Reaching the stop of its transformation, insurer Tower is reporting online self service is a new growth engine for the business.
Tower is imposing new insurance software from expert EIS Group on the cost of $24 million, with the platform due for roll-out in coming weeks.
Tower advised shareholders nowadays it expected delivery of the technology could “accelerate its transformation trajectory”.
Tower announced a 1/2 yr earnings of $eleven.9 million after tax, an development of $23.Five million, though that changed into helped in part through “benign” climate helping to lessen claims.
“With the number of clients the usage of our digital channels to interact with and buy Tower products developing exponentially, we have proof that our self assurance in 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 vicinity to boost up boom.”CEO Richard Harding said the organisation have been 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 of the 2019 calendar 12 months, this approach become designed to minimise enterprise threat and mitigate any capacity terrible affects on our clients,” he said.
“I am pleased to assist you to know that we will deliver section one in the following couple of weeks, that allows you to see us promoting new commercial enterprise on our new gadget.”
Development and build of this phase is 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 channels.
Completion of phase one will allow Tower to promote its new simplified products to customers and is the center basis piece of this programme.
Phase two components will arise in the 2nd half of of the 2019 calendar 12 months and consist of rationalisation of products and the 12 month migration of existing customers to the brand new platform.
It will encompass a brand new patron self-service portal, permitting customers to manage their coverage on line and new, streamlined claims management modules
“The most massive impact might be migrating our customers to our new platform and our new products over a 12 month duration,” Harding stated.
“Moving masses of heaps of clients to a center set of simply 12 merchandise will supply great blessings to our customers and efficiencies in our enterprise.”
Harding warned, however, that a migration of that size can pose hazard if now not properly managed.
“Therefore, via our phased shipping approach we can growth the focus on handling and retaining our customers through the alternate to minimise this chance.”
Costs for the programme had been developing in step with previously counseled amounts and there had been no material adjustments to the predicted total cost.