Insurance from MLC Adviser use only MLC Riskfirst You choose the solution that s right for your business Award Winner
We continue to enhance Riskfirst to provide you with the best possible service. Page 2 MLC Riskfirst
Flexibility and efficiency So you can spend more valuable time with clients No two advisers have the same business or client needs, whether you re an experienced Riskfirst user or new to this award-winning technology. We provide choice and flexibility to do business the way you want without compromise. The market-leading technology behind Riskfirst is designed with you and your client in mind. It s unparalleled flexibility from start to finish means you have ultimate control when setting up your clients insurance policies. Submitting applications for MLC Insurance, using Riskfirst, is faster and more efficient. It provides more valuable time for you to spend with your clients. Completion times take, on average, a mere 20 to 30 minutes, saving you considerable time in the application process. MLC Riskfirst Page 3
Saving valuable time and money 13 26 days 5 10 days Up to 26 days Experience the efficiency that our technology is bringing to you and your business. It s online, efficient, and delivers faster turnaround times. Fact A $44,000 premium policy was issued within four days of receiving the application via the full online method in Riskfirst. 5 15 days 1 9 days 5 10 days 2 6 days 1 7 days 2 6 days 0 3 days As little as one day 2 3 days 1 3 days 1 3 days 0 3 days 1 day Traditional paper method (not using Riskfirst) Scan and attach method via Riskfirst Online method via Riskfirst Possible end to end times Adviser Time Post Admin Underwriting Page 4 MLC Riskfirst
See how much you save by using Riskfirst and enjoy these benefits: issue policy schedules immediately, whether you re on the road or in the office so clients have the peace of mind of having immediate protection email your client their Personal Statement using our first-to-market technology, Riskfirst Mylink answer questions in the order you want provide in-depth answers so you don t have to waste time with separate data collection forms, and reduce by 25% the need for PMARs thereby enabling your client s insurance to be completed sooner. MLC Riskfirst Page 5
Riskfirst prioritises your clients Time is precious when it comes to giving quality financial advice to your client. Recognising this, we ve shortened the turnaround times for all applications received through Riskfirst. Our dedicated underwriting team prioritise the review of applications through Riskfirst over applications received using the traditional paper method. This can lead to a saving of up to ten days. Page 6 MLC Riskfirst
ipad App for MLC Insurance MLC Insurance App MLC s ipad application for insurance writers With MLC Insurance App, you have an innovative, intuitive and easier way to provide personal risk advice to your clients. And now you can structure your policies in a way to match your clients protection needs and budget. Benefit from: visual client scenarios that make insurance easier to understand and easier to sell ability to structure policies to match the advice you give, including the multi-cover packaging and savings on Income Protection premiums efficiencies from start to finish throughout the overall process pre-populated quotes and application for quick advice provision and implementation, and optimised costs in just one click policies can be structured to be the most cost-effective. The enhanced ability to provide a needs analysis and structure insurance cover Whether the structure of the cover is stand-alone, extension, connection, inside or outside of super, the MLC Insurance App gives you the flexibility to structure the policy in a way that matches your personal advice. It s intuitive and allows you to visually demonstrate connection and extension structures, so your clients have a better idea of how their policy works and what they re covered for. For easier client conversion, you can also visually present to your client a range of scenarios based on their requirements with a range of pricing options to choose from. It s easy Have a conversation with your client, complete a needs analysis, demonstrate and determine the appropriate level of cover, provide the quote and push through to Illustrator to finalise the application. Search for MLC Insurance App in the Apple App Store or go to mlc.com.au/mlci for more information. If you already have the ipad App, just go to the App Store Updates section, and update your App to the latest version. Over 2073 downloads since launch! Download or update to the latest version today. MLC Riskfirst Page 7
Use Illustrator for quicker and easier quotes for your clients Illustrator, an intuitive electronic insurance quoting tool used to produce quotes for our new MLC Insurance and MLC Insurance (Super) policies. NEW! Introducing Quick Quote Quoting made easy for you. One of the key enhancements to Illustrator is the introduction of Quick Quote. This provides a simplified version of a detailed quote, simpler cover options, clearly defined ownership structures and scenario based options. All this makes the quoting process much easier for you. Benefits of Quick Quote: simplified and streamlined quoting efficiency and reduced time to quote ability to reach an effective outcome quicker, and a suggested recommendation based on optimal cover and pricing for your client. I used the new Quick Quote option online yesterday and my experience was great. I needed to pump out a number of quotes with different scenarios for up to four clients and the process made it very easy and quick...and did most of the thinking for me. A recent comment from an adviser. No two advisers businesses are the same; therefore Illustrator has been designed with this in mind. Illustrator gives you the flexibility to structure policies, premiums, covers, and your remuneration to meet the needs of your clients and your business model. It enables you to generate quotes for