Kevin O’Sullivan
Life insurer TAL has developed web-based digital technology for the group insurance market that is the first in the world to meets a new global standard for the group life insurance industry.
TAL has developed the digital interface solution for its newest superannuation partner, industry fund UniSuper.
The solution, using world class web services standards, enables a fund to seamlessly share and transfer data and customer information with TAL, resulting in better data quality and security as well as faster and more effective outcomes for customers.
The solution has been developed in line with the ACORD (Association for Cooperative Operations Research and Development) standard known as AML (ACORD Messaging Library) for the insurance industry worldwide. ACORD is a US-based data standards organisation serving the global insurance industry.
The standard is based on XML design principles that automate the transfer of data between the super fund and the insurer in a highly secure environment. It adopts future-proof design, scalability and portability for both the fund and insurer.
TAL Life CEO Brett Clark said the new system linking the administration systems of the fund and insurer reduces double handling, increases data integrity and security and results in decisions for customers being made more quickly.
“Fund members will be able to make changes to their life cover in real time and the efficiencies gained overall by the fund and insurer get passed on to customers through faster processing. We are very pleased to have developed a digital web services interface for our newest group client that is the first of its kind in the world for the group life insurance market.”
UniSuper CEO Kevin O’Sullivan said: “This secure data link-up enhances communication by linking the administration system of the fund and TAL in real time, which results in improved management of risk, process efficiency and cost reduction.”
ACORD Director, Global Development, Alan Stitzer said: “We were very pleased when TAL approached us to use AML for life insurance. This initiative by TAL and UniSuper that meets the AML standard is a world first for the wholesale life insurance market. Implementing ACORD standards has been shown to improve data quality and flow, increase efficiency, and achieve significant savings.
“TAL has been instrumental in advancing ACORD standards implementation in Australia. We value their participation on our Australia steering committee and the important contributions they bring to the industry as a whole.”
TAL is Australia’s leading specialist life insurer and insurance partner for superannuation funds and trustees that offer life insurance, income protection and disability cover to members and employees.
