QBE set to fast track its digital capabilities

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QBE set to fast track its digital capabilities

Insurer to accelerate digitisation.

Insurance giant QBE highlighted plans to fast-track its digital capabilities for a better customer and partner experience.

In its results presentation (PDF), the insurer laid out its wish to become "the most consistent and innovative risk partner" in its 2021 full year results on Friday.

Over the year QBE further developed digital tools to assess customer claims and improve response times, while continuing its modernisation efforts which included upgrades to further digitise the business.

This included in embedding automation across underwriting, distribution, and claims to support changing consumer needs, as well as introducing advanced analytics across the claims lifecycle in parts of QBE.

QBE also reported it accelerated adoption of machine learning models across its pricing and claims offerings.

It's now in the initial stages of embedding data-enabled pricing and decision support within the business.

QBE chief executive Andrew Horton said the business will “continue to innovate with new products, improve digital capabilities and with risk solutions that solve customer needs and enable resilience.”

Horton added QBE needs “the right operating model and structure in place” if it intends to “achieve our vision and live our purpose.

“It needs to bring the enterprise together and ultimately help us organise, manage and leverage our capabilities across all markets," he said.

“We also need to simplify what we do and remove complexity and how we do it by driving consistent processes and having clear governance.

“Linked to this modernizing our business to ensure we're a future fit and modern insurer, we must complete the modernization of our foundational systems and processes.

“We also need to accelerate development and investment in our digital capabilities to make things easier for our customer’s partners and people. We'll invest in differentiating capabilities that drive insight and support innovation.”

Horton added QBE will be investing “in more targeted workforce planning and succession practices ... to ensure we can harness the talent we already have and help to build the capabilities we'll need now and in the future.”

This investment is in addition to QBE’s online learning platform that provides skills-based training relevant to individual roles rolled out to staff last year. 

QBE reported a statutory net profit after tax of $750 million compared with a loss of $1.5 billion in 2020.

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