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Streamlining Success: Provident Insurance are live on ICE as part of their transformation programme

Provident Insurance are now live on ICE Policy and ICE Claims following their legacy transformation set to streamline the business and unleash efficiency with automation and modern architecture.

Provident Insurance are a New Zealand Insurer who prioritise protecting consumers lifestyle and vehicles. Provident’s business was undergoing substantial business growth so a new transformation programme was essential to streamline operations.

They had previously inherited their system 10 years earlier, but this had become legacy following bespoke customisation and outdated frameworks, limiting business potential.

UK leading insurance software provider, ICE InsureTech were selected to launch Provident on their new transformation pathway. Despite the global distance, ICE showcased that their modern, scalable and configurable insurance platforms had the functionality critical to Provident’s success as they extended their business roadmap in a time of strong growth.

Automation is the key to success

The New Zealand insurer had acquired various bespoke rules so it was key to standardise their approach. To streamline the business processing times had to be reduced and operations fully automated.

Manual processes were transformed through ICE meaning they can automate the ‘routine’ and deal with the exceptions. This will lead to a rapid speed to market which the insurer can roll out across new and existing books of businesses.

ICE’s breadth of rich functionality

This legacy transformation will power Provident’s dealer and broker networks with ease. The delivery launched 6 products onto ICE Policy, including a big bang migration, and 5 products onto ICE Claims.

Other key functionality included:

  • Provident will utilise ICE’s extensive API capability to connect their own digital portal
    • This will allow them to trade via an extensive dealer network supported by Custom D
  • Faster speed to market with ICE’s no code self-build capability
  • Full self-sufficiency to independently launch products
  • ICE has set up a new AWS location in Sydney
  • Removal of manual processes for rating with the integration to ICE Rating
  • Great effort of regionalisation into ICE to ensure the platforms support new territory requirements
  • Support an extensive mixture of both intermediated and direct payment methods
  • Leveraging of brand and affinity scheme functionality to reduce overall scheme configuration dependencies
  • Integration to Provident’s preferred eco-partners including Go Cardless for direct debit and Loqate for address resolution

This is just the beginning

Now live on ICE, Provident have stable and modern platforms that deliver operational efficiencies and the scalability they can rely on as the business continues to grow.

The ICE platform avoids legacy through its ease of upgrades included as part of their annual running costs. This means Provident will continue to benefit from new functionality, whilst maintaining their own IP.

Provident and ICE will continue to streamline success working together to launch Provident’s future roadmap. Provident is keen to utilise the breadth of ICE’s functionality from telematics, rolling out B2C books of business and the world of possibilities with subscription insurance.

Paul Natac, Chief Information Officer, at Provident Insurance, “We are extremely pleased with the exceptional partnership and expertise that ICE InsureTech has brought to Provident Insurance. Their advanced solutions have adeptly handled our complex business requirements and diverse product offerings, enhancing our operations and efficiency. As we continue to grow and expand in the NZ market, we are excited to leverage the scalability, flexibility, and rich functionality of their platform to innovate and deliver superior services to our customers, driving our strategic initiatives and achieving new heights of success.”

Lynette Slater, Client Services Director at ICE InsureTech, said “We are thrilled to announce the successful launch of Provident Insurance on the ICE platform and our first APAC client! Their launch onto ICE was part of a wider legacy transformation programme to enhance their operational efficiency and provide a robust platform for future growth. This milestone is a testament to the hard work and dedication of all teams involved. We are excited to work together on their future roadmap and continue to deliver innovation at a new scale for Provident.”

Matthew Rhodes, Lead Consultant, Custom D (Integration Partner), said “We were thrilled to work on the integration of ICE InsureTech and to build a new dealer portal for Provident. Careful work was put into crafting the UI workflows to ensure ease-of-use and efficiency, so it’s been rewarding to see this delivered to dealers. The smooth and successful rollout speaks to the quality of the Ice platform, along the collaborative effort between teams.”

Luke Fossett, ANZ General Manager at GoCardless, said: “It’s great to see businesses like Provident Insurance already benefiting from our new partnership with ICE InsureTech. We’re excited to bring faster and automated payment collection to even more insurance companies, helping them boost their efficiency as they scale and grow.”

InsurTechNZ InsurTechNZ champions technology-enabled innovation throughout the New Zealand insurance industry. We aim to attract more talent, start-ups, and funding to the InsurTech sector in New Zealand.