AIG Life announces major technology upgrade program

Thursday, 13 November 2008 09:18

AIG Life has announced a $10 million, 3 year technology upgrade program which will commence with the launch of Straight Through Processing (STP) technology, providing independent financial advisers with access to quotation, application and automated underwriting processes in one simple step. Following an extensive search for the best STP technology, AIG Life has engaged the Axe Group and its Axelerator platform. STP is due for launch in July 2009.

“This is a significant, long term program for AIG Life, the benefits of which will help advisers provide a seamless new business and underwriting service and improved efficiencies in the ongoing management of client policies.” said Stuart Harrison, AIG Life’s Managing Director.

He said “This new technology will make it even easier to do business with us and builds on our incredibly successful eApp. But we won’t stop with STP. Our intention is to continue to set the pace with adoption of “Straight Through” technology in policy servicing and claims once we have bedded down the first phase.”

Benefits of the STP platform include:
- Australia’s first full mobile underwriting solution for life insurance.
- Full quotation, electronic application and underwriting facilities for financial advisers via a single process.
- Two-way synchronisation on mobile devices and web-based systems.
- Ability for many new life policies to be progressed from quote to policy issue in a single, seamless process.
- Ability for AIG Life to quickly provide tailor-made portals for financial advisers and ensure more accurate and rapid processing.

AIG Life is a recognised market leader in providing technology solutions that help advisers do business easily. Four years ago it was the first Australian life insurer to introduce an adviser friendly electronic application platform, eApp, and the company now receives more than half of its adviser business electronically.
With Axe’s STP solution, AIG Life will extend its electronic offering through faster and even more effective services to clients including mobile solutions, portal delivery, electronic underwriting, improved client reporting and the ability to integrate to partner systems.

Kimberley Lathe, CEO of Axe Group said “We are delighted to work with the AIG Life team. We are looking forward to assisting them to further automate and streamline application processes which will significantly improve their offering and service level to their customers.”

Piloting of the technology will commence during the first quarter of 2009.