MLC Life Insurance halves underwriting times

MLC Life Insurance has halved underwriting approval times with its UnderwriteMe technology, which allows them to assess and admit a customer’s life insurance application.

Since the implementation of the platform in April 2018, it had seen a 10 per cent uplift in completions.

There had also been a 20 per cent reduction in the amount of medical information requested to support an application, because of modifications made within its underwriting rules.

Since the platform’s launch, over 7,200 policies had been accepted automatically, without any manual underwriting, with underwriting decisions being made on almost 55 per cent of all benefits applied for.

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Using data from applications, the platform had seen continued refinement of its underwriting rules, resulting in 25 new rules being released over the last 12 months.

Mick Jones, chief underwriter, MLC Life Insurance, said the results showed the platform had delivered clear results for advisers and customers.

“Since the launch of the platform last year, the feedback from advisers and customers has been really positive,” Jones said.

“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.”