Revolutionising Life Insurance: Digital PMARs and Next-Gen Underwriting
Revolutionising Life Insurance: Digital PMARs and Next-Gen Underwriting
1
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
In the age of instant digital services, where everything from basic necessities to luxury items can be delivered in a blink, the life insurance sector in Australia is poised for a transformative change.
Historically plagued by lengthy processing times, the sector faces a persistent underinsurance gap, with over a million Australians lacking adequate life protection.
The introduction of a digital Personal Medical Attendant Report (PMAR) by Acenda, formerly MLC Life, marks a significant stride towards addressing this challenge.
The insurance industry has long grappled with the cumbersome, manual process linked to securing life coverage. According to the Financial Services Council, this results in many Australians underinsured or entirely uninsured. A primary bottleneck in the process has been the PMAR, integral in determining a client’s eligibility but slowed by reliance on paper-based systems that depend on clinicians' schedules and priorities.
Acenda's collaboration with EQ Pathology aims to slash these delays using Australia's first digital PMAR. Unlike its traditional counterparts, this digital format is custom-tailored to underwriter requirements, enabling precise information collection essential for decision-making. The creation of a fully integrated, digital underwriting engine allows applications requiring medical evidence to be processed swiftly and efficiently, cutting down wait times drastically.
The integration of UnderwriteMe's cutting-edge insurtech solutions further enhances Acenda's capabilities. Automating simpler cases ensures that underwriting teams focus only on complex scenarios, optimising their expertise and improving customer service. In previous deployments, this technology has reduced policy approval times significantly while boosting policy uptake.
For consumers, faster processing translates to more timely access to insurance, addressing the prevalent underinsurance gap. This technological innovation not only streamlines the process but also ensures data security via secure API transfers, eliminating the risks associated with transferring sensitive information through less secure means.
Acenda's pioneering approach illustrates a broader trend in the insurance industry demanding innovation in service delivery. By implementing a fully digital PMAR and decisioning engine, the company sets a new industry standard, underpinning its ambition for a more efficient, transparent, and customer-centric insurance experience.
Looking forward, this advancement is likely to drive a wider industry shift towards digital solutions, not only improving turnaround times but also laying the groundwork for smarter and fairer decision processes. As these innovations continue to evolve, the life insurance sector in Australia is on a clear path to meeting the immediate needs of its consumers efficiently and effectively, ultimately bridging the underinsurance gap and enhancing trust in the industry.
Published:Monday, 11th Aug 2025 Source: Paige Estritori
Please Note: If this information affects you, seek advice from a licensed professional.
The Australian insurtech sector is experiencing significant growth, with startups introducing innovative solutions that enhance efficiency, security, and customer engagement within the insurance industry. A recent report titled 'Insurtech Down Under: Trends, Tech and Triumphs' highlights the pivotal role these companies play in reshaping the market. - read more
The Australian insurance industry is facing unprecedented challenges due to a significant rise in mental health-related claims. The Council of Australian Life Insurers reports that mental health has become the leading cause of total and permanent disability claims, accounting for nearly one in three payouts. - read more
Australian consumer advocacy groups are intensifying their calls for substantial reforms in the insurance industry's claims handling processes. The Australian Consumers Insurance Lobby (ACIL) has criticised the current system, highlighting ongoing issues that compromise consumer outcomes. - read more
In a significant move towards promoting sustainable agriculture, WFI Insurance has announced a new initiative offering premium discounts to farmers who obtain AgCarE certification. This program, developed by AgForce, aims to recognise and reward farmers implementing eco-friendly practices on their properties. - read more
In a significant development for Australia's agricultural sector, Insurance Australia Group (IAG) has announced a strategic partnership with Ag Guard, a specialist rural underwriting agency. This collaboration will see Ag Guard managing the underwriting for IAG-owned CGU and WFI's crop insurance portfolios starting June next year. - read more
Car insurance is a critical aspect of vehicle ownership that can save you from financial distress in case of accidents, theft, or damage. For Australian consumers, understanding the ins and outs of car insurance is essential for ensuring that you're adequately protected without overpaying for your coverage. - read more
Car insurance is a crucial aspect of owning a vehicle, providing financial protection in case of accidents, theft, and other unexpected events. However, finding the right balance between affordability and adequate coverage can be a challenging task. - read more
Car safety has come a long way since the early days of motoring. Initially, vehicles had minimal safety features, and accidents often led to severe injuries or fatalities. Over the years, technological advancements have significantly improved the safety of cars, making them much safer for drivers and passengers alike. - read more
Car insurance is an essential part of owning and driving a vehicle, providing protection and peace of mind on the road. While most Australians are familiar with the basic coverage options, understanding the finer details of premium calculations can be quite complex. One of the key factors influencing these calculations is age. - read more
Filing a car insurance claim can be a complex and overwhelming task. Understanding the process is crucial to ensure that everything goes smoothly and you get the compensation you deserve. - read more
Knowledgebase
Public Liability Insurance: Insurance which provides protection against liability to third parties.
