TAL has become the first group life insurer in the world to deliver a technology solution using a new global data model.
The solution, which has been developed by TAL for industry fund UniSuper, enables the fund to seamlessly share and transfer data and customer information with TAL. The insurer said this would result in better data quality and security, as well as faster and more effective outcomes for customers.
The new system was built in line with a standard developed by US-based Association for Cooperative Operations Research and Development (ACORD). ACORD is a global, non-profit organisation serving the insurance industry. According to its website, ACORD facilitates the development of open consensus data standards and standard forms, and works with its members and partner organisations to drive implementation of those standards.
The ACORD data standard adopted by TAL is known as the ACORD Messaging Library (AML). It automates the transfer of data in a highly secure environment, delivering future-proof design, scalability and portability for both the fund and insurer.
ACORD Director, Global Development, Alan Stitzer, said: “We were very pleased when TAL approached us to use AML for life insurance. This initiative by TAL and UniSuper that meets the AML standard is a world first for the wholesale life insurance market. Implementing ACORD standards has been shown to improve data quality and flow, increase efficiency, and achieve significant savings.
“TAL has been instrumental in advancing ACORD standards implementation in Australia. We value their participation on our Australia steering committee and the important contributions they bring to the industry as a whole.”
TAL Life CEO, Brett Clark, said the technology would reduce double handling, increase data integrity and security, and will result in decisions for customers being made more quickly.
“Fund members will be able to make changes to their life cover in real time and the efficiencies gained overall by the fund and insurer get passed on to customers through faster processing. We are very pleased to have developed a digital web services interface for our newest group client that is the first of its kind in the world for the group life insurance market,” Mr Clark said.
I look forward to hearing about TAL providing data feeds to independent financial advisers (via IRESS, AdviserLogic etc) for their retail customers so we can do a better job of servicing them and keeping them on the books.
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