MLC Life Insurance has announced it will implement a new underwriting rules solution in partnership with global reinsurer Pacific Life Re.
The new solution, Pacific Life Re's UnderwriteMe, works by using a comprehensive database of industry standard questions that assess a person’s health and lifestyle status, according to a statement.
Based on the responses, the engine provides an instant quote on premiums for life insurance, and any indicative loadings or exclusions that might apply.
For advisers, the engine also includes a pre-assessment tool for clients that want an instant indicative price for life insurance cover, the statement said.
MLC Life said more than 6,500 medical conditions are stored on the engine, providing a huge range of data to assess a customer’s potential risk.
MLC Life Insurance chief customer officer of retail advised insurance Melissa Heyhoe said the solution will “revolutionise the way life insurers assess risk, and significantly reduce the time it takes for people to get cover”.
“Underwriting has traditionally been a complex and time-consuming process,” Ms Heyhoe said.
“By automating the underwriting process, we’ll be able to ask customers fewer and more relevant questions, get a more accurate assessment of their risk and approve cover in just a few days.”
UnderwriteMe director of business development Rakesh Kaul said the solutions provider is excited to be launching its first partnership in Australia.
“We look forward to playing our part in helping change the industry for the better,” Mr Kaul said.
UnderwriteMe will be available across all retail advised, underwritten bancassurance and direct life insurance products, and select group insurance clients from late 2017.