MLC has officially launched its new risk insurance product range, announcing it is targeting a 70% improvement in turnaround times for new insurance business.
Called MLC Insurance, the new product suite combines features from Aviva’s Protectionfirst and MLC’s Personal Protection Portfolio offers.
According to Executive General Manager of Insurance, Duncan West, enhanced technology is central to the new offer, with MLC redesigning its Riskfirst application engine and Illustrator quotation tool in order to deliver improved turnaround times for new business.
If you’ve got something that works, why wouldn’t you leverage that?
Riskfirst now includes MyLink, which the insurer says enables advisers to send the Personal Statement via a secure link to the client to complete in their own time.
“It’s about giving options,” explained Mr West. “No two advisers are the same, and no two clients are the same. There’s enormous flexibility.”
In addition to the technology enhancements, MLC has introduced the following new product features:
- Child critical illness cover, a child support benefit and child support income benefit
- Terminal illness support offered in addition to any terminal illness benefits paid under the client’s life cover
- Accidental death cover
- An extra benefits option which will pay a proportion of the critical illness benefit if the client suffers from conditions including congenital abnormalities or complications of pregnancy
- Discounts for businesses whereby cover which is held across multiple policies is eligible for the large case discount (calculated as if it were one policy)
The group also announced improved service offerings, including:
- Doubled reinsurance retention limits, allowing underwriters to make more decisions without referring to the reinsurer
- Pay and finalise approach to income protection claims, removing the need for clients to provide monthly paperwork to remain on claim
- Enhancements to Best Doctors, including a service which coordinates overseas medical appointments (see: MLC Extends Best Doctors Service)
Mr West said the creation of the offer marked the culmination of MLC’s journey with Aviva.
“It has taken about 18 months development time (to bring the offer to market),” Mr West said.
“Aviva already had market leading technology, which was one of the attractions for MLC in its acquisition of Aviva. If you’ve got something that works, why wouldn’t you leverage that, rather than reinvent the wheel?”
