21 August 2023
Launched with a successful global life insurance provider and a first for the industry, the technology solves legacy challenges and delivers record ROI
Designed in collaboration with industry experts, leading Australian consulting and technology company, DB Results, has developed, delivered, and implemented the first cloud-native, low-code, and low-complexity Policy Administration System (PAS) for the insurance sector.
The solution positively disrupts an industry that has been battling legacy system challenges for decades, solving issues such as efficiency, cost, compliance, and speed of delivery whilst providing a great customer user experience. The PAS can be implemented within three months and targets a two-year ROI against incumbent technologies.
Building on its extensive industry capabilities, DB Results is bringing its PAS ecosystem to customers spanning general, health, life, and group insurance, successfully launching with a leading, global life insurance provider.
Commenting on the solution, Matt Nidd, Chief Delivery Officer and Financial Services Sector lead at DB Results, said there is clear industry demand for disruption and innovation, but until now the cost and complexity of system replacement has been prohibitive.
“Policy Administration Systems are the backbone of the insurance sector, and for too long insurers have had to rely on legacy systems that are expensive to operate and maintain, slow at responding to industry change, and made it difficult to ensure robust compliance and data security,” Mr Nidd said.
“Traditionally, change is a resource-intensive process taking up to three years and hundreds of millions of dollars. With DB Results’ reputation for innovation, collaboration, and partnership, we have delivered a market-leading solution in a fraction of the time and cost of the alternatives.
“In an industry experiencing rising costs, shrinking margins, and growing regulatory oversight, as well as increased security risks, our solution is a game changer that will drive the industry into a new stage of growth.”
Incorporating robust security measures, the regulator-approved solution has been purpose-built and engineered to meet the exacting needs of the insurance sector and can be custom-designed for providers.
“The DB Results PAS ecosystem is an innovative, secure, modern ecosystem streamlining compliance, supporting real-time transactions, and enhancing customer experience and automation. The PAS is also scalable, giving control to the customer to configure a bespoke experience and easily make changes and add additional products,” Mr Nidd added.
DB Results has over 20 years of experience delivering digital solutions within the Australian insurance and financial services sector. The DB Results PAS solution will see the Company deliver a holistic ecosystem to the industry through its cloud-native, low-code and low-complex Policy Administration ecosystem (PAS). With demonstrable positive outcomes, the solution is now available across the group, life, health, and general insurance sector. Further details on the technology can be found here.