BNZ, Westpac select new insurance platforms

Banks announce new systems for insurance sales

Two of New Zealand’s major banks have announced new insurance system implementations.

Westpac NZ has implemented Tata Consultancy Services’ BaNCS Insurance and the BNZ has selected Axe Group’s Axelerator product as the platform for implementing Protect, a new insurance sales system.

In a statement, Westpac head of insurance Kevin Crowley says: “After an extensive consultation process, we selected TCS BaNCS Insurance due to its flexibility, ease of configuration and strategic technical fit with our insurance-related business requirements.”

The Tata system will assist Westpac to “upgrade and transform its life insurance platform,” the bank says.

At BNZ, the Axelerator product – whose full name is Axelerator Insurance Platform for Bancassurance – is providing the platform for life and health insurance.

In a statement, the bank says “Axelerator allows BNZ to run both life and health insurance product offerings on the same platform even though both have different processes for fulfilment.

“The new system allows real-time decision making within the store, meaning staff now have the ability to close new sales with customers on the spot for simple cases.

“Workflow is used to direct applications to head office for further underwriting when required and for back office processing.”
BNZ is the first New Zealand customer that the Sydney-based Axe Group has signed.