Mr Peter Williams from Red Planet Software says they are expanding into Asian markets with cloud-based solutions for the financial sector. He also explains why Asian businesses can benefit from their commercial insurance premium funding software solutions.
Natural disasters (floods, tsunamis, fires, earthquakes), increases in operating expenses and rising costs in claims have all had a significant impact on increasing insurance premiums over recent years. Existing customers are starting to question the value of insurance and opt to shop around in search of better and more affordable solutions before renewing policies.
The internet has opened up global competition, bringing web-based providers into the marketplace which enables people to compare offers before committing to buy services or move to an alternative provider. It seems to be getting harder for insurance companies to differentiate themselves from the competition and to retain current customers.
I am however pleased to say that Australian-based Red Planet Software is helping many to stay ahead in the game by enabling insurers, brokers, underwriters, banks and funding providers to offer flexible, innovation and time-saving pay-by-the-month solutions.
Premium funding software solutions
For a long time, Australia has been a leader in innovative insurance products and services and Red Planet Software has been the backbone and foundation behind many providers’ successes.
Our leading-edge software allows organisations to administer premium funding or pay-by-the-month payment options for our clientele. With over 10 years’ experience, the developer of cloud-based solutions for the financial industry is now geared up and entering the Asian marketplace.
This is an exciting time for our organisation. We have such cutting-edge solutions and a great development and support team ideally located to service clients throughout Asia. Commercial insurance premium funding for businesses and pay-by-the-month flexibility for domestic clients are new services many companies in the Asian region can benefit from. We will be able to expand our current offering to our client base and attract new business.
Interest from several key players
Initial research has highlighted interest from several key players in Singapore, Malaysia, Indonesia, the Philippines and Hong Kong. We are enthusiastic to now enter and service this region with its robust solutions that will meet the requirements of the smallest of businesses (one user) to the largest of multinational organisations.
With around one third of all commercial premiums being funded in regions such as Australia, New Zealand, UK and USA, we see a great opportunity for this product in Asia.
Integrate with other software seamlessly
As the cost of premiums rise, many insurers, brokers and funders in Asia are in the unique position to become their own premium funding provider and offer their clients flexible arrangements to meet insurance payments over an agreed period of time.
By using solutions like Odyssey Premium Funding Software by Red Planet, we can also improve efficiencies and reduce operating expenses, generate new revenue streams for their business, manage cash flow better, achieve higher customer retention rates, improve customer service levels, reduce data entry, automate timely administrative tasks and provide electronic online approvals.
Our solutions are cost-effective end-to-end software applications that range from ‘off-the-shelf’ to fully customised implementations specifically developed for the financial services industry.
We also seamlessly integrate with other insurance software packages. The solutions manage the entire administrative process from quotations to general ledger. Streamlining internal processes and reducing application approval times will enable organisations to focus more on outbound sales and customer service rather than timely administrative tasks.
Changing technology challenges
The biggest challenges facing the growth of the insurance industry throughout Asia are going to be the increase in tighter regulations, alignment of efficiencies in mergers and acquisitions and speed of delivery of products and services to the marketplace. We are in the unique position of having extensive experience to ensure providers can offer our clients more affordable insurance solutions, add value and have the potential to generate new income in this growing region.
With recent research conducted by PwC (FactsFigures-Asia-30Aug13), they expect that the insurance market in Asia will continue to increase at a steady pace given the relatively low penetration, the increasing awareness of insurance needs, the expected higher GDP growth, the increasing population and other factors.
Many insurers are continually faced with the challenge of changing technology in relation to improving claims management, distribution platforms, policy administration systems and data storage.
Robust and scalable solutions
The easiest way to manage all these elements is with effective systems in place to ensure they stay ahead of the competition, provide strong product innovation, expand the use of distribution channels and specialise in a niche markets. Companies that deliver such offerings will receive favourable consideration by the consumer and increase their market share.
As a market leader, we know how important it is to maintain a competitive advantage. We can help companies stay ahead by providing quality services and products. We already have integrated many financial products and have a robust and scalable solution. Our continual provision of innovative products and timely turnaround of customised enhancements will keep organisations on the winning edge.
Red Planet Software has been servicing clients, ranging from small businesses to large enterprises, in the finance industry for over 10 years. We have worked with over 90% of the premium funding insurance and funding providers in Australia and New Zealand and are now expanding through Asia. Our clients include insurance brokers, underwriters, banks and finance companies and their solutions manage over US$5 billion in repayments annually.
With additional solutions also available in professional fee funding, car loan applications and line of credit functionality, we are ready to help organisations expand their efficiencies into the premium funding market.
Mr Peter Williams is CEO of Red Planet Software.