Automating aspects of the life insurance advice process must add value to the adviser’s role, according to MLC Life Chief Customer Officer, Retail Advised Insurance Melissa Heyhoe.

She points to potential gains in “business efficiency and administrative tasks”.

“Our goal is to ensure advisers can spend more time doing what they do best, which is providing consumers with financial advice and life insurance tailored to their specific needs,” she told insuranceNEWS.com.au.

Ms Heyhoe says if automation is used correctly the adviser retains an active role in the discussion.

It is early days, but life insurers are looking at automation in claims and underwriting.

“Our underwriting philosophy is to ensure our customers can tell us the positive aspects of their health, as well disclosing any potential health issues,” Ms Heyhoe said.

“Technology will facilitate this, both for data-gathering and also in automatic underwriting.”

MLC is undertaking a technical upgrade, driven by its new partnership with Nippon Life.

Ms Heyhoe says it will modernise the underwriting platform so future technologies can be incorporated, including external data feeds. “In conjunction with our wellness program, MLC On Track, we believe this will be a powerful tool to provide a personalised and positive proposition to our customers.”

MLC and Nippon Life are also working to address issues facing the local life insurance industry, such as longevity in an ageing population.

Ms Heyhoe concedes the Australian life industry has been slow to tackle this compared with overseas markets.

“We’ve got an ageing population and we recognise that simply extending the expiry ages of our current products will not meet the changing needs of these customers.

“Longevity is an area we are keen to innovate in, and through our partnership with Nippon Life and the newly created specialist team, we have the right experience in this field.”

She says the key to countering this perception that claims “is a customer focus in everything an insurer does”.