In recent years, many insurance companies in Australia have invested significant time and effort in improving their technology offer.
However, the trick isn't developing the technology per se, it is the ability of the insurance company to demonstrate the "value add" of the new capabilities to their clients and their members.
This means early inclusion of the fund and the fund administrator in the development of the customised approach for their members. The objective is to sell the benefits to ensure it becomes a partnership.
Until everyone is on board, any new technology won't reach the most important person in this scenario - the fund member.
Insurance companies have multiple levels of customers to satisfy when developing and rolling out new technology. However, the objective is always to make it easy for the members to obtain the insurance coverage they need. This is what we should all be driving towards.
At MetLife, our approach is that everything we do must enhance that customer experience. It is our job to do this well and be flexible based on the varied needs of our clients. One size does not fit all.
The way funds and fund administrators deal with their members, the level of information they wish to make available and the type of systems and technology already in place play a key part in building the right technology.
MetLife is about to release its new online application. This "straight-through" processing has been developed with the customer always at the forefront of our minds.
This new application was the result of a six-month effort to review MetLife's entire underwriting philosophy and processes.
There was no benefit to simply automate the paper application - we needed to look at everything we do from the customer's perspective and focus on their experience.
Over 60 per cent of the application was removed to ensure we only ask the questions needed to properly assess the risk. It was a tremendous effort to create this new online application by many people in our business. The online application is one of the core elements of our online toolkit for clients.
We are in the business of accepting risk and our online applications are underpinned by a strong underwriting rules engine that supports our philosophy, promotes straight through processing, and most of all provides our multiple clients with an easy, customised experience.
If we are to be successful in helping individuals who have insurance through super obtain the insurance they need, we must collaborate early in the process with funds and fund administrators and focus on their members.
Who knows - it might just help to address underinsurance if applying for insurance became a lot easier.
