One of Australia’s leading insurance technology providers, BAIS insurance technology has celebrated 30 years of providing technology solutions that help members of the Australian insurance industry run their operations.
The technology has come a long way from the blue screen of the first system they built. Since its inception, the company has used local Australian developers and client service specialists to build one of Australia’s leading insurance platforms, iBAIS 2.0.
Its philosophy of continual investment has seen it invest over AU$40 million into making sure clients can be confident that their operations are supported by robust technology that enables them to focus on adding value to their customers.
Commenting on the milestone, David Hampton, CEO BAIS insurance technology said, “Technology has evolved beyond all recognition over the past 30 years and the pace of change continues to increase. It is a testament to the dedication, talent and hard work of the BAIS team, many of whom have been with the business in excess of 15 years, that we remain the insurance system of choice for large numbers of underwriting agencies, brokers and other insurance organisations.
He added, “Our client base continues to increase with positive feedback about the service provided by our local team a common theme. We can’t wait to see how things will develop over the next 30 years.”
The business was registered in 1993 by Jim Armstrong and Andrew Morris (who remain directors of the company) and Julie Polich (now retired). The team of forward-thinking executives initially created the Broker’s Advantage system to support Lowndes Lambert. Its derivative, iBAIS, was the first fully browser-based insurance system in the world when it was launched in 2006. Since then, it has constantly evolved with iBAIS 2.0 being launched at the end of 2021. It supports brokers, underwriting agencies and insurers, all the way from quote and bind solutions to secure, back-office administration and accounting. Forthcoming developments will include updates to CRM functionality and graphical reporting.
The iBAIS system currently handles AU$3.5bn premiums, processes 1.4m transactions per year for 1 million policies and supports organisations across Australia, New Zealand, PNG, Singapore, Indonesia, Philippines, Thailand and Mauritius.