MLC life insurance has launched a new digital underwriting platform and is promising to provide "instant quotes" for life insurance cover in as little as five minutes.
The digital tool will query a comprehensive database of industry standard questions to assess a person's health and lifestyle status.
"Underwriting has been an area has been craving innovation for quite some time. The traditional approach has been complex, lengthy and invasive for both customers and advisers. We know it can be done better," MLC Life Insurance chief underwriter Debbie Kennedy said.
MLC will be able to tailor questions according to product type, and age and lifestyle of the customer, moving away from a "one-size-fits-all" approach.
"This will reduce the number of requests for further evidence, and allow our underwriters to focus on more complex cases. We expect 25% more customers will no longer require manual underwriting as a result of the new platform," Kennedy said.
MLC is also hoping to triple the number of clients that receive a straight through acceptance with the new underwriting tool.
The insurer also says the platform will add transparency to the underwriting process.
Today's launch is a part of MLC's $400 million transformation program that aims to building digital infrastructure for the insurer.
Last year, MLC launched its online platform for superannuation funds called LifeView.
LifeView aimed to integrate insurance for super fund trustees, administrators and members. Energy Super began using the platform in November, and an implementation for Vision Super is currently underway.
MLC Life Insurance was formed as a strategic partnership between NAB and Nippon Life Insurance. It is operated by MLC Limited in which NAB holds a 20% share while Nippon Life holds the remaining 80%.