Alston Moves to E-nable Insurance Industry

The insurance industry could greatly benefit from e-commerce, ideally by tackling it as a united force, according to Senator Richard Alston, the minister for Communications, Information Technology and the Arts.

In a report released today, Insurance@Risk, Alston said the insurance industry was a vital and pervasive sector of the economy. But while some business had been conducted electronically in the general, life and health sectors of the insurance industry, a whole-of-industry approach was most likely to deliver maximum benefits from the adoption of e-commerce.

Aiming to increase awareness of opportunities for e-commerce in the industry today and in the future, the report recommended strong industry leadership to facilitate change on agreed business processes and relationships and the development of industry e-commerce standards. It also recommended the mapping of business processes and relationships to identify areas of improvements and cost-savings in each sector.

According to Alston, collaboration between health funds, associations, healthcare providers and government was also recommended in the implementation of e-commerce standards for health insurance messaging and claims processing.

"The report's recommendations aim to develop collaborative mechanisms for the increased use of e-commerce by the risk market of the general, life and health insurance industry," he said. "Some of the major findings of the study include considering the business processes that can be made more efficient through the adoption of e-commerce."

Courtesy The Australian Industry Standard: http://www.thestandard.com.au

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