1. 68 W H O ’ S W H O O F F S I
CO-SPONSORED ARTICLE
The current environment presents
many challenges for Australian insurers,
who are under pressure to reduce
operational costs, increase profitability,
retain customers and improve
operational efficiencies.
To succeed, it is critical for insurers to
balance operational efficiency initiatives
with those targeted at improving
distribution networks.
Using a combination of new technologies,
process improvements, collaboration
tools and improved integration with other
industries such as medical providers, the
insurance industry can reinvent itself, build
broader business models, and better align
itself with emerging customer demands.
Behind this sits a complex ecosystem
comprised of key participants (customers,
brokers and insurers), as well as integration
points with multiple industries (e.g. health
providers, accountants and employers).
Each has their own set of interests
and priorities.
Some of the key players such as medical
providers do not formally belong to the
insurance industry, however, they are
a critical element of the ecosystem
and their performance can dramatically
affect the success of a new application
or claim assessment.
By making cutting-edge technology
improvements for brokers and insurers,
and ignoring the need for industry-wide
integration and collaboration, we will
struggle to achieve the desired level of
efficiency and customer satisfaction that is
crucial to the success
of the industry.
How can we solve the
problems faced by the
insurance ecosystem?
Many of the answers can be found in
New Zealand, where the majority of
Australian insurers have local operations.
There you will find a new breed of
innovators, such as Konnect NET, who have
achieved significant improvements for the
life insurance industry.
By establishing an electronic and highly
secure hub, Konnect NET has integrated
together 18 insurers, 100 per cent of the
general practitioners, and the majority of
the broker community.
One of the most challenging parts of the
life insurance process in New Zealand was
collecting accurate and timely medical
information from prospective policy holders.
With Konnect NET’s service for compiling
and collating medical information and
getting the right data from doctors for
new and existing policyholders it has
become one of the simplest parts of the
insurance process.
Insurers and advisers are now seeing
improved profit margins, and medical
providers are experiencing a streamlined
payment process which is much more
efficient than previous experiences. The
insurance customer now receives their
policy in a more palatable timeframe.
If the insurance industry learns to take a
more collaborative approach then they
will reap innovative and game changing
benefits that companies such as
Konnect NET can offer.
Innovate and collaborate
The insurance industry is overdue for an infusion of innovation
and much closer collaboration between industry players
“Konnect NET is the way of the
future. It is just quicker, cleaner
and more professional.”
“With Konnect NET’s system,
it only takes five minutes
for doctors to check their
electronic records and email
the information through. From
the doctor’s perspective, it
means more time to spend
seeing patients, but they still
receive the same payment
from us. So it is a win-win.”
– Milton Jennings, CEO,
Fidelity Life Assurance Company
Andrew Vasko – General Manager
Konnect NET Australia
p: +61 434 102 841
e: info@konnectnet.com.au
www.konnectnet.com.au