Prioritising the customer amid a digital transformation
02
MLC LIFE INSURANCE Undergoing a digital transformation in the insurance sector WRITTEN BY
SEAN GALEA-PACE PRODUCED BY
ALEX PAGE
w w w.ml c i nsura nc e . com . a u
03
Sarv Girn, Chief Innovation and Transformation Officer of MLC Life Insurance, discusses how his company is embracing technology amid a digital transformation in the insurance industry
W
ith digital transformation having an increased impact across all industries, it’s become paramount that companies
continuously monitor their operations to ensure 04
they are providing the best possible service to their customers. For Sarv Girn, Chief Innovation and Transformation Officer of MLC Life Insurance, the experience of the customer is considered key. With a 133-year history and considered the oldest start-up in Australia, MLC Life Insurance has substantial experience in the insurance sector. Having transitioned from NAB ownership to joining the Nippon Life Group of Companies, Girn believes that the change in ownership has allowed MLC Life Insurance to progress its customer experience significantly. “It actually ploughs investments back into the customer offering. The ethos within MLC Life Insurance is that we ensure we put the customer first and investments aim to create platforms for advisers, group funds and end policy holders that are truly customer centric,” says Girn. “That
05
makes us quite unique given Nippon’s background, because with the investment in new technologies it’s clear we are really serious about our customers. I believe that is what gives us an edge and it shouldn’t be underestimated.”
UTILISING TECHNOLOGY As customer demands continue to change, it is important that companies respond and adapt to the latest digital trends in order to stay competitive with industry rivals. From first-hand experience, Girn believes he has an w w w.ml c i nsura nc e . com . a u
“ We’ve introduced LifeView for our group customers which is a platform we offer to superannuation funds and it’s been very important to us” 06
— Sarv Girn, Chief Innovation and Transformation Officer
effective understanding of what customers expect from a life insurer. “The demands of the customer have changed because customers expect everything to be done online now. Three years ago, I had a nasty fall where I broke my ankle and ended up in hospital,” explains Girn. “At the time, I was part of another life insurance company and having to make a claim wasn’t easy. I couldn’t really load all the documents up online and I had to physically go around to a GP, surgeon, and the hospital to get documented proof that I’d been injured, which on
CLICK TO WATCH : ‘LIFE UNCHANGING — BROOKE WOULDN’T CHANGE A THING’ 07 crutches is no easy task. What
insurance needs online and, should
customers are really expecting is to
they need to make a claim, to be able
log on to a portal, load up all the informa-
to track its progress,” says Girn. “This
tion about their claim electronically,
has been great for members because
track it and get paid automatically.”
claims can go straight through for
With customer requirements in mind,
assessment without the need for lots
MLC Life Insurance has implemented
of manual paperwork. The portal also
a new platform called LifeView, which
offers an integrated experience for
will make the insurance and claims
trustees and administrators, providing
experience easier for members of
superannuation funds with transparent
superannuation funds. The platform is
view of the claims process.”
designed to help improve member engagement, automating processes
TRANSITIONING TO THE CLOUD
and decreasing response times.
Having moved to the cloud under two
“It allows members to manage their
years ago, MLC Life Insurance has w w w.ml c i nsura nc e . com . a u
w w w.ml c i nsura nc e . com . a u
10
“It’s extremely important to innovate because our customers are tech-savvy and expect to be able to conduct their business online. However, we do leverage the broader Nippon Group and look at what are other life insurers in the group are doing” — Sarv Girn, Chief Innovation and Transformation Officer
migrated its services and transformed
philosophy, Girn believes that it’s vital
its infrastructure to ensure it produces
to innovate and utilise partners to
the best possible service. Girn affirms
achieve results. “It’s extremely
that any such transformation is difficult
important to innovate because our
to achieve. “Any migration to the cloud
customers are tech-savvy and expect
or to a new system is complex. It takes
to be able to conduct key elements of
careful planning and because we didn’t
their business online. However, we do
actually have a previous system: we
leverage the broader Nippon Group
had to start off from scratch. Every use
and look at what other life insurers in
of cloud needs to be managed from
the group are doing,” he says. “It’s also
a risk perspective, so it’s important
vital to keep in touch with our custom-
that we make sure we understand the
ers in order to gain a better under-
operational aspects of that outsourcing
standing of what issues they have. I’m
and look at how we’re managing and
a firm believer that it doesn’t really
monitoring it.”
matter who you work for, it matters
With innovation considered a key component of MLC Life Insurance’s
who you work with – so for us, having partners out there where you can pick
E XE CU T I VE PRO FI LE
Sarv Girn Following the acquisition of MLC Life by Nippon Life from Japan, Sarv is responsible for leading the business transformation to re-establish MLC Life as Australia’s leading and most trusted life insurance company. This includes delivering the most advanced digital and process infrastructure in the insurance sector so as to create great customer experience across the group and retail insurance channels.
