MLC Life Insurance has claimed that its new digital underwriting platform has trebled the number of customers who have received auto-acceptance on their policy application since launching two months ago.
The insurer stated that after the launch of the platform in April this year straight through acceptance rates had increased by 300 per cent and follow-up calls seeking further underwriting information had dropped by 20 per cent.
When MLC Life Insurance flagged the launch of the new platform, based on Pacific Life Re’s underwriting rules engine UnderwriteMe, in July 2017 it stated advisers and clients would be able to get pricing and underwriting decisions within minutes (see: MLC Life Underwriting Deal to Offer Instant Pricing). The platform was released to advisers and went live in April 2018 (see: MLC Life Goes Live With New Underwriting Engine).
The underwriting platform is part of a series of technology projects being undertaken by MLC Life Insurance under a $400 million transformation program which began when Nippon Life took an 80 per cent stake in the business.
MLC Life Insurance Chief Underwriter, Debbie Kennedy said the adoption of the platform had changed the underwriting process at the insurer which aimed to reduce the work of financial advisers.
“Our investment in innovative technology has helped us transform our underwriting process. Whilst we are only a few months post-launch, the feedback we are getting from advisers and their customers has been really positive,” Kennedy said, adding the application process has been streamlined and only asks relevant questions related to the applicant.
“The burden being placed on our advisers will only grow, it is important that we find ways to support them and reduce the cost of advice. The underwriting process is ripe for transformation and we have been able to deliver an efficient submission process backed up with instant underwriting,” she said.
