Revolutionising Life Insurance: Digital PMARs and Next-Gen Underwriting
Revolutionising Life Insurance: Digital PMARs and Next-Gen Underwriting
0
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
The Australian Securities and Investments Commission (ASIC) has voiced apprehension about the transparency of professional indemnity (PI) insurance amongst holders of the Australian Financial Services Licence (AFSLs). This concern arises from a recent market overview conducted to analyze PI insurance for AFSLs offering personal advice to retail clients. - read more
A savvy traveller has successfully challenged an insurance decision after having to make an impromptu stay in London due to a medical emergency. This came after the man needed urgent medical attention following a cat bite he sustained in Albania, which sent him to the UK capital for essential treatment. - read more
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. - read more
A Victorian court has ratified a $34 million settlement in a class action involving add-on insurance products sold by Suncorp. This settlement culminates the legal proceedings surrounding alleged unlawful sales practices. - read more
Recent research from Victoria University has provided new insights supporting the proposal to abolish insurance taxes in Australia. The study, conducted by Jason Nassios and James Giesecke, examined the effects of varying rates on four primary taxes: personal income tax, goods and services tax (GST), stamp duties, and insurance duties. Unlike previous studies, this research assessed the economic impacts of these taxes as their rates fluctuated, rather than analyzing them at static levels. - read more
Car insurance customisation refers to the process of tailoring an insurance policy to fit the specific needs and circumstances of an individual driver or business. Unlike standard, one-size-fits-all policies, customised car insurance allows for the inclusion and exclusion of coverage options based on the unique requirements of the insured party. - 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 premiums are the amounts paid regularly to maintain an active car insurance policy. These payments can be made on a monthly, quarterly, or annual basis, depending on the terms agreed upon with your insurance provider. - read more
Car insurance is a crucial aspect of responsible vehicle ownership. It provides financial protection against accidents, theft, and other unforeseen events. In Australia, having the right car insurance policy can give you peace of mind on the road. - 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
Knowledgebase
Trauma Insurance: An insurance that pays a lump-sum amount on the diagnosis of one of several critical illnesses or events
