Executives from BAIS insurance technology and Sterling insurance have announced that they are setting up a Digital Laboratory to explore better processes, efficiency and customer outcomes through the use of Artificial Intelligence and digital tools.
Tony Parington, Sterling Insurance Australia (centre) pictured with Murray Oakley (left) and David Hampton (right)from BAIS.
BAIS is currently working towards an update to its insurance system. iBAIS 3.0 will have a focus on a digital workbench, which will include CRM, business intelligence, digital mailroom modules. The Digital Laboratory partnership with Sterling Insurance is designed to fast-track the process of delivering advanced technology to underwriting agencies, brokers, and the wider insurance industry, through close collaboration and a deeper understanding of core business processes on both sides.
David Hampton, CEO of BAIS said “BAIS 3.0 will deliver high quality outcomes, fast and reliable processes, built on tried and tested technology that is supported by experienced Australian insurance and IT professionals. We all know about the acute shortage of human resources and the price tag associated. BAIS is committed to tackling this issue for customers and we want to be at the forefront of the emerging AI capability in Australia and the seven countries where we operate.”
Sterling Insurance has used the iBAIS insurance platform for over 15 years. Tony Parington, Director said “Incorporating advanced technology into our business processes will benefit our company and our clients. The partnership with BAIS will give us a first-mover advantage in deploying some of these new tools, with the added benefit of knowing that they have been tried and tested within our operations. We are excited to be working closely with BAIS to come up with solutions which can automate and enhance the way we do things. This will allow us to exploit the quality and quantity of data we have in the iBAIS platform, meaning we can deliver faster and more accurate quotes and closures.”
Hampton added, “We are both convinced there will be exciting outcomes around the corner, so watch this space!”