The underwriting process for retail-advised life policies will be accelerated by the introduction of MLC Life Insurance's new tele-underwriting service.
Halving the lengthy underwriting process, the new Fast Track service will benefit both financial advisers and clients from a simplified administrative perspective.
Advisers can now complete personal statements in full with clients directly in as little as 10 minutes, with MLC Life Insurance chief customer officer for retail advised insurance Melissa Heyhoe saying client and adviser feedback was instrumental in the development phase.
"Underwriting is an area that has been ripe for innovation in the industry, and we know it is a process that can and should be done better. FastTrack is all about making it simpler and quicker to get life cover, both for the client and adviser," Heyhoe said.
"The investment from Nippon Life in our technology and data will enable us to do more than this. We'll be able to ask better questions at the underwriting stage. Instead of focusing on customers' faults, we'll be able to judge risk better by looking at the more positive aspects of their health.
"In the long term, we expect to make further changes to our underwriting rules engine to improve straight-through processing and therefore reduce the time it takes to get cover."
MLC Life Insurance is also launching an enhanced version of the Professionals Package to newly qualified professionals - such as accountants, solicitors and medical professionals - registered or licensed within the last three years and allowing an Agreed Value endorsement with no financial information required at claim time.
The package will offer increased life cover limits for these professions and increased income protection limits for new medical professionals. High value clients can now also now take advantage of higher sum insured amounts across all benefit types.
"We are committed to providing advisers and customers with products and services that meet their needs and more. We believe these enhancements to our underwriting processes and life cover to newly qualified professionals will make life insurance more accessible and relevant," Heyhoe added.