News Room
New business management system allows PetSure to reduce costs, automate claims processing and bring new products quicker to market.
Sydney, Australia, 1st December, 2010 PetSure, Australia’s leading provider of Pet health insurance, is implementing Gratex’s Underwriting Process Management System (UPM), to allow them greater flexibility in designing and building new insurance products, as well as being able to take these products faster to market. By working with Gratex, PetSure is significantly reducing the time to market for new products at substantially lower cost and improved workflows within the organisation.
“We commissioned Gratex to develop our ‘next generation’ insurance administration system based on UPM’s core architecture and insurance functionality. The UPM platform provides both a robust underlying data architecture plus rich insurance functionality that has enabled us to fast-track this mission critical project. “says Gavin Kleinhans, General Manager, PetSure.
PetSure is an insurance agency and partner of The Hollard Insurance Group who provide a wide range of insurance products and services in over 30 countries across four continents. Hollard and PetSure have been working together in the pet health insurance space for 18 years. PetSure offers its products in Australia through a range of well-known brand partners such as RSPCA Pet Insurance, Medibank Private Pet Insurance, Real Insurance and a number of others, where PetSure is the administrator and underwriting agent for policies issued under the various brands.
Gratex International is dedicated to the business needs and requirements of Financial and Insurance organisations, building complete, integrated solutions that can manage all aspects of a business. Gratex’ International has a strong track record and has assisted many insurance agencies to streamline key processes, increase staff productivity and respond quickly to market changes.
PetSure wanted a software solution that would give them greater flexibility, and therefore competitive advantage, in designing insurance products based on eligibilities, promotions, loadings and discounts.
Simplifying the complex product development and management process, the new system is delivering a number of key benefits to PetSure’s bottom line. In addition to significantly shorter product development timeframes, insurance plans can be easily adjusted based on Loss Ratio performance. Gavin Kleinhans says “the Gratex team have led and facilitated a complete upgrade of PetSure’s IT infrastructure to provide us with a scalable, secure and recoverable platform for our growing business.”
The previously work intensive claim assessment process will be accelerated and automated through UPM’s in-built knowledge base. If a particular claim has been approved once, the system “remembers” the specifics of a claim that has been approved, and will automatically approve new claims with similar characteristics. This is delivering substantial cost savings, as high cost staff like veterinary qualified assessors only handle a much smaller number of claim exceptions. The system automatically looks for commonalities across claims and promotes best practice for consistent, automated claims approval. The benefits accumulate over time; the longer the system is used the more cost savings and improvements to the business are achieved through the reduction of human error and manual administrative work.
“Fundamental to the success of our solution is that it allows our customers to automate business processes in a way that offers great flexibility and can be customised to meet unique requirements and procedures”, says Milan Neklapil, managing director of Gratex. “This means that the organisation can work the way they want to work, yet greatly improve process efficiency, reduce costs and raise productivity.”
Gavin Kleinhans comments,” Gratex International are trusted business partners of Petsure (Australia) Pty Ltd who have contributed significantly to the ongoing success of our operation over the past 5 years. I highly regard the professional and dedicated team at Gratex International and recommend them unreservedly.“
The new system also ensures that policies don’t fall through the cracks when it comes time for renewals and reduces the manual workload. For any trigger-event, like a renewal notice, that needs some form of communication in a timely manner, the appropriate communication is automatically sent via email, fax or SMS.
Management will have access to important up-to-date information, delivered via a range of best-practise dashboard templates developed locally for Australian Insurance Agencies. The right information is available at the right time when it comes to taking action and making important decision.
About PetSure
PetSure is Australia's leading provider of pet health insurance products, acting as underwriting agents and administrators for Australia's leading pet health insurance brands. PetSure has over 18 years international experience in the delivery of pet health insurance products in a wide range of markets.
About Gratex
Gratex is an international software house with offices in Australia as well as in Europe. Gratex International was founded in Europe in 1991 and has been developing specialised software for some of the world’s largest finance and insurance organisations since 1995. We employ more than 300 specialists globally. Gratex Australia’s primary focus is on Business Management Solutions for the insurance industry.
Contact: Ursula Paddon, Go To Market Pty Ltd, Email: ursula@gotomarket.com.au, Phone: 02 9900 0800
