At least $300 million and hundreds of staff will be invested by MLC Insurance for a massive technology transformation project that will be named Sanagi. Sanagiwas chosen as the name for the technology information program because sanagi, the Japanese word for chrysalis, represents the effort and mood inside MLC Insurance.
Through Project Sanagi, MLC Insurance will separate its digital systems from the former sole owner National Australia Bank. The project which will take about 2 years will include big plans to individualize insurance and move away from the traditional practice of risk pooling. Hundreds of millions will be invested on the project because the insurance firm wants to advance areas of digital experiences, data analytics and eventually customer experience.
Project Sanagi begun after National Australia’s Bank completed the sale of 80% of MLC Life to the Japanese mutual insurance giant Nippon Life for $2.4 billion last October 2016. This deal is the first time that Nippon Life will take a stake in an overseas company. Because the focus will solely be on the interests on policy holders, there is a chance that the Australian insurance market will be shaken up. Nippon Life has a track record of paying 80% of claims within 2 days.
During the 4-phase project 400 staff will be dedicated towards office relocations in Sydney and Melbourne, creation of new data centers and migration of legacy customer systems until the final separation from National Australia Bank.
According to David Hackett, chief executive of MLC Life, their chrysalis is growing fast and about to blossom soon whether in simpler and faster predictive underwriting, better digital interface or big data processing to ensure that products and services are tailored to customers. With all the data they gathered, the insurer knows its customer well and they will be able to tailor the life insurance product specifically for each individual.
Giant insurance firms certainly know how to sell insurance effectively to consumers because they understand the needs of the customers from data they have gathered. A well designed website is very important to insurers because it allows interactions with consumers. From these engagements, leads and conversions are created.