tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, May 17th, 6:37PM

Insurance

rss
Latest Headlines

Insurer reactions 'too slow'

An insurance software provider says New Zealand insurers take too long to get new products and pricing to market, and it is costing them money.

Monday, June 27th 2016, 6:00AM

by Susan Edmunds

Montoux has announced the release of an income protection module as the new addition to its suite of life insurance pricing applications.

Klaas Stijnen, chief executive of Montoux, said the product would help insurers in Australia tackle a lack of profitability in income protection products, and in New Zealand help insurers get a better handle on the price points involved in income protection products.

“Our pricing application gives insurers the tools to increase their agility, allowing them to react quickly to market pressures. We noticed that IP had become a problem, so it’s a good time to provide a workable solution.”

He said the industry's actuarial modelling tools were cumbersome and time-consuming.

It could take nine to 12 months from the moment an insurer decided to change a product to the time it was able to be brought to market.  In the meantime, competitors could come out with better products that would attract advisers, he said.

"Most insurers are still relying on tools and processes that make it almost impossible to do in-­depth analysis within a reasonable time frame. It makes them slow and unable to take advantage of opportunities.”

He said the Montoux pricing application could speed up product pricing by up to 80%, saving months off the current product development cycle. “It’s already been proven priceless for life insurance,” says Klaas, “now it’s time to make income protection profitable again.”

Klaas said his software was already used by insurers on both sides of the Tasman and his firm was in talks with others. 

"Life insurance is the last industry being disrupted. It's still very traditional. It didn't have to do much for a long time because business was going okay, ticking over but technology is starting to impact the life insurance industry now and we do see more product development and harder questions being asked and answered."

Tags: Income Protection

« Kiwi company attracts $200 million global investmentPinnacle gets into income protection »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Premium relief for customers in drought areas
Fidelity Life offers premium relief to drought-affected customers

Fidelity Life relaunches customer engagement initiative
Once again Fidelity Life wants to recognise advisers who go above and beyond to deliver amazing customer service.

Asteron Life unveils product enhancements
Asteron Life is proud to announce a series of enhancements and clarifications to multiple covers across Personal and Business Insurance product offerings, reflecting its commitment to understanding and meeting the evolving needs of customers, and making it a more seamless experience for advisers.

Partners helps fund depression recovery centre
New Whakamātūtū Wellington Depression Recovery Centre gets financial boost from Partners Life.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com
x