The continued rise of insurtech in Australia, the first Aussie customer on SSP’s digital Software-as-a-Service (SaaS) platform and the fifth version of our Pure Insurance policy administration system; the close of 2018 was definitely a strong finish for the SSP Asia Pacific team.
Over the past few years, there has been a steady movement across all industries as businesses look to create an environment that truly enables change. One way of achieving this agility is with the SaaS model, which enables software and applications to be accessed via the internet, as opposed to having the software physically installed in an organisation’s own data centre.
As predicted, the adoption of digital technology by the financial services sector across Asia Pacific in 2018 was prolific as insurers began to embrace the disruption to their models. Customers are now demanding a flexible and personalised experience that is only achievable by introducing change through tech.
SaaS is now seen as a future inevitability for businesses to be able to compete, with SaaS applications getting strong support within the business from their C-suite, IT professionals and end-users. As the industry becomes more digitised, insurers cannot afford to let improvement and development become an afterthought. If insurers are not rising to meet the challenges and just staying still, sooner or later, they will see their market share disappear.
Our partnership with RACQ in 2018 is a prime example of how organisations in Australia are embracing these changes. Queensland’s premier motoring body successfully implemented and went live with SSP’s digital SaaS platform, as it pursued its affinity partnership insurance strategy. The broad suite of components that RACQ will benefit from includes a wealth of multi-channel user experience capabilities that will transform their customer journey.
2018 also saw the release of the fifth version of our Pure Insurance policy administration system, which included many crucial functional enhancements including an updated user interface. This release is already being implemented across two customer sites in Asia Pacific, with more to follow in the first quarter of 2019. Releases such as this one highlight SSP’s commitment to continually upgrade our systems so our clients have the best tools to create a greater experience for their customers.
Differentiating yourself amongst the saturated insurance market is becoming ever more necessary, and so we had two more Asia Pacific customers go live with our popular Precision Rating Engine (PRE) solution in 2018. These clients will now be able to benefit from market-leading sophisticated pricing rules and third party price optimisations. Since they’ve gone live, it now means we have implementations of PRE on all of the SSP platforms — I/90, Pure Insurance and Select Insurance in the Asia Pacific market.
In ASEAN, there is a growing wave of core system replacement projects, driven by the need for better agility and easier access to digital channels. Subsequently, a leading Thai insurer has upgraded their SSP platform which includes full support service from SSP. This is SSP’s first customer in Thailand to upgrade and marks our commitment to future growth in this market.
A leading Sri Lankan insurer has selected SSP’s digital insurance platform and is planning to commence implementation this year. The customer’s key objectives include achieving product and pricing agility, advanced digital experiences and integrated workflow, capabilities of which are now attainable through their adoption of our software.
In response to our growing customer base in the region, we have increased the size of our Asia Pacific customer services team to ensure we provide the best possible service. The additional resources include a Customer Services Specialist in New Zealand to further enhance the level of service provided to our New Zealand customers. We have also expanded our professional services team to respond to the high demand for implementation projects across Asia Pacific.
It’s clear we have had a notably busy 2018, bringing on clients from across the region whilst upgrading and improving the product and service offering we provide our existing customer base. As consumers continue to adapt to the digital world, insurers need to do the same by adopting business models that embrace technology to meet the stringent demands of their users. SSP’s digital insurance solutions are comprised of a market-leading suite of products, providing advanced capabilities that help insurers reach such demands. 2019 will be no different as the focus on insurtech continues to rise in Asia Pacific, but SSP will be there to support our insurers along their journey.
This article is an extract from SSP eye issue 12
About the AuthorMore content by Paul Miller