RAC Insurance Wins Asia Insurance Technology Award by Integrating Sapiens Solutions

By Michael Guta
TMCnet Contributing Writer

The use of information and communications technology by the insurance industry has resulted in better access, lower prices and more transparency for consumers. For operators, the technology has introduced new levels of efficiency by eliminating the costly and lengthy process of issuing policies and increasing accuracy, while at the same time lowering instances of human error.

Insurers around the world are deploying technologies that are making these and other improvements possible, and RAC Insurance Pty Ltd (RACI), provider of personal lines of insurance in Western Australia, has won an Asia Insurance Technology Award (AITA) for "Best Insurer: Technology." It did so by establishing an enterprise-wide IT strategy to digitize the business among suppliers, members and the organization.

The award was given to RACI by Celent's Insurance Practice and Asia Insurance Review at the 4th Asia Insurance CIO Technology Summit held at the Le Méridien Hotel in Jakarta, Indonesia. The company was recognized for implementing Sapiens IDIT software suite solution and making the most progress by embracing the technology to improve the services it was providing.

The project that was highlighted for the award was the RACI automation of claims allocation within Sapiens IDIT, motor repair integration between Sapiens IDIT and Arnie (a motor supply chain management solution). The technology was integrated to get rid of manual processing and duplication in motor repair allocation, as well as allowing a no-touch B2C capability for a comprehensive online self-service offering for its members.

"Some of the most significant results include a greatly improved member experience, via an online self-service channel that supports any device, plus improved operational efficiencies through automation and seamless integration between systems," said Peter Marmara, General Manager, Business Systems, RAC Insurance.

Sapiens International Corporation is a global provider of software solutions for the insurance industry with core, end-to-end solutions to the global general insurance, property and casualty, life, pension and annuities, reinsurance and retirement markets, as well as business decision management software. 

The Sapiens IDIT platform is designed to support the entire insurance life-cycle with the flexibility and speed to market insurers need in today’s highly competitive environment. It gives operators key tools with service libraries that can be configured based on industry best practices to rollout innovative products quickly and consistently. With the digitalization of operations and multi-channel distribution support, it simplifies the way agents and customers are able to access real-time, accurate data anytime and anywhere on any device, including mobile.

If insurance companies don’t innovate and maximize their services with the technology that is available in the market place, they will fall behind the innovators. Using the Sapiens IDIT, RACI has made itself a market leader while giving its customers quality services and products with a digital and highly-automated solution.