Individual Life Insurance implementation at PrefSure
PrefSure Life is one of Australia’s largest risk-only life insurers; their focus is on providing life and disability insurance products to the Australian market. PrefSure is an industry leader in the provision of life insurance arrangements to superannuation funds and administration platforms.
Today PrefSure provides insurance solutions to over 100,000 Australians and has assets in excess of $200 million. PrefSure is widely acknowledged in the market for its excellent products and superior service.
This local presence is enhanced through the support of PrefSure’s parent, Capital Alliance Holdings, a multi-million dollar financial services group, listed on the Johannesburg Stock Exchange in South Africa. The group has over 60 years’ experience in the insurance industry and in excess of one million policy holders.PrefSure specialises in creating the very best life insurance products and services. This, in turn, drives their strong focus on customer service and the need to ensure that their insurance solutions remain relevant over time.
The company innovates constantly to ensure they maintain a competitive edge. This was recognised by Money Management and research house Dexx&r which awarded PrefSure “Best Risk Company of the Year” in the 2003 and 2004 Adviser Choice Risk Awards, and in 2003 the Australia and New Zealand Institute of Insurance and Finance (ANZIIF) awarded PrefSure “Claims Team of the Year”.
The Challenge
With the Australian life insurance industry becoming more diverse and complex, PrefSure was looking to provide a range of quality products and services to clients, advisers and business partners.
- Gain competitive advantage by being able to rapidly launch new, more flexible insurance products, and
- Maintain the company's service levels while driving down the operational costs.
Neither PrefSure nor Lumley's existing software systems were considered able to address this challenge, so, in line with Capital Alliance's global strategy, it was decided to replace both systems with ALIS, a single modular software package which manages the entire policy lifecycle for all life insurance products.
The Solution
Phase 1 of the implementation was geared to consolidate all of PrefSure’s retail business onto a single administration platform, including contemporary and traditional risk products, together with both ordinary and superannuation capital guaranteed investment products and unitised investment bonds.
Moving forward, PrefSure will be providing web-based quotation and new business facilities for its network of independent financial advisers, setting new benchmarks in client servicing, as well as extending its use of ALIS to include its group risk business.
The Result
"We selected FIS for this critical project because they could deliver a global administration solution that will be implemented in every country in which Capital Alliance operates and because of ALIS's proven capability to support a wide range of insurance products. FIS has demonstrated an ability to implement life insurance systems quickly and cost-effectively. It was important that we delivered on time and we were impressed by the expertise and dedication of the FIS project team and their understanding of our business needs."
Mr. Tony Thomas,
Chief Operating Officer, PrefSure Life