Insurance software specialist RDT is strengthening its relationship with its long-standing customer, the Royal Automobile Association of South Australia (RAA), by providing the insurer with a huge uplift in its technology.
RAA is undergoing a programme of improvements to its digital capability and the enhancements will include RDT’s new ecommerce API, a platform for insurers to create phone apps and websites for their customers.
The company will also be using RDT’s data enrichment and centralised rating platform, Equator, to make the best use of all the data it holds about its members. This will help RAA to deliver innovative products and services directly to them.
RAA’s partnership with RDT began in 2012, when it made the switchover to RDT’s general insurance platform Landscape. Two months after going live, RAA marked the biggest gross written premium month in its history. The implementation of Landscape was so successful for RAA that it won the 2014 Celent Model Insurer Asia Award for policy administration technology initiatives.
The new upgrades, which also include significant enhancements to Landscape, are being developed in RDT’s Kent headquarters using agile methodology, with the rollout beginning in early 2017.
RDT’s CEO Mark Bates comments “We are delighted that RAA has chosen us to further develop its business and enhance its IT capability. Using the enhancements, RAA will be able to move to the forefront of Insurtech innovation and offer their greatest asset, their members, enhanced digital products.
The inclusion of Equator ensures the robust, scalable, low latency movement of complex combinations of data in a sophisticated and secure manner. Moving forward, Equator will allow RAA to enrich their current data with external sources at point of quote, improving pricing granularity and reducing risk, while allowing more tailored and enhanced member experiences. This programme will make RAA one of the most technologically sophisticated insurance companies in Australia.”
Ian Stone, RAA group managing director, added “RAA is well known for providing exceptional service to our members from our shops or from call centres. Improving our digital capability will also allow us to provide best practice, customer-centric, personalised and seamless services in the digital environment”.
RAA is South Australia’s largest independent organisation and one of the region’s most familiar brands. It has been providing insurance, mostly for cars and homes, for more than 75 years.
The importance of RDT’s role as an insurtech accelerator was highlighted this week in a speech given by PricewaterhouseCooopers’ insurtech consultant.
Speaking at the relaunch of global tech network Startupbootcamp’s insurtech programme on September 13 and reported in the Insurance Times, Kasia Kirkland discussed how partnerships between start-ups and accelerators will help the insurance industry.
Ms Kirkland, who has in the past written about the need for insurers to appear more trustworthy to consumers, said: ‘We see insurtech as a fantastic opportunity to try to improve the level of trust and the level of transparency. Some insurers are choosing in-house innovation, others are building their own start-ups. But the really wise ones are partnering with accelerators.’
RDT, which specialises in working in long-term partnership with insurers, has been at the forefront of disruption and innovation in insurance software for 25 years. In 2014 it created the first platform for centralised data enrichment and pricing, and today all of our ultra-performant, scalable services can be hosted either on-premises or in the cloud, enabling us to support innovative ideas and making development swifter than ever.
RDT CEO Mark Bates said: ‘Our enrichment, analysis and administration functions are provided with a set of mix-and-match, usage-based services, meaning that we can accelerate development of app and web-based platforms into a very short timeframe. Our agile development practices and the fact that we have connections to more data enrichment sources and software houses than any other insurtech company, adds up to make us an ideal partner with which to bring innovative ideas to market.’
For more on this see our forthcoming issue of Prism, available to download from our website in mid-October.
In December last year, the Financial Conduct Authority (FCA) undertook a consultation which looked at customer engagement around policy renewal. The FCA wanted to encourage customers to shop around so that they could find the best product for them.
They felt that customers often had low levels of engagement with their insurance companies at this point in time, but that if they were presented with key pieces of information the customers were more likely to look and see if they were getting the best deal to suit their needs. They found that the inclusion of the previous years’ premium had the greatest impact on customer action.
Now the FCA has proposed new rules and guidance for general insurance renewals to encourage customer engagement and competition in the marketplace. (more…)