IAG says it is migrating about 5 million policies onto its Enterprise platform, with the aim of improving digital experiences for customers and fuelling growth across the group.

“Our Enterprise platform provides a single consistent policy, pricing, claims engine across our entire retail business,” CEO Nick Hawkins told the annual results briefing last week. “We already have 2 million customers on this, with 300,000 more renewing each month.”

The platform has been introduced under a partnership with ANZ that took effect last year to underwrite home, landlord and motor policies for retail banking customers.

Mr Hawkins says IAG will continue to develop and leverage the Enterprise platform, which has been in the works for several years, to drive efficiency and assist customers.

The insurer is also looking to overhaul its technology in the intermediated business and says a “commercial enablement transformation” is under way to deliver better outcomes for brokers.

CFO William McDonnell told the briefing administration costs last financial year increased about 11%, including the technology spending, which would position the business for the future.

“Furthermore, we’ve seen additional spend related to cyber and data security,” he said.

From Insurance News magazine: Loss adjusters are confident the human touch will endure in claims, even as technology takes a greater role