Digital Tools to Help Manage Your Insurance Policies
In today’s fast-paced digital world, Kiwis are increasingly looking for efficient ways to manage their insurance policies. Whether you’re a policyholder or an insurance professional, having the right digital tools at your fingertips can make a world of difference. This article explores some of the leading digital solutions available in New Zealand that are revolutionising the way we handle insurance.
Comprehensive Policy Management Systems
One of the standout solutions in the New Zealand market is AMS Insurance Management. As the country’s leading provider of insurance management solutions, AMS handles over 50% of New Zealand’s life insurance policies. This impressive market share speaks volumes about the system’s reliability and effectiveness.
Key Features of AMS:
- End-to-end policy management: From initial proposals to ongoing policy maintenance
- Support for both modern risk-based modular products and legacy offerings
- Seamless integration with existing systems
- Automated sales processes to eliminate missed steps and ensure accuracy
For insurance companies, adopting a system like AMS can significantly streamline operations, reduce errors, and improve customer service. The ability to manage policies throughout their entire lifecycle on a single platform is particularly valuable in today’s complex insurance landscape.
Risk Management Tools
Understanding and mitigating risks is crucial for both insurers and policyholders. Zurich, a global leader in insurance, offers a suite of digital risk management tools tailored for the New Zealand market.
Zurich’s Digital Risk Management Suite:
- Zurich Risk Advisor: This digital tool empowers businesses to identify, understand, and improve workplace risks. It’s an invaluable resource for companies looking to enhance their risk profile and potentially reduce insurance costs.
- Virtual Risk Manager – Fleet: An online driver safety management system that helps companies manage occupational road risks and promote a crash-free culture. This is particularly relevant in New Zealand, where many businesses rely heavily on fleet operations.
- Fatigue Risk Management: A tool to identify and manage workplace risks associated with fatigue, addressing a critical safety concern in many industries.
- Training Snippets: Short, concise, and effective training videos demonstrating the correct way to carry out workplace activities, helping to reduce the risk of accidents and claims.
- Zurich Benchmarking: This tool provides a deeper understanding of risk across all locations, highlighting priority areas for improvement.
These tools not only help in managing insurance policies more effectively but also play a crucial role in preventing incidents that could lead to claims, ultimately benefiting both the insurer and the insured.
Digital Transformation Solutions
For insurance companies looking to overhaul their digital capabilities, EY New Zealand offers comprehensive digital transformation services. While not a tool in the traditional sense, these services can dramatically enhance an insurer’s ability to serve customers and manage policies efficiently.
EY’s Digital Transformation Offerings:
- Core consulting and digital strategy formulation
- Insurance-specific solutions for customer engagement, business transformation, and risk management
- Prototype ideation and development
- Managed services platform for reduced product development time
EY’s approach focuses on transitioning legacy businesses into lean, secure, and economically scalable organisations. This is particularly relevant in the New Zealand market, where insurers face increasing pressure to modernise their operations while maintaining compliance with local regulations.
The Importance of Mobile-First Approaches
With mobile devices accounting for a significant portion of web traffic in New Zealand, any digital tool for insurance management must prioritise mobile functionality. Whether it’s a customer-facing app for policy management or an internal tool for insurance professionals, ensuring seamless mobile access is crucial.
Data Integration and Analytics
Many of the tools mentioned above, such as AMS and Zurich’s risk management suite, emphasise the importance of data integration. In the New Zealand insurance landscape, the ability to access and analyse data from various sources can provide a competitive edge. For example, InfoAgent, a member of InsurtechNZ, offers real-time access to data on every vehicle in New Zealand, which can be invaluable for auto insurance providers.
Choosing the Right Tools
When selecting digital tools for insurance policy management, consider the following factors:
- Compatibility: Ensure the tool integrates well with existing systems and processes.
- Scalability: Look for solutions that can grow with your business or changing insurance needs.
- Compliance: Verify that the tool meets New Zealand’s regulatory requirements, particularly regarding data privacy and security.
- User-friendliness: Opt for tools with intuitive interfaces to encourage adoption and efficient use.
- Support and Training: Consider the level of support and training offered by the tool provider, especially for more complex systems.
The digital landscape for insurance policy management in New Zealand is rich with options, from comprehensive policy management systems like AMS to specialised risk management tools offered by companies like Zurich. For insurers looking to undergo a complete digital transformation, services like those offered by EY can provide a roadmap to success.
As the insurance industry continues to evolve, embracing these digital tools will be crucial for both insurers and policyholders. They offer the potential to streamline processes, reduce risks, and ultimately provide better service and value. Whether you’re managing a single policy or overseeing an entire insurance operation, there’s likely a digital tool available to make your job easier and more effective in the dynamic New Zealand insurance market.