Reaching the top of its transformation, insurer Tower is reporting online self-service as a new growth engine for the business.
The Tower is imposing new insurance software from expert EIS Group at $24 million, with the platform due for roll-out in the coming weeks.
Tower advised shareholders that it expected delivery of the technology could “accelerate its transformation trajectory”.
Tower announced a 1/2 yr earnings of $eleven.Nine million after-tax, a development of $23.Five million, though that changed into helped in part through “benign” climate helping to lessen claims.
“With the number of clients using our digital channels to interact with and buy Tower products developing exponentially, we have proof that our self-assurance in a user-friendly era is properly placed,” chair Michael Stiassny said.
“With the imminent launch of our new era platform, Tower may have the very last building block in the vicinity to boost up boom.”CEO Richard Harding said the organization has been operating at tempo to supply the task in opposition to competitive timeframes with a phased implementation approach.
“With the release of the first section to arise inside the first half of the 2019 calendar 12 months, this approach becomes designed to minimize enterprise threat and mitigate any terrible capacity effects on our clients,” he said.
“I am pleased to inform you that we will deliver section one in the following couple of weeks, allowing you to see us promoting new commercial enterprise on our new gadget.”
Development and build of this phase are entire, and it’s far within the final levels of trying out. It can be deployed via phone channels first, observed intently by using digital media.
Completing phase one will allow Tower to promote its new simplified products to customers and is the central basis of this program.
Phase two components will arise in the 2nd half of the 2019 calendar 12 months and consist of rationalizing products and the 12-month migration of existing customers to the brand new platform.
It will encompass a brand new patron self-service portal, allowing customers to manage their coverage online and further streamlined claims management modules.