MLC Life Insurance has unveiled a new reward designed to encourage more financial advisers to write life insurance.
MLC Life’s Digital Application Reward (DAR) will apply to new customers whose advisers use the platform to lodge their application. From Nov. 5 to May 5, customers whose applications are lodged using the platform with policies issued during the reward period will receive a 10% premium discount for the first policy year and a 5% discount for the second year.
“Since the launch of the platform in April, the feedback from advisers and their customers has been really positive,” said Mick Jones, chief underwriter at MLC Life Insurance. “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.”
Since the platform’s launch, straight-through acceptance rates have tripled, while the number of follow-up calls to customers seeking further underwriting information has been reduced by 20%.
“Our new platform is enabling us to move away from a ‘one size fits all’ approach,” Jones said. “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.”
