Claims and insurtech specialist Stream Group says an upgrade to its core software product has been delayed, while it is also seeing low volume in its major New Zealand market.

The group said in February it has spent $116,0000 to modernise BuildAssist code and make improvements to the software, with a prototype expected by the end of May.

“When completed BuildAssist2 will be much more user friendly and have a much wider addressable market,” it says in an update today. “There have been some delays in this process and we now expect to have a prototype in the fourth quarter of calendar 2020.”

The firm says its provision of claims management software has continued to suffer from the low volume of claims in New Zealand.

Stream confirms it has received a $1.63 million “earn-out payment” from the purchaser of its claims management business in 2017.