UniSuper announced in July that TAL had been chosen to replace Hannover Re Life as the industry fund's group insurer.
The new technology was developed in line with the Association for Cooperative Operations Research and Development standard, known as ACORD Messaging Library, for the insurance industry globally.
The web-based digital solution developed for UniSuper will allow the fund to seamlessly transfer data and customer information with TAL.
According to TAL Life chief executive Brett Clark, this will minimise double handling and improve the quality of data while increasing its speed and security.
Based on XML design principals, the standard automates the transfer of data between a super fund and an insurer within a very secure environment. According to TAL, its design is future-proof, scalable and portable for both the fund and insurer.
Mr Clark said fund members will be able to make changes to their life cover in real time and that customers will benefit from faster processing.
“We are very pleased to have developed a digital web services interface for our newest group client that is the first of its kind in the world for the group life insurance market,” he said.
UniSuper chief executive Kevin O’Sullivan said linking the administration system of the fund and TAL in real time improved risk management, process efficiency and cost reduction.
ACORD director, global development Alan Stitzer said TAL had played a key role in advancing ACORD standards implementation in Australia.
“We value their participation in our Australia steering committee and the important contributions they bring to the industry as a whole,” said Mr Stitzer.
