July 16, 2019
Reinsurer, Pacific Life Re, reports that MLC Life Insurance has halved the time it takes to assess and admit a customer’s life insurance application.
Part of the process that has contributed to this time reduction, according to Pacific Life re, includes the implementation within MLC Life Insurance of the UnderwriteMe Underwriting Rules Engine, which is powered by Pacific Life Re.
Since the launch of the UnderwriteMe rules platform in April 2018 (see: MLC Goes Live…), the reinsurer says MLC Life Insurance has experienced:
- A 10 percent uplift in completions
- A 20 percent reduction in the amount of medical information requested to support an application
More than 7,200 policies have been accepted automatically since the introduction of the UnderwriteMe platform, says the reinsurer, which also notes underwriting decisions using the platform are being made on almost 55 percent of all benefits applied for, across the four key product types of:
- Term Life
- Total and Permanent Disability
- Critical Illness
- Income Protection
Accompanied by a promotional 10 percent discount on cover for customers purchasing life insurance through its underwriting platform, Pacific Life Re says these initiatives have combined to increase digital up-take by 20 percent.
Mick Jones, Chief Underwriter, MLC Life Insurance, says the results show the platform is delivering clear results for both advisers and customers:
“Since the launch of the platform last year, the feedback from advisers and customers has been really positive. By using UnderwriteMe, we can now create a more engaging and consistent application process between the adviser and the customer, as well as process new business at a much faster rate without having to increase our underwriting resources.”