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MLC slashes approval times

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MLC Life Insurance has halved its underwriting approval times through adoption of UnderwriteMe’s technology.

Its new underwriting rules engine is powered by Pacific Life Re.

MLC says it has reduced the amount of medical information supporting an application by 20% and lifted the completion rate by 10%.

More than 7200 policies have been accepted automatically, a 20% lift in digital applications, as the insurer undergoes a $500 million transformation program.

“Innovation in underwriting is a key part of our transformation program, building our technology platforms to help put in place the capabilities to be successful,” Chief Underwriter Mick Jones said.