Insurance technology firm BAIS is rolling out a new upgrade to its iBAIS platform to existing users today, and the reimagined interface will also be available to new clients from January in what is its most significant upgrade in a decade.

iBAIS has more than 350 insurance products configured and is able to handle complex user requirements. Around $3.5 billion in premium is processed on the platform every year, and the team says new business enquiries are increasing rapidly from across the eight countries where the platform operates.

BAIS CEO David Hampton says $42 million has been invested in developing iBAIS since its launch – evidence of BAIS’ commitment to its insurance technology solutions.

“The release of iBAIS 2.0 is an important milestone and represents our new journey to build a relevant development roadmap for our customers,” he said. “It is now ready to go and initial feedback is that users think it is an impressive step forward.”

BAIS says the user interface and usability has been extensively updated to make the platform more elegant for customers, brokers and underwriters, and the upgrade introduced more real-time, customisable dashboards. Improvements have also been made to the core technology building blocks, to facilitate further development of the platform into the future.