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Seeking direct system connection

22 Dec 2017

Insurer Ando will focus on getting more brokers to directly connect into its systems next year, which will strip out some costs, and make the insurance experience better for customers, Ando chief executive John Lyon said.

Last month, Lyon told Insurance Business that Ando was committed to making it as easy as possible for brokers to do business with them.

“It’s going to be an amazing year (2018) for technology,” he remarked. “We’re really excited about some of the things we have in stream, and while we’ve brought on some good technology this year, next year will see us get that more embedded and interlocked.

“The single most exciting thing for us on the horizon, is getting the technology base really synchronised and connected in with the broker systems.

“Once that starts to happen, we’re going to see some interesting dynamics in the markets, from those brokers who are really competitive and who are able to reduce the cost of transaction, and the opportunity that brings in terms of a better customer experience and lower cost to serve. It’s going to be really exciting for those (brokers) who are ready for it.”

One of things we’re looking to do over the course of the next year is to get much more outward looking in terms of our engagement opportunities around insurtech, he said.

He added that Ando wanted to position the business as the go-to-partner for New Zealand insurtech and fintech because of the capacity to integrate opportunities into their systems.

Lyon said the new claim systems they recently launched was geared “around what you could call insurtech” – using current state video and streaming technology that offers a better experience for the customer, but gives Ando, as the insurer, an understanding of the claims issue and helps it get the right people to assess a claims event.

“In the same way, we have been able to work in this claims system – we’ve been able to lock in an insurtech system into our core system and quickly implement something that would take longer in a real legacy environment,” Lyon explained.

“To me, it’s hugely exciting – all the opportunities out there with external databases such as CoreLogic and residential data, being able to access that information to be able to streamline the customer experience, and at the same time get more granular information and data without putting customers through any convenience is a phenomenal opportunity.”

Lyon added that next year would also be a big technology year for the industry with the introduction of robo-advice through the Financial Markets Authority, and the new regime for financial advisers under the Financial Services Legislation Amendment (FSLA) Bill, which will replace the Financial Advisers Act.

“The industry has been talking for a while about the changes that are coming through next year,” Lyon noted. “I think what we are seeing now is those changes really hitting home. The regulatory changes are going to be challenging for the industry, but I think it’s also going to be good for the industry.

“It’s going to push certain elements along that need to be moved on and improving transparency within the industry, especially around the financial advice piece, which is going to be beneficial.

“The problem with regulatory change is that it’s always challenging for the industry to keep up with it and get systems in place, processes and training going well, and to focus more and more attention on businesses being agile and being able to implement change effectively.”

 

 - Insurance Business

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