Insurer IAG has successfully transitioned over 2 million customers onto its new core insurance platform. The company plans to move a total of 6 million customers to this consolidated policy, billing, and claims system.
Introduced in December 2021, the “enterprise platform” began rolling out to IAG’s retail brands, including NRMA and ROLLiN, during the past financial year. The platform is designed to provide a unified policy, pricing, and claims engine across IAG’s entire retail business. As of now, 2 million customers are already using the platform, with 300,000 renewing their policies each month.
The enterprise platform, which operates on an AWS private cloud, is enhancing IAG’s operational capabilities and supporting its growth. IAG plans to continue innovating and leveraging this platform to improve efficiency and customer experiences.
The company’s financial results for 2024 revealed an increase in technology spending. The contribution to technology to an 11 percent rise in administration costs. This includes additional compliance costs related to cyber and data security.
IAG is also utilizing AI tools to better identify and assist customers with their insurance claims. For the full-year 2024, IAG reported a net profit after tax (NPAT) of $898 million. This mark a 7.9 percent increase year-on-year.
Earlier in the year, IAG announced its plan to transition its application estate to software-as-a-service (SaaS), moving away from on-premises or partner-run infrastructure. The company has been working to simplify its technology assets across the group, a strategy highlighted at the AWS Summit Sydney by Andrew Alexander, Executive General Manager for Partnering, Integration, and Quality.