those clients who have simple needs right through to those who have more sophisticated requirements. NEW! Visualiser An easier and more visual way for advisers to demonstrate insurance cover options to your clients. Visualiser is a new tool that helps you demonstrate insurance options in a more customer friendly way. Visualiser helps explain: policy structures, including extensions and connected benefits key aspects of the benefits paid out in a claim scenario, including the eligible benefit types, amounts and the duration of the benefits paid the impact on each cover after a benefit pay out the effects of buy backs and reinstatements additional benefits built in to the covers. Quick and versatile Illustrator is available as a standalone desktop application, or it can be accessed within Riskfirst, our award winning online application and underwriting tool. The desktop application allows you to generate a quote for your clients, offline, meaning that you don t need internet access, therefore making it easy to access Illustrator wherever you may see your clients. No more needing to wait until you get back to your office to generate a quote. When you re ready to complete the application, it takes just one click to push the quote information to Riskfirst. This pre-populates the appropriate fields in Riskfirst meaning you don t have to re-enter this information. Simply confirm the details, make any necessary amendments, answer the Personal Details, Policy Setup and Underwriting questions and then submit your application all done signature free. If you do wish to collect your client s signature, Riskfirst provides the flexibility to capture their signature for your records. Contact your Business Development Manager to find out more about how Riskfirst can drive efficiencies in your business. Page 8 MLC Riskfirst
Quick & efficient applications using Riskfirst Riskfirst sets the industry benchmark. You can get confirmed responses face-to-face with your client at their home or office. Case study paper vs Riskfirst Slower, however ten days were still saved Mary Jones is an accountant, age 33 with two children, earning $100,000 a year. She applied for $500,000 in Life and Critical Illness insurance. Alternatively you can get their responses by either telephone or web conference. The online benefits Fast and immediate completions. Faster remuneration for you. The ability to issue policy schedules immediately. Minimised need for PMARs (by asking targeted medical questions). Intuitive and efficient. The Mylink benefits Your client can answer the personal statement questions in privacy and at home where they have their medical records. It saves you time in not having to read out each question and complete the answers. Compare the difference The Riskfirst decision Accepted automatically without the need for underwriting referrals. On the spot completion. More enhancements to Riskfirst The paper-based application She was accepted, but the process was slower and took 10 days. 10 days saved with Riskfirst Based on a hypothetical scenario. Straight through processing Riskfirst has also been improved to make smarter decisions. There are more targeted and less generic questions, so your clients benefit immediately if their case is accepted and issued straight away. Enabling Riskfirst to make more decisions means that: clients will get cover immediately if their case is accepted and issued on the spot there s limited request for additional customer disclosure, and you ll experience increased efficiencies and faster end to end process. So now, you can benefit from a streamlined approach, efficiencies and quick outcomes for your client. MLC Riskfirst Page 9
Scan and attach method If you re new to Riskfirst and underwriting technology, yet you like the convenience of having your application placed at the front of the queue, you can choose to use the paper application and upload it to Riskfirst for priority processing. Case study paper vs Riskfirst Slower, however eight days were still saved Peter Parker is a plumber, age 35, earning $80,000 a year. He s applied for $800,000 in Life Cover insurance. The benefits A semi-traditional process. It integrates the client details, online illustration and policy set-up. Passes you to the front of the underwriting queue but with the familiarity of a paper application. Avoids the time lag when using snail mail. Please note: A policy can t be issued immediately with this method. Compare the difference The Riskfirst decision Peter was referred and underwriting manually checked his application and reviewed his occupation. Underwriting accepted the policy without any further requirements or the need for a PMAR. The process took under two days. Useful tip The paper-based application He was accepted, but the process was slower and took 10 days. It was a combination of snail mail and internal processes which meant the application took all that time. 8 days saved with Riskfirst Based on a hypothetical scenario. If you prefer to still use the traditional paper method but like the efficiency of Riskfirst, you can fill out the paper form and give it to your support staff for online scan and attach submission process. You ll quickly appreciate the benefits when using the Riskfirst technology. Page 10 MLC Riskfirst
