CommInsure wields Axe

Beverley Head
Monday, 12 December 2011 14:10

IT Industry - Deals

Sydney based software house Axe Group has installed its Axelerator technology platform at CommInsure, the insurance arm of the Commonwealth Bank.  Selected as the supplier mid-year, the company claims it was able to build the system CommInsure required in just ten weeks.

CommInsure's Wholesale Life division went live with the system at the beginning of the month, initially for two of its largest industry fund clients, HESTA and CareSuper. The 895,000 plus members of these funds can now use a self-service portal which features a calculator to let them see if they have enough insurance cover associated with their superannuation.

The Axelerator platform is centred on a rules based engine which can be used to tailor a system for individual clients. With a focus on straight through, real time processing the system can be used to generate quotes, policies and handle claims.

HESTA and CareSuper members who decide they do need top up insurance after using the online calculator can receive real time responses to their request as Axelerator automates the quoting and underwriting processes.

Kimberley Lathe, Axe Group CEO, said that CommInsure was the largest company that Axe had worked with to date. She said the deal was won in the middle of the year, and Axe then worked with CommInsure on the analysis and design phase, before actually building the system in just ten weeks.

'It was delivered on time and under budget,' she said. The value of the deal has not been revealed.

Ms Lathe said that the CommInsure sale would boost the firm's profile internationally. She said that Axe was already speaking to a prospect in China.