MLC Life Insurance has announced a reward for customers who purchase life insurance cover through their digital underwriting platform.
The Digital Application Reward (DAR) will apply to new MLC Life Insurance customers whose advisers use the platform to lodge their application. From 5 November 2018 to 5 May 2019, customers whose applications are submitted with policies issued during the reward period will receive a premium discount for two years – 10 per cent for the first policy year and 5 per cent discount for the second year.
Mick Jones, chief underwriter at MLC Life Insurance, said the offer is intended to encourage more financial advisers to write life insurance using our latest underwriting technology.
“Since the launch of the platform in April, the feedback from advisers and their customers has been really positive. But we know there are still some advisers who are reluctant to take the first step and use the new technology.
“The platform is quick, easy and efficient, and it supports a more engaging application process between the adviser and the customer. In addition, as the administrative burden on advisers grows, it is important that we find ways to support them and reduce the cost of advice. This platform does just that.”
MLC said the group has seen a 20 per cent reduction in number of follow-up calls to customers seeking further underwriting information.
The automated platform includes a self-serve, pre-assessment tool, giving customers an indicative, underwriting decision in as little as five minutes.
The platform works by using a comprehensive database of industry standard questions that assess a person’s health and lifestyle status. Based on the responses, it provides an instant quote on premiums for life insurance.
“Our new platform is enabling us to move away from a ‘one-size-fits-all’ approach. We can now tailor questions to customers based on a number of factors including customer age and lifestyle – not just the product for which they are applying. This will reduce the number of requests for further evidence, and allow our underwriters to focus on more complex cases,” Mr Jones said.
MLC the announcement is a key pillar of its $400 million transformation program.
Stimulate new ideas. Stimulate new thinking. Top up your CPD and hear from industry experts with InvestorDaily’s Knowledge Centre. Keep up to date with the latest trends and reforms, all while adding to your CPD. Explore the knowledge centre Knowledge Centre now.
Despite unemployment falling to pre-pandemic levels, the central bank still thinks it’s too early to count its chickens on the success of ...