Axe

Celent, a leading industry analyst firm focused on the application of information technology in the global financial services industry, believes that effective distribution management is an important area of competitive advantage for insurance companies to grow their business in a meaningful manner.

The distribution channels for the insurance market in Asia are diversifying. Previously dominated by agents, now bancassurance and direct sales are growing fast and account for significant market share. Model Insurer Asia award winners in the distribution category display an ability to service multiple channels or to significantly change the game. They use technology to more effectively move information from one part of the value chain to another.

Macquarie Life, through their use of the Axelerator Insurance Platform, was awarded by Celent as a Model Insurer for Asia in 2012 for Distribution.

Macquarie Life Case Study

Implementing a rules-driven, STP platform facilitating time to market of innovative products and expanding distribution channel.

Part of the Macquarie Bank Group, Macquarie Life previously sold life insurance products almost exclusively through independent financial advisers. In June 2010, Macquarie Life launched an innovative new product, Macquarie Life Active, which allowed them to diversify their distribution channels by offering insurance direct to consumers through an online portal. The initial B2C system was launched in seven weeks and enabled straight-through processing to close business in real-time and minimize administration costs.

Significant benefits resulting from this project included:

• Fast time to market enhanced Macquarie Life's ability to compete
• Broader product reach through more distribution channels increased sales
• Improved flexibility for adding new products and processes with a future-proof platform

Request a copy of the full Macquarie Life Model Insurer Case Study Report