Insurance industry looking to new technology for profitability
Announcement posted by Tacit Group 28 Aug 2002
Tacit Group launches software developed by Australian R&D team for General Insurers
Tacit Group, a rapidly growing company which began in 1986 as an NZ-based actuarial consultancy, has launched the latest addition to its Talisman suite of applications for the financial services industry.
Ten Australian-based business analysts and developers have spent more than two years developing the software designed for policy and claims management, for personal lines and commercial business. The TalisGeni system was unveiled to groups of business and IT managers from some of the country's largest insurance institutions in Melbourne and Sydney last week.
An industry spokesperson said, "It's refreshing to see that Tacit has developed a client centric insurance application that has leveraged existing, well proven, components. Its potential to not only satisfy the ever increasing business needs of the general insurer, but also those for insurance companies offering a wider range of financial services will ensure its success in the market.
Tacit Group's twenty existing clients are seeing the benefits of using Talisman's advanced technology. Some examples include companies that are now able to:
Service fifty per cent more business, with no increase in staffing levels;
Complete a regular manual process that previously took two hours in just five minutes.
The latest offering promises to give General Insurance business users the ability to respond better to both their customers, and to the market. Using TalisGeni, business users will be able to develop new general insurance products and risks within hours, replacing a process which has formerly required the use of expensive technical expertise for up to fifty days.
Jan Hilder, CEO and co-founder of Tacit Group said, "Insurance companies are under pressure to reduce internal costs and support new ways of distributing their products. Their existing technology performed well for insurance companies fifteen or twenty years ago, but now they need management and administration systems that have built-in workflow, that integrate with legacy systems, can provide Internet access, and that are, most importantly, built around the customer rather than the policy."
"In the current environment the weaknesses of policy-focused systems cannot be ignored: they are often inflexible and cumbersome to manage. Many insurance companies bought CRM software and ran it over the top of their existing policy system: a costly exercise, which is difficult to maintain. Having a system that is already built around the customer eliminates the need for costly CRM extras, and delivers much more to the business and its clients."
"Competition is fierce in the Australian insurance market. In many cases mergers and acquisitions mean doubled-up systems need to be reconciled. The specialisations in banking, investment and insurance are blurring, and there's an increasing rate of regulatory change and increasing commoditisation of insurance products."
"Australian insurance companies face the challenge of changing IT infrastructure and systems to meet these business needs."
Tacit Group currently employs more than seventy five people in its Melbourne and Sydney offices. The Australian R&D team is developing software that is being adopted by large institutions in Australasia, Hong Kong and the UK.
Ten Australian-based business analysts and developers have spent more than two years developing the software designed for policy and claims management, for personal lines and commercial business. The TalisGeni system was unveiled to groups of business and IT managers from some of the country's largest insurance institutions in Melbourne and Sydney last week.
An industry spokesperson said, "It's refreshing to see that Tacit has developed a client centric insurance application that has leveraged existing, well proven, components. Its potential to not only satisfy the ever increasing business needs of the general insurer, but also those for insurance companies offering a wider range of financial services will ensure its success in the market.
Tacit Group's twenty existing clients are seeing the benefits of using Talisman's advanced technology. Some examples include companies that are now able to:
Service fifty per cent more business, with no increase in staffing levels;
Complete a regular manual process that previously took two hours in just five minutes.
The latest offering promises to give General Insurance business users the ability to respond better to both their customers, and to the market. Using TalisGeni, business users will be able to develop new general insurance products and risks within hours, replacing a process which has formerly required the use of expensive technical expertise for up to fifty days.
Jan Hilder, CEO and co-founder of Tacit Group said, "Insurance companies are under pressure to reduce internal costs and support new ways of distributing their products. Their existing technology performed well for insurance companies fifteen or twenty years ago, but now they need management and administration systems that have built-in workflow, that integrate with legacy systems, can provide Internet access, and that are, most importantly, built around the customer rather than the policy."
"In the current environment the weaknesses of policy-focused systems cannot be ignored: they are often inflexible and cumbersome to manage. Many insurance companies bought CRM software and ran it over the top of their existing policy system: a costly exercise, which is difficult to maintain. Having a system that is already built around the customer eliminates the need for costly CRM extras, and delivers much more to the business and its clients."
"Competition is fierce in the Australian insurance market. In many cases mergers and acquisitions mean doubled-up systems need to be reconciled. The specialisations in banking, investment and insurance are blurring, and there's an increasing rate of regulatory change and increasing commoditisation of insurance products."
"Australian insurance companies face the challenge of changing IT infrastructure and systems to meet these business needs."
Tacit Group currently employs more than seventy five people in its Melbourne and Sydney offices. The Australian R&D team is developing software that is being adopted by large institutions in Australasia, Hong Kong and the UK.