MetLife Accelerates Insurance Underwriting with AI and Automation
MetLife Australia is significantly speeding up its insurance application processing times through the implementation of artificial intelligence (AI) and automation technologies. The insurer now processes 25% of applications instantly, without the need for human underwriter intervention, marking a substantial improvement in efficiency and customer experience.
Straight-Through Underwriting Gains Momentum
The advancements are underpinned by a new underwriting rules engine developed in partnership with UnderwriteMe. This technology allows for a greater proportion of applications to be automatically assessed, reducing administrative bottlenecks and accelerating decision-making. According to MetLife, this shift is aimed at improving consistency in underwriting decisions and reducing delays.
Faster Medical Reporting with Tele PMARs
A key component of MetLife’s strategy involves the increased use of telephone-based personal medical attendant reports (Tele PMARs). This approach has demonstrably reduced the time required to gather medical information. Currently, Tele PMARs are completed in an average of eight days, a significant decrease from the previous 18 days required for traditional paper-based processes. This not only speeds up underwriting but also reduces the administrative burden on healthcare providers.
Combining Technology and Human Expertise
Olivia Sarah-Le Lacheur, Chief Operating Officer at MetLife Australia, emphasizes the importance of blending technology with human oversight. “We’ve removed administrative bottlenecks in our processes alongside real-time access to medical insights, combining digital solutions with the professionalism of our underwriters for speed with empathy, allowing us to address effectively every point in the end-to-end experience,” she stated.
Benefits for Advisors and Clients
The improvements in underwriting speed are designed to benefit both financial advisors and their clients. Faster processing times allow advisors to focus more on client needs and provide more timely advice. Sarah-Le Lacheur noted that these digital solutions ensure advisors know the process will be “quicker and smoother, letting them spend more time focused on their client’s needs.”
Industry-Wide Trend
MetLife’s investment in automation aligns with a broader trend within the life insurance sector. Insurers are increasingly adopting automation to streamline application and claims processes, recognizing that faster underwriting is crucial for enhancing both advisor and client experiences, particularly given the continued strong demand for insurance advice.
Continued Investment in Digital Capabilities
While automation is expanding, MetLife maintains that clinical input and human judgment remain essential for complex cases requiring detailed medical assessments. The company plans to continue refining its systems and expanding the use of digital tools to further enhance its underwriting capabilities.