23 June, 2016
Montoux helps make Income Protection profitable again with release of new IP Module
WELLINGTON, New Zealand - Insurance software provider Montoux has announced the release of an Income Protection Module as the new addition to its suite of life insurance pricing applications.
As income protection cover becomes increasingly popular, yet less and less profitable in Australia, the insurance industry is feeling pressure to make changes. According to Munich Re, premium rates for income protection are 35% below levels that would cover the cost of claims and deliver a reasonable profit margin.
Klaas Stijnen, CEO of Montoux, said the newest product was made to address this need. “Our Pricing Application gives insurers the tools to increase their agility, allowing them to react quickly to market pressures. We noticed that IP had become a problem, so it’s a good time to provide a workable solution.”
Before founding Montoux, Klaas was a business actuary. He saw first-hand the challenges experienced by the insurance industry when it came to product development. Existing actuarial modelling tools are cumbersome to use. The collaboration process is time-consuming and labour-intensive, and actuarial insights aren’t used to their maximum advantage. This stifles innovation and eats up precious time for getting products to market.
This is one of the factors preventing insurers from fixing the problem says Klaas. “Most insurers are still relying on tools and processes that make it almost impossible to do in-depth analysis within a reasonable time frame. It makes them slow and unable to take advantage of opportunities.”
With a number of large name customers across Australasia, including one of the top three insurance companies in the region, Montoux is quickly changing the way insurers develop life insurance products.
Based on current client testing the Montoux Pricing Application can speed up product pricing by up to 80%, saving months off the current product development cycle. “It’s already been proven priceless for life insurance,” says Klaas, “now it’s time to make Income Protection profitable again.”
Montoux provides a smarter, faster way to price life insurance products. Proven with prominent insurers across Australasia, Montoux is set to change the way insurance companies innovate — for the better.
For enquiries contact:
Founding Director, Montoux
Ph +64 (0)21 273 0303
Digital Marketing Manager, Montoux
Ph +64 (0) 27 327 0370