QBE’s transformation of its systems and processes over several years is a leading example of how to best extract efficiencies and unlock the tremendous value of insurance data to build deeper customer relationships and loyalty, IT expert MuleSoft says.

The integration and applications programming interface (API) platform provider assisted QBE on its transition to a cloud platform and centrally managed API strategy.

“They are definitely at the forefront,” Aliky Kouroupis, the Australia and New Zealand Financial Services Lead at MuleSoft, told insuranceNEWS.com.au.

“They have embraced the circumstances and the status of the world right now and they really have perfected their approach to claims and self-service and their omni channel. They have done an amazing job.”

Sydney-based Ms Kouroupis says QBE’s approach was to create a single source open digital marketplace of shareable access.

“The purpose of that was to actually engage and enable each division globally,” she said. “They are leveraging our toolset to drive reuse…and enable standardisation and collaboration.”

QBE Head of technology for Data, Advanced Analytics and Integration Shrenik Dagli said recently that the transformation allows much faster integration in adding a new region or vendor.

“We have been able to integrate very, very quickly, especially in the claims space with a lot of our partners, which has improved our customer satisfaction in a very big way,” he said.

Mr Dagli says a common interface, similar in concept to open banking could be adopted across the insurance industry. At present insurers have “some way to go to reach that level of standardisation and maturity”.

Ms Kouroupis, who spent over a decade in California where MuleSoft is headquartered, agrees that insurers are “adapting pretty quickly but they still have a long way to go”.

“I think they are at a critical pivotal point because the customer engagement tools and the strategies are straining.”

She says insurers should unlock their data to deliver value and more connected, personalised experiences.

“Those who do not have those capabilities in place will fall far behind. It is becoming more and more critical due to the times and having to interact digitally with everyone.

MuleSoft, which also works with IAG and was acquired by Salesforce.com in 2018, says its platform makes it easy to connect data whether it is on the cloud or on the premises, allowing personalised offerings which help grow and form customer relationships.

Ms Kouroupis says a key trend underway is the “democratisation of innovation and IT” and the “citizen integrator” is a new driving force, enabling a culture of “sharing and leverage and unlocking” across various projects.