MLC Life Digital Underwriting Platform

MLC Life Insurance has launched its new digital underwriting platform, which aims to reduce the time it takes for advisers and customers to purchase life cover.

The automated platform works by using a 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, which, according to MLC Life, triples the number of clients who receive a straight through acceptance.

"Our new platform will enable us to move away from a 'one size fits all' approach," Debbie Kennedy, chief underwriter at MLC Life, said.

"We can now tailor questions based on customer age and lifestyle and 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. We expect 25 per cent more customers will no longer require manual underwriting as a result of the new platform."