Major Digital Shift for IAG Brokers
Insurance Australia Group (IAG) has begun rolling out significant digital upgrades that directly impact brokers, marking a major shift in their commercial insurance offerings. According to Neil Morgan, IAG’s Chief Operating Officer, the company has extended its digital transformation journey from retail to commercial insurance spaces, including CGU and WFI brands.
AI-Powered Data Ingestion
One of the key changes is the implementation of an artificial intelligence (AI) system to improve the data ingestion process for broker quotes. “When a broker requires a quote from IAG, it comes in all different formats,” Morgan explained. “There might be thousands of locations [for data] on there.” The new AI-powered ingestion engine has reduced the processing time from days to hours, enabling underwriters to focus on complex challenges rather than data processing.
PolicyPlace: New Digital Policy Centre
IAG has also launched PolicyPlace, a broker-dedicated digital policy centre that provides a seamless digital experience. Initially featuring CGU’s commercial property offering called Padlock, the system allows for straight-through processing where brokers can receive quotes and bind policies digitally without needing to contact IAG directly. Morgan described broker feedback as “outstanding” and noted that this represents “a really significant shift in experience” for brokers.
Cloud-Based Flexibility
The new commercial platforms are being developed with cloud versions that will allow for quicker product modifications. “We have the flexibility to modify products and turn products on or off in a very, what we call, low code [non-technical] way,” Morgan said. “So making changes in hours, not weeks or months.”
Industry Context
IAG’s moves follow similar digital initiatives by other major insurers. Suncorp announced a strategic alliance with Duck Creek Technologies in December to overhaul its insurance operations with cloud-based technology. QBE Insurance partnered with Ki, a Lloyd’s digital follow platform, in January to improve access to capacity and certainty of placement.
The digital transformation in the insurance industry is creating faster, more efficient interactions between insurers and brokers. IAG’s recent upgrades demonstrate how technology is being leveraged to streamline processes, improve customer experience, and maintain competitiveness in a rapidly evolving market.
