Delta Insurance unveiled a new, digitised renewal process that it hopes will make policies “significantly simpler” for clients.
According to chief operating officer Kent Chaplin, automation will allow the company to take “a significant step forward” in “the digital revolution happening in our business”.
Chaplin said automating otherwise time-consuming insurance processes is no longer the way of the future.
“It’s the way of the present – particularly in the Covid-19 environment,” he said. “The best performing insurance companies globally are changing their operations to automate significantly and simplify their processes in the face of strong consumer expectation, particularly in how they respond to Covid-19.”
Delta has teamed up with Auckland software firm FormsByAir to make its transformation.
The new process will deliver streamlined renewals for less complex forms of insurance offered by Delta. Previously, underwriters had to follow up policies manually with brokers for each client, demanding time from the intermediary, insurer, and client.
Delta Insurance New Zealand managing director Dinesh Murali said the changes would make the experience more “efficient” for all parties, particularly brokers, “a vital” partner.
“This is something our end-users have been seeking – a simpler process and better experience.”
Under Delta’s new system, a looming renewal expiry date automatically triggers an online questionnaire to the client via their broker.
Submission of the completed questionnaire, which is prepopulated with the client’s data, triggers the approval and renewals process.
“If any major changes are required, the process takes a little longer, but if there are no major changes, the actual renewal takes less than five minutes,” Murali said.
The insurer had been working on the process for roughly a year. It will be rolled out over the next 6-12 months, starting with a pilot group of brokers.
Delta will make the system available to all brokers who wish to take it up, though intermediaries can opt-out.
Murali said Delta’s ultimate goal was to adapt the questionnaire to enable more complex policies to be renewed digitally. The software leaves the underwriter room to develop new features in the future.
“The future is about automation and simplification – using smart technology to reduce manual intervention and re-keying, allowing underwriters to concentrate on value-added tasks, such as product development and enhancing customer service.
“Digital modernisation is a journey, and we’re off to a great start with this renewal process – watch this space.”
