Aviva has emerged as the top provider of online insurance technology in the inaugural Investment Trends Life Insurer Benchmarking Report.
The purpose of the Report is to assess the relative technology offerings provided by the life companies across a range of criteria, where Aviva won top spot by virtue of its ‘superior transactional capabilities’.
AMP and CommInsure joined Aviva in the top three.
Ten life companies were included in the benchmarking analysis, which weighted key technology criteria based on responses provided via a survey of 1,400 advisers.
More than 150 functional areas were taken into account in the benchmark survey, where the main categories included:
- Online transactions
- Decision support – helping to determine the most appropriate solution
- Reporting – for both adviser and client
- Access – eg online, offline, security measures
- Software integration – eg with financial planning software, data links, data feeds
Former Aviva exec, Tim Cobb,who sits on the Investment Trends Advisory Board, said advisers rated underwriting speed and consistency as critical factors in their practices: “Insurers now realise that the only way to deliver this cost-effectively is by using technology effectively,” said Mr Cobb.
… there is still a significant gap between insurer capability and adviser needs
Of the key criteria, Mr Cobb said integration with financial planning software is still in its infancy: “Macquarie and AMP are the leaders in this area – but there is still a significant gap between insurer capability and adviser needs,” he said, adding that Investment Trends expects this to be a key area of development in future.
Mr Cobb observed that “Insurers are now spending millions on their technology as they struggle to provide high quality cost effective service. It is therefore critical for them to understand their market and competitors. Otherwise they waste money and resources as they fall behind the market,’ he said.
