she said. “We can now tailor questions based on customer age and lifestyle and not just the product for which they are applying.”
Kennedy said the platform would reduce the number of requests for further evidence, and expected 25 per cent more customers to no longer require manual underwriting.
Recommended for you
Apostle Funds Management has appointed the newly created position of director, head of wholesale as the firm expands its Australian footprint in the wholesale sector.
Recruitment manager Robert Half has shared the most in-demand roles in financial services that firms are finding difficult to fill, driven by ASIC’s growing focus on risk and compliance.
ASIC chief executive, Warren Day, is among senior executives to depart the corporate regulator amid changes to its leadership team.
Iress has completed the sale of its platform business, bringing $4.1 billion in funds under administration over to Praemium.
