TOWER Australia Limited has unveiled a new online STP portal to reduce the processing time and complexity of the life insurance process for its distributors. Developed by Axe Group, the portal provides selected TOWER distributors with access to quoting, auto-underwriting and straight through processing, as well as access from financial planning software and management reporting on application tracking and commissions.
The portal is underpinned with the use of smart client technology, web services, ACORD standards and integration to an underwriting rules engine. TOWER’s internal policy administration system, dealer management system and document repository are also integrated.
“Our aim was to re-invent the end-to-end application process to reduce cycle time and hassle for customers and distributors,” says Mr Brett Yardley, Head of Tower Alliances & Direct Business.
“Giving our distributors control over the way they do business is important, and our purpose-built, smart STP portal becomes the cornerstone of this strategic initiative – Accelerate by TOWER.”
Axe Group was selected by TOWER for its substantial insurance technology team, life knowledge and broad experience and skills in Microsoft, Java and integration technologies. TOWER felt that Axe Group was best placed to quickly assist with understanding TOWER’s end-to-end needs, having proven experience in completing similar projects for other leading Australian insurers and banks.
“The easy-to-use portal allows seamless interaction between many disparate systems and processes, and we’re delighted to see how it is enabling TOWER to cut processing from months to just days,” comments Maurice Lee, Axe Group Solutions Director.
“Our experience means we understand the unique business needs and technology requirements of banks and insurers, and can provide the integrated solutions that allow them to better serve distributors by saving time and money."