Insurance data platform provider, CDM Solutions, is nearing a number of key milestones following the launch of its proposition to the open market in August 2022.
The technology services firm reports it has secured subscriptions from 217 advice practices since its launch, which cumulatively account for almost $400 million of inforce premiums under management.
Central to its service offer is the ability for advice practices to automatically download and update all client life insurance policy data from every active retail insurer. This download capability, initially offered on a weekly basis, is now available to subscribing practices three times per week.
Security
In light of the daily and increasing threat of serious data breaches, CDM Solutions reports it has facilitated two-factor authentication for its systems processes, which will become a mandatory requirement for all its subscribing advice businesses from September 2023.
The firm also reports it is close to aligning with the same security standards imposed by APRA on the institutions it regulates – including all life insurers (APRA Prudential Standard CPS 234 Information Security) – which it says will deliver a level of confidence for the users of its systems that their clients’ data will be subject to the same security protocols and protections as those required of life companies.
Bulk Quoting
The firm advises it is in the early stages of testing a bulk quotation facility, initially with two insurers, which will eventually offer advice practices the opportunity for this system to automatically execute new quotations for all client policy holders and provide a report that will indicate which group of existing clients would be most likely to benefit from a policy review from a premium comparison perspective.
Integrations
CDM Solutions also reports it is in the process of collaborating with two industry CRM system providers with a view to integrating the CDM Solutions life policy data download package into these two client management systems which are utilised by many of its 217 subscribing practices.
(See also: Data Feed Breakthrough)
