MLC Offers Premium Discount Via New Underwriting Platform

MLC Life will offer a 10 per cent premium discount in the first year to the clients of advisers who purchase life insurance through its digital underwriting platform.

Incoming MLC Life Insurance Head of Underwriting, Mick Jones

The premium discount will be applied to any new MLC Life insurance customers whose applications are lodged by an adviser through the platform during the period from 5 November 2018 to 5 May 2019.

The 10 per cent discount will apply for the first year of the policy while a five per cent discount would apply for the second year.

MLC Life Insurance Chief Underwriter, Mick Jones said the offer was designed to encourage more adviser to write life insurance business using the platform, which was launched earlier this year and is based on Pacific LifeRe’s Underwrite Me rules engine (see: MLC Life Goes Live With New Underwriting Engine).

“Since the launch of the platform in April, the feedback from advisers and their customers has been really positive. But we know there are still some advisers who are reluctant to take the first step and use the new technology,” Jones said.

MLC stated the platform had led to a 20 per cent reduction in number of follow-up calls to customers seeking further underwriting information and, since its launch, straight-through acceptance rates had tripled.