IAG migrates 2 million prospects to new insurance coverage engine – Cloud – Software program – Finance

Insurer IAG has moved greater than 2 million prospects onto its new core insurance coverage engine.

The ASX-listed firm plans emigrate a complete of 6 million prospects onto the consolidated coverage, billing and claims platform.

First revealed in December 2021, the “enterprise platform” started rolling out to IAG’s retail manufacturers, which embrace NRMA and ROLLiN, prior to now monetary yr.

“Our enterprise platform gives a single, constant coverage, value and claims engine throughout our whole retail enterprise,” IAG CEO and managing director Nick Hawkins advised buyers.

“We’ve constructed that platform for scale. We have already got 2 million prospects on the platform, and now we have 300,000 renewing every month.”

Hawkins mentioned the enterprise platform, which runs in an AWS private cloud [pdf], is “actually enabling” IAG’s enterprise to function and develop.

“We’ll now proceed to innovate and leverage this platform to drive effectivity on this enterprise, along with enhancing buyer experiences,” he mentioned.

IAG’s outcomes additionally revealed larger spending on know-how, which got here underneath an 11 % improve in administration prices.

The insurer incurred further compliance expenditure, together with prices associated to cyber and information safety.

Hawkins added that IAG is now utilizing “AI tools… to better identify and help customers” making insurance claims.

IAG’s full-year outcomes for 2024 noticed it produce a web revenue after tax (NPAT) of $898 million, up 7.9 % year-on-year. 

Earlier this yr, IAG revealed its intention to maneuver its software property to software-as-a-service, favouring that over having functions which can be hosted both on-premises or on partner-run infrastructure.

Speaking at AWS Summit Sydney in April, government common supervisor for partnering, integration and high quality Andrew Alexander mentioned IAG had been transferring to “simplify [its] know-how property throughout [its] group,”