CLIENT
Life Insurance
A life insurance division of a major Australian bank.
The Challenge
- Full migration of an old legacy system onto new administration platform
- Typical conversion issues of data mapping, cleansing and maintaining integrity
- Enable the better administration of existing products
- Provide a platform in which new products can be developed and brought to market much quicker.
Life Insurance Products
Three products were originally converted. In the first 12 months on the new system the customer has been able to release two more with another two ready to go. All these product supporting a wide range of benefits: Term life, TPD, accidental death, mortgage protection, trauma, income replacement, business expense, specific event, assisted homecare, nursing care.
Sales Channels
Tied advisers, extensive branch network, independent advisers.
No of Users
100
The Solution
The deployment of the Fintechnix Life Insurance Administration Platform to the organization has allowed all levels of efficiencies of administration, time to market, accuracy of data and information availability to vastly improve. A number of hidden issues were discovered during the conversion effort which resulted in a cost saving to the customer and a minimisation of business risk.
The new system is much easier to use allowing new users to be brought up to speed.
They are also now able to design, develop and launch new products much faster than before. Fintechnix has given the organization a greater level of access to other systems, additional functionality in underwriting, receipting premiums and interfacing with other enterprise systems.
In summary, greater efficiency, lower costs, increased productivity.