APRA is replacing the current D2A (Direct to APRA) with a new Data Collection Solution. The new changes are in response to the global advancements in data, analytics, and technology. The new Data Collection Solution will allow APRA to make more informed and effective decisions by enabling the collection of improved comprehensive data. As well, users will be able to enjoy a new submission interface which will deliver a better user experience.
- Improved ease of use with a new interface, increased options for data uploads, and access through standard web browsers
- Less maintenance required due to a new web-based system
- A more adaptable solution, making use of automation and simplifying system upgrades
The transition to the Data Collection Solution will involve key changes to the submission of reporting data, however reporting obligations and schedules will remain the same to begin with. The data collected will also be remaining the same at go-live.
The good news is that Ebix is incorporating these changes into each of its broker systems. Therefore, in most cases the changes will be minimal and be limited to the way that the APRA Form 701 report is submitted.
The implementation was initially due to take place March 2020, however this has now been pushed back due to feedback from the industry. APRA will be providing the revised date by October 2019. We expect that the changes will come into effect in the latter part of 2020. Ebix will provide our brokers with any necessary updates as development progresses.
Who better to host your broking system than the people who designed and built it. Ebix is now offering hosting services for your broking system. This is a popular solution among Ebix’s SME brokers who would prefer not to manage their IT assets. Many of our brokers are delighted to be able to pass on the responsibility to the professionals, and free up time for them to do what they do best. In handing over their broking system IT responsibilities they will also be automatically increasing their cyber security, and upgrading their hardware.
Your broking system will perform at its best with Ebix Hosting Services because of the team’s intimate knowledge of the platform and the exact requirements it needs. Backups, upgrades, and disaster recovery are all taken care of by Ebix so you don’t have to lift a finger. We have your compliance obligations covered too.
- Industry leading Tier III Data Centres
- Enterprise level of security and access via a secure VPN
- Data is kept onshore, under Australian jurisdiction
- Upgrade your hardware without the need for upfront capital expenditure
- Flexible and affordable pricing
In an Ebix first, we are pleased to announce insurance newcomer Ag Guard will be launching their crop insurance product on Sunrise Exchange. Ag Guard was founded in 2013 by Alex Cohen who has significant experience in both the agricultural and financial industries. Alex is passionate about supporting the day-to-day challenges of the agricultural industry through specialised insurance services. Great Lakes Australia, a wholly owned subsidiary of Munich Re, will be acting as Ag Gard’s agency, as well as providing claims services on their behalf. Additionally, Ag Gard recently signed a deal which will see venture capital provider BP Marsh acquire a 36% stake in the company.
The Ag Guard team are very experienced in broking, underwriting, and insurance across the rural and agricultural space. Co-director Martin Birch, who comes from a family of farmers, was previously the head of the Allianz farm portfolio for Australia. Ben Ko, also co-director, manages the finance and operations side of the business. Ben is a qualified Actuary and has previous experience working with IAG, Allianz, and Suncorp across a range of General Insurance products.
Managing Director, Alex Cohen is looking forward to kicking off the new partnership with Ebix. He knows first-hand the benefits of working with the Sunrise Exchange platform, especially for a niche product like crop insurance.
“Whilst crop is not a renewable class of business, the ability for brokers to transact at their convenience 24/7 and work from one full life cycle platform for new business and endorsements is extremely beneficial”.
Alex said he was looking to Sunrise Exchange to support their growth and allow the business to scale.
“Our business is about pushing the boundaries and putting our product range onto Sunrise will allow us to compete with the big players and scale our business at the same time”.
The team at Ebix are delighted to be involved in this exciting step forward for the Ag Guard business, and support them through this phase of growth. As well as be able to add to the portfolio range of products available on Sunrise Exchange.
“Leon and his team have been fantastic in allowing us the opportunity to work with them to deliver this industry first…we hope it’s the first of many products on Sunrise Exchange”.
Ebix is looking forward to rolling out the new Ag Guard crop insurance to our broker network soon. And be sure to keep an eye out for more Ag Guard products added to Sunrise Exchange in the future. Ebix will email connection guides, broker and system user guidelines to Ag Guard’s partner list in due course.
Insurance giant Chubb announced earlier last month that they will be the first US insurer to begin divesting from coal. It follows a string of European insurers who have been leading the way in making more ethical investments. Australian insurance companies are following suit; QBE, Suncorp, and IAG are all phasing out their business with the coal industry. And Japanese insurers are starting to head in the same direction; three large Japanese life insurers recently announced they would no longer be funding new coal projects...Read More on the Ebix Blog Here