w w w.ml c i nsura nc e . com . a u
11
1886
Year founded
1,650
Approximate number of employees
HQ
12
Melbourne Australia
up a phone and say ‘we want to try this
objectives and there’s a win-win for both
experiment, can you help here?’ is the
sides. If you have a partner that is
key to innovation.”
always trying to sell you something you
In order to ensure that MLC’s
don’t need, then it isn’t really a partner-
success is sustained, Girn points to the
ship,” he explains. “The trick is to find
development of key partnerships with
joint objectives because if you’ve got
Indian multinational IT provider Tech
a partner who’s doing a great job
Mahindra as well as Salesforce, TCS,
implementing your platform and it’s
Infosys, Microsoft and Oracle and
truly strategic, then you can help them
affirms that effective partnerships have
grow in another part of the company.
been an important component to the
It’s primarily about understanding the
transformation. “I think a partnership
objectives of each other, because if the
works well when you’ve got joint
objectives aren’t aligned, it’s never
13
going to be successful, no matter how
around for a long time. Our purpose is
hard you try.”
‘a promise for life’, and considering we’ve been in operation since 1886, we
FUTURE PLANS
want to stay around for a long time to
With sustainability at the forefront of
come. It’s sustainability in a financial
MLC Life Insurance’s strategy, Girn
sense, but it’s also vital for us to stay
believes it’s important to stay relevant
relevant to the community. We’re trying
to customers and respond to their
to become more sustainable in offering
demands on a consistent basis. “We
propositions like health and wellbeing
have to ensure we’re not just effective
when customers are considering life
when dealing with customers, but
insurance,” explains Girn. “If my life
efficient internally as well because we
insurer can tell me that I’m eating the
need to make sure we’re going to be
wrong things or not exercising enough, w w w.ml c i nsura nc e . com . a u
1
3 2
4
5
Uncomplicate with TCS BaNCS for Insurance True digital transformation for insurers today means facilitating easy and simple transactions for end customers, intermediaries and service providers though self--service channels on any device, anywhere. TCS BaNCS for Insurance can help you turn digital disruption into an advantage, with its highly configurable and scalable solutions, powered by APIs and delivered on the cloud. Spanning life, annuity, pensions, property & casualty, reinsurance and health insurance, the solution’s rich functionality supports every event in the lifecycle of a policy. By driving digital channel adoption in the retirement business in UK, achieving 99.9% Straight--Through--Processing for 6.4 MN members, it has helped redefine end--customer experience. The solution has also transformed a large life insurance group in UK, integrating 6 business lines, 1,100 products, 13 platforms, 7 MN policies and 6 MN customers onto a single instance. A leading non-life insurer in India consolidated 2,000+ disparate branch systems and 17 lines of businesses onto the TCS BaNCS solution, with 5,500 concurrent users issuing 75,000 policies on an average, per day. Resting on a digital core, TCS BaNCS for Insurance solutions---be it conversational AI to guide and advise your customers, or our distributed ledger--based blockchain solution, Quartz from TCS---can help you expand your business, collaborate, connect and leverage the power of newer and richer ecosystems. When you select TCS BaNCS for Insurance, you are adopting our Digital First, Cloud First philosophy ensuring that your organization is agile and future ready. So, are you ready to Uncomplicate? To find out how TCS BaNCS can uncomplicate your business, visit https://www.tcs.com/bancs
“ We have to ensure we’re not just effective when dealing with customers, but efficient internally as well” — Sarv Girn, Chief Innovation and Transformation Officer
15
and refer me to a gym or a physio, then
mation. We also want to look at some
I’m going to be more likely to stay fit.
really advanced analytics to better
If they keep me healthy and fitter, then
understand our customers’ require-
I’m going to like them and they’re going
ments,” he says. “We’re now entering
to become more sustainable. I believe
a period where we can use machine
that helps to re-define life insurance,
learning and artificial intelligence (AI) to
because a life insurer is primarily a health
analyse customer behaviour and data
and well-being company.”
with their consent and offer a proposi-
Looking to the future, Girn aims to
tion that meets their needs.”
continue to prioritise customers in order to thrive in the life insurance market. “We’re extending our platform even further to our advisers and Group customers to enable further transforw w w.ml c i nsura nc e . com . a u
MLC Life Insurance Tower 2 727 Collins Street Docklands Melbourne, VIC 3008 Australia T +61 418 462 540 www.mlcinsurance.com.au