First NZ client for Oz software group

Peter Dinham
Wednesday, 31 August 2011 22:47

IT Industry - Deals

Sydney-based software company, the Axe Group, has secured its first client in New Zealand, with BNZ Insurances implementing its insurance software platform, which Axe claims is the first adaptive STP system for automation of new business, claims management and lifecycle services.
{loadpositon peter}BNZ Insurances, a division of one of New Zealand's largest banks, will deploy the Axe insurance sales platform, Axelerator, to deliver automated new business fulfilment to make it easier for its customers to purchase life and health insurance.

BNZ Insurances COO, Campbell Chambers, said the new sales system - called Protect - was a significant step forward in meeting the needs of both customers and staff.  'It allows us to make a decision at the time of application for customers and issue policies on the spot if underwriting criteria is met.'  

Axe Group CEO, Kimberley Lathe said, the fulfilment process BNZ wanted to automate included needs analysis, quotation, application, electronic underwriting and policy offer and issue.  'BNZ wanted it to be easy for staff to promote and fulfil their products to customers visiting their stores, which would lead to higher policy conversion rates. 

'To achieve this goal, BNZ looked for a platform that was capable of meeting their needs today by supporting multiple lines of insurance.  The platform also needed to be flexible enough to support their future needs by being easily extendible to include new insurance products and future process enhancements quickly.'

According to Lathe, the new Protect insurance sales system was implemented using the Axelerator insurance platform for bancassurance new business, and was completed and launched initially with life insurance products in July this year.

Lathe said the new system allows for real-time decision making within the store, meaning staff now have the ability to close new sales with customers on the spot for simple cases.  'Workflow is used to direct applications to head office for further underwriting when required and for back office processing. The Protect system integrates to BNZ's existing customer information, policy administration and document management systems.' 

Following the successful launch of Protect with life insurance, Lathe said that BNZ had subsequently added health insurance in August.  She said Axelerator allows BNZ to run both life and health insurance product offerings on the same platform even though both have different processes for fulfilment, and gives BNZ the 'ability to flexibly deal with variations by product.'

The new system is now in use across BNZ's 180 stores throughout New Zealand. 

Lathe said that BNZ Insurances is Axe's first client in New Zealand and marks the beginning of Axe's presence in the New Zealand market.