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Forward Thinking Magazine : April 2011
49 49 Written by Alexandra Cain, Journalist insurance What’s next for Macquarie life’s technology platform? The pace of technology adoption within the life insurance industry is unlikely to slow and it requires a continuous commitment both to enhance existing platform technologies and to adopt new ones. During the next twelve months Macquarie Life will be introducing significant changes to its technology platform to assist advisers to build practice efficiencies and to help them to better service clients. “We are making significant investments in consolidating, refining and integrating our electronic systems so that each step an adviser takes when working with a client, from fact find to underwriting, is integrated. It is a key focus for Macquarie Life in 2011,” says Matt Howell, Macquarie Life’s Head of Platform Services. online and seamless claims During the last five years Macquarie Life’s focus has been on making improvements to the processing of new business using technology. While this will continue to be an area of significant investment, advisers can expect to see similar innovations in the area of claims. There are plans to enhance Macquarie Life’s current online work-in-progress and case management tracking system to include claims. This will enable advisers and their clients to lodge claims online and give Macquarie Life’s team more ability to manage claims online. This initiative will give advisers the same online, real-time insight into the claims management process they currently enjoy for new business applications. Macquarie Life is also investigating future technology improvements such as smart phone and tablet applications for quoting and tracking of applications. “We intend to continue to invest in our technology platform, and explore ways to further integrate our systems, to assist advisers to reduce complexity in their work and to offer a better client experience. We’re exploring ways to make the client claims process easier from a technology perspective and to make it easier for advisers to see the different stages of the claims process. We’re also looking at functionality that will prompt advisers to ask key questions of clients at each stage of the application and claims process. It’s going to be a big year for Macquarie Life and for our advisers,” Mr Howell adds. A two-way flow of information with practice management systems Macquarie Life’s planned improvements to its technology platform will also allow for a seamless flow of information back to practice management systems. “New data feed capability we’re introducing between Macquarie Life’s online applications and desktop software, such as popular practice management tools COIN or XPLAN, will also eliminate much of the need for advisers and their staff to re-key client data relating to completed applications. This will help advisers to more easily add key data exactly where they want it, for example in their CRM systems. Importantly, advisers can take this solution and automate it so that all systems are updated with the latest information, without the adviser having to manually enter it,” says Mr Howell. “This will assist advisers to speed up the insurance application process, which will help increase efficiencies in their businesses and also allow advisers to offer a better service to clients. Our aim with these upgrades is to reduce the time advisers spend on administrative tasks, so they can focus on what they do best, which is provide sound advice to clients,” he adds.