MLC Life Insurance has announced an initiative designed to reduce underwriting time by 50%.
Called FastTrack, this new process is centred around offering advisers the option of using MLC’s tele-underwriting capability to complete a full personal statement directly with clients, including income and occupational details. Historically, only medical questions have been outsourced to MLC’s tele-underwriting centre.
A release to advisers outlining the benefits of the new streamlined tele-underwriting service indicated the FastTrack process would complete simple cases within ten minutes and within 20 minutes on average, while the new adviser tele-underwriting checklist notes that as long as all the client’s personal details are on hand, the interview should take no longer than 30 minutes. MLC also commits to contacting the client within one business day of receiving the initial application from the adviser if it includes a request for the tele-interviewing service option.
Underwriting is an area that has been ripe for innovation in the industry…
In announcing this initiative, MLC Life Insurance Chief Customer Officer for Retail Advised Insurance, Melissa Heyhoe, said “Underwriting is an area that has been ripe for innovation in the industry, and we know it is a process that can and should be done better. FastTrack is all about making it simpler and quicker to get life cover, both for the client and adviser.”
Heyhoe also noted in her message to advisers that this initiative directly addresses one area advisers have highlighted would make a significant difference to their business efficiency, namely underwriting capability and delivery.
Two product-related enhancements were also announced by MLC Life Insurance this week:
- Large case sum insured limits have been significantly increased across both lump sum and income protection products:
- Life cover: $40 million (previously $15 million)
- TPD cover (bundled with equivalent Life cover): $15 million (previously $5 million)
- Critical illness cover (bundled with equivalent Life cover): $10 million (previously $2 million)
- Income protection: $60,000 per month (previously $40,000 per month)
- Delivery of an enhanced Professionals Package, in which a number of newly qualified professionals (eg accountants, solicitors, medical professionals) may now access an agreed value income protection insurance contract where mandatory financial evidence requirements are waived (subject to underwriting and disclosure outcomes)
Heyhoe concluded, “…We believe these enhancements to our underwriting processes and life cover to newly qualified professionals will make life insurance more accessible and relevant.”
