Insurer reactions 'too slow'

Montoux has announced the release of an income protection module as the new addition to its suite of life insurance pricing applications.

Klaas Stijnen, chief executive of Montoux, said the product would help insurers in Australia tackle a lack of profitability in income protection products, and in New Zealand help insurers get a better handle on the price points involved in income protection products.

“Our pricing application gives insurers the tools to increase their agility, allowing them to react quickly to market pressures. We noticed that IP had become a problem, so it’s a good time to provide a workable solution.”

He said the industry's actuarial modelling tools were cumbersome and time-consuming.