Macquarie Adviser Services (MAS) has announced a positive response to the pilot of its new life insurance system that easily manages the highly complex rules of underwriting. This system provides unique straight-through processing for advisers, underwriters and administrators through the integration of a number of vendor software solutions and Macquarie systems.
Launched on 24 October 2005, the system, which significantly reduces the administrative burden and time taken to process insurance applications, is being piloted by adviser groups across Sydney, Melbourne, Brisbane, Perth and Adelaide. It is expected to be made more widely available in early 2006.
“This is one of the first straight-through insurance processing systems in the world that answers the needs of advisers who are looking to simplify the entire insurance process for their clients” stated Neil Roderick, Head of Macquarie Adviser Services.
Despite the size and complexities of the business needs, the system has addressed all current requirements of MAS. The decision technology component of the system has been developed using Axelerator, a platform from Axe Group. Axe Group is an Australian multi-award winning IT company who specialise in automating complex processes. Axelerator is a smart forms platform that is able to dynamically generate user and system interaction from easily maintained business rules.
The implementation of the system involved successfully integrating multiple systems including Macquarie’s Wrap platform, security layer, Vignette’s Document Repository, InfoComp’s Composer and Axelerator which was used to set up and support a complex set of underwriting rules.
“This system clearly demonstrates the way of the future – intelligent self service combined with straight-through processing. This system delivers faster, easier and more compliant functionality throughout the entire insurance application process…” said Kimberley Lathe, CEO of Axe Group “ …and through Axelerator more underwriting
rules can easily be incorporated into the system.”
With a tight time-line, Axe Group delivered a proof of concept of Axelerator in weeks rather than months, which demonstrated how Axelerator could support an interactive underwriting rules engine. The success of the proof of concept was a key factor in the selection of Axelerator by MAS to form part of MAS’s new life insurance system.