MLC has announced it will release a new risk insurance product range in October that combines its current Protectionfirst and Personal Protection Portfolio offers.
This integrated product package will allow MLC to deliver a single product range to the market following its 2009 acquisition of Aviva, which included the Aviva Protectionfirst series.
But the headline news from MLC in making this announcement is its intention to drive down turnaround times on new insurance business by up to 70% when it releases its enhanced product, service and technology proposition.
Two key components of the new technology offer will include:
- The release of an enhanced version of MLC’s riskfirst online application tool
- Unveiling a new desktop based quotation package, Illustrator, which will deliver quotation outcomes online or offline
Both these initiatives will be pivotal in enabling the insurer to deliver the targeted reduction in new business turnaround time.
MLC’s Executive General Manager of Insurance, Duncan West, says the insurer expects at least 20% of applications completed online will be approved immediately following the release of the new package of services:
“We’re confident our soon to be launched market-leading insurance offer will add value to advisers’ businesses by giving them time back to focus on their clients,” said Mr West.
Mr West noted that MLC remains committed to its philosophy of providing sustainability for advisers and clients and will maintain its’ guarantee of upgrade’ policy.
The new MLC flagship insurance offer is set to be released in the week commencing 17 October.
