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BNZ implements insurance sales system with Axe solution

BNZ implements insurance sales system with Axe solution

Sydney, August 30, 2011 - Axe Group, a fresh thinking software company enabling clients to outperform, today announced that BNZ Insurances, a division of one of New Zealand’s largest banks, has implemented their Axelerator Insurance Platform for Bancassurance.

BNZ Insurances were looking to deliver automated new business fulfilment to make it easier for their customers to purchase life and health insurance through their extensive store network spread throughout New Zealand. The fulfilment process they 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.

Called Protect, the new insurance sales system was implemented using the Axelerator Insurance Platform for Bancassurance New Business. The new Protect system was completed and launched initially with life insurance products in July this year.

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, BNZ have subsequently added health insurance in August. Axelerator allows BNZ to run both life and health insurance product offerings on the same platform even though both have different processes for fulfilment. It gives BNZ the ability to flexibly deal with variations by product. Protect is now in use across BNZ’s 180 stores throughout New Zealand.

It was the inherent flexibility in the Axelerator technology, coupled with Axe’s extensive domain knowledge of the insurance industry, that saw BNZ choose Axe to deliver the Protect system. The Axelerator Insurance Platform is an innovative insurance software platform that supports rapid configuration and integration. Combining a powerful reflexive rules engine, personalisation and back office administration capabilities, the platform is configurable to deliver a system that has an exact business fit for each insurer.

BNZ Insurances is Axe’s first client in New Zealand and marks the beginning of Axe’s presence in the New Zealand market.

Campbell Chambers, Chief Operating Officer of BNZ Insurances said, “The new sales system 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.”

Kimberley Lathe, CEO, Axe Group, said, “As BNZ leverages their bank channel, and increases their cross-sell opportunities, we are confident they will grow their business while increasing their customer satisfaction through better service.”

About Axe Group
Axe Group is a fresh thinking software company enabling clients to outperform with our insurance software platform and cross-industry application development services. The Axelerator Insurance Platform is the first Adaptive STP system for automation of New Business, Claims Management and Lifecycle Services. Axelerator provides one-touch and personalized process execution, with smart handling of exceptions to enhance an Insurer’s competitive advantage. Our strength is building unique solutions to complex business problems with our domain experts enabling our clients to achieve their market goals. Since 1997 we have consistently delivered for clients.

About BNZ
Bank of New Zealand (BNZ) has been supporting New Zealanders and their business banking needs for 150 years, and has a network of 180 stores across New Zealand. BNZ’s range of home loans, savings, investment, transaction and insurance products is designed to help clients achieve their personal and financial goals, and the bank is an industry leader in banking technology and mobile banking. It is a subsidiary of the National Australia Bank Group, led by the BNZ board, which directs the bank from New Zealand. BNZ is carbon neutral and places a strong emphasis on the environment.

ENDS

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