News eDaily23 Aug 2017

Australia:Complex processes impede insurers' modernisation bid

23 Aug 2017

Operational complexities are holding life companies back from improving and modernising the life industry, a public hearing has been told.

TAL Group Chief Executive and Managing Director Brett Clark told the Senate Parliamentary Joint Committee on Corporations and Financial Services last week how frustrating it is to modernise an industry that's facing greater legislative parameters than a general insurer would, according to a report in the Financial Standard.

Managing legacy products written 20 years ago in particular is difficult, Mr Clark said, adding the company would like to get more customers on modern, contemporary products but "we [simply] can't do that."

Multiple systems and process, as well as possessing greater knowledge management around the different products and services have compounded over the years and resulted in an overly complex back office - which absolutely increases the likelihood of staff making mistakes, he said.


 

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