Riskfirst Rapid, an award-winning innovation Riskfirst Rapid is a first to market innovation that provides you with an opportunity to insure your clients faster. How Riskfirst Rapid works With Riskfirst Rapid we treat the new business application in its entirety, whilst splitting the cover into two stages. This enables the portion of cover below mandatory levels to be issued faster, even before the medical evidence is requested and/or received. It s available when the application is completed online using our full technology solution Riskfirst. Improving the experience for your clients Riskfirst Rapid delivers an improved experience for you and your clients. Riskfirst Rapid covers your clients faster, and you are remunerated quicker. Key points to note: Riskfirst Rapid is optional, but if you decide to use it, you ll need to select this option when preparing the quote important information around the Riskfirst Rapid process is detailed on the printed quote a new declaration in Riskfirst has been added so your client is fully aware of the Riskfirst Rapid application process. correspondence provided to clients will reference Riskfirst Rapid the client s Duty of Disclosure continues until Stage 2 of the application has been processed (we treat Stages 1 & 2 as a complete new business application), and Riskfirst Rapid is only available where you use the full electronic application and underwriting engine within Riskfirst. Riskfirst Rapid full application Stage 1 Cover amounts below medical and financial mandatories Stage 2 Remaining cover from the full application Riskfirst Rapid voted one of the Top 3 Innovations in the insurance industry! Riskinfo sees this as a thoughtful, genuinely client-focused innovation. Riskinfo, 11 Dec 2012. Amounts automatically calculated by Riskfirst and can t be changed. Application will be assessed on submission up to the required level of mandatory underwriting requirements. Subject to normal underwriting requirements in excess of mandatory underwriting requirements. MLC Riskfirst Page 11
Top 10 reasons why advisers prefer Riskfirst 1. You choose the way you want to do business. Set up Personal Statements in Riskfirst in four different ways to match your unique back office and different client needs. Face-to-face in front of your client. Collect data from your client over the telephone or by using web conferencing. Email Personal Statements to your clients using Riskfirst Mylink. Scan and attach paper applications. 2. Unparalleled flexibility. Designed with advisers in mind, Riskfirst gives you complete flexibility from start to finish when setting up policies. Switch on our Let us call you back tele-underwriting service and Lifescreen to coordinate your client s health evaluation requirements. Send a note or attach documents for our underwriting or administration teams. If you re not satisfied with an underwriting decision, ask to have the application reviewed by our underwriting team. If you prefer having a signed declaration, client declaration forms can be printed for your own records with ease. 3. Immediate completion. Sophisticated online underwriting technology that helps you deliver decisions on the spot. A total end-to-end business solution that improves your business efficiency. 4. Reduced need for medicals. Riskfirst minimises unnecessary delays by only asking targeted medical questions, reducing the need for mandatory medical requirements and PMARs by 25%. The medical underwriting process is automated in Riskfirst so you improve the likelihood of an application attaining straight through status. 5. Underwriter in your office 24/7. Comprehensive online underwriting technology that s built into Riskfirst. It s like having one of our underwriters in your office 24/7. Sophisticated underwriting decisions made by Riskfirst at any time of the day, minimises referrals and speed up the application process. 6. Intuitive and easy to use. Applications can be completed non-sequentially and Riskfirst intuitively triggers in depth questions if more information is needed. So there s no need to carry around a separate data collection form. See exactly where you are in the application process with Riskfirst s unique navigation bar, so you control how you want to move around within the application. The user interface of Riskfirst is straightforward and intuitive. 7. Fast adviser remuneration. Complete applications online within as little as 20 to 30 minutes. Around 88% of cases for customers aged 50 or less can be completed with a Personal Statement only. Adviser remuneration is sped up significantly as policies can be issued immediately. 8. No snail mail delays. Fast and easy to use up to 33% 1 faster than the paper method. Convenient access to Riskfirst whenever you re connected to the internet, at anytime that suits you, everything being online. Both Illustrator and Riskfirst can be used on your ipad. 9. Supporting you. There s no waiting with Riskfirst as applications go to the front of the queue with our dedicated priority underwriting and administration services. Our Business Development Managers, Technology Integration Managers and Software Support team are renowned in the industry for their outstanding training and support. 10. New Riskfirst Rapid Riskfirst Rapid is an innovative process within Riskfirst that is fast, efficient and delivers an improved experience for you and your clients by splitting the cover into two stages. 1 Based on experience. Page 12 MLC Riskfirst
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Our track record speaks for itself With over 125 years of insurance experience in Australia, you can rely on MLC to provide long-term and sustainable insurance to you and your clients. By continually improving our products, we make sure your clients always have the best and latest insurance on offer. Page 14 MLC Riskfirst
This document has been printed on paper sourced from well managed, environmentally sustainable plantation forests and has been printed by an ISO14001 accredited organisation so there is a minimum effect on the environment. It is part of our campaign to maintain our carbon footprint and reduce global warming. Important information This brochure is for adviser use only and is not intended for general distribution. MLC Limited (ABN 90 000 000 402, AFSL 230694) of 105 153 Miller Street, North Sydney NSW 2060, is a member of the National Australia Group of companies. MLC Riskfirst Page 15
Insurance from MLC Adviser use only For more information call MLC from anywhere in Australia on 133 652 or contact your adviser. Postal address: MLC Limited, PO Box 200 North Sydney, NSW 2059 Registered office: Ground Floor, MLC Building 105 153 Miller Street North Sydney, NSW 2060 mlc.com.au 83229M0313