Less than two months since MLC Life Insurance launched its new digital underwriting platform, the number of customers who have taken out life insurance cover automatically has trebled.
Since April, the number of customers who had their cover automatically approved without further manual underwriting skyrocketed 300%, while the number of follow-up calls seeking further underwriting information dropped 20%.
The platform includes a comprehensive database of industry-standard questions that assess a person’s health and lifestyle status and gives customers an indicative underwriting decision in as little as five minutes, resulting in greater underwriting certainty for the implementation of advice.
“I believe the new platform will represent one of the single biggest productivity improvements my business has seen,” said Nick Hatherly, managing director of Australian Financial Risk Management. “With one touch, I can go from pre-assessment through to application and terms being issued. No double or even triple handling of data input. This is a massive gain and means my team can focus more time on helping more clients with risk advice.”
Debbie Kennedy, Chief Underwriter, MLC Life Insurance, said their investment in the technology is beginning to pay great dividends already.
“While we are only a few months post-launch, the feedback we are getting from advisers and their customers has been really positive,” Kennedy said. “The platform is quick, easy, and efficient and supports a more engaging application process. We have improved our personal statement and only ask relevant questions for the customer.”