IAG’s Intermediated Insurance Australia (IIA) division recently released CGU’s Padlock on PolicyPlace, the first product delivered in the division’s Commercial Enterprise Platform (CEP) business and technology transformation.

Padlock is CGU’s gold standard, market leading commercial property product, and all Padlock new business quotes will now be transacted on PolicyPlace.

PolicyPlace is CGU’s new front end digital quote and bind platform, which provides a streamlined experience for brokers through easier connection and faster turnaround times, with fewer referrals needed due to inbuilt smarts that streamline quoting to help enable faster response times for brokers.

When complete, the CEP Program will replace legacy technology infrastructure across IIA, delivering a modernised cloud digital technology that aims to revolutionise the way the business underwrites and distributes insurance products.

Executive General Manager CX and Growth CGU & WFI Damien Gallagher said:

“We are delighted to have delivered the first milestone of our technology transformation and to see the immediate benefits for our broking partners through improved efficiency and a more streamlined digital experience.

We consulted broadly with brokers to understand their pain points and took their feedback onboard to develop a system that reduces touchpoints and simplifies the way they engage with us. For some activities, this reduces the turnaround time from days through to just minutes.”

As part of a phased delivery, phase one of PolicyPlace has introduced;

• Faster turnaround times for brokers - built in workflow that provides brokers with an immediate response on a quote, allowing it to be bound instantly in most cases.
• Instant visibility of the quote status - visibility of the progress of a submission and if a referral is required.
• Self-service capability for brokers - brokers can self-serve and generate Certificates of Currency, reducing the need to request this from an underwriter, reducing referrals and review timeframes.
• Access to information from external data sources - this includes ABN / ACN details and address information automatically populated from external data sources replacing the need for manual data entry and eliminating the risk of human error.

With the second phase due later this year, brokers will have the capability to self-serve and carry out most activities digitally through CGU PolicyPlace management. Further enhancements to be rolled out include:

• Self-service additions - the ability to manage their own endorsements and cancellations;
• Automation of the renewal process - including early renewal requests allowing brokers to manage renewals more conveniently;
• Access to documents - able to download and review [documents] relevant to the renewal, including schedules, policy wordings and payment services agreement.

“We look forward to deploying further enhancements over coming months and delivering a real step-change in the way brokers interact with us. It’s an exciting time,” Mr Gallagher said.