ClearView Wealth case study
What does digital business transformation look like? To turn a traditional corporation into a responsive, customer-focused and digitally smart business is a huge undertaking. ClearView Wealth is seven years into its transition, working with Jade all along the way.
This long-term partnership has delivered much more than the sum of its projects. The visible outcomes - apps, portals, and websites - are built on an evolving data platform and spring from an increasingly customer-focused, responsive culture. ClearView’s underlying technology is opening up to new audiences, like clients and advisers. Meanwhile their team is getting better at discovering and seizing opportunities as they emerge - quickly finding out what people want, and efficiently responding with new digital services.
"Jade is helping us become more easy to do business with. This is a win-win for our advisers, clients and us, as our teams are able to focus on value added services."
ClearView has been helping Australians to invest their money wisely since 1976, then known as NRMA Life. In 2010, Simon Swanson led the team that purchased the businesses of ClearView and listed it on the Australian Stock Exchange (CVW). At the time, ClearView had over a billion dollars in funds under management, a small in force life insurance portfolio, and a small distributed network of financial planners, primarily in NSW and Queensland. Administration systems served data to the back office but no further, and the website was ClearView’s only digital face.
ClearView recognised the need to partner with like-minded companies to drive their growth and selected Jade as their digital innovation partner. This partnership has been key in enabling ClearView to grow quickly but also to put down solid foundations for future expansion.
Today, advisers and customers have wide digital access to ClearView. Systems of record have handed ‘heavy lifting’ of data over to new middleware. Digital projects are increasingly directed by changes in the market, or by user research, rather than an unchangeable 5-year plan. ClearView has a capable, flexible digital arm that can respond or lead as required.
ClearView’s partnership with Jade dates back to 2010, and the unlocking of ClearView’s policy administration system for web and mobile. Jade’s interfaces cleared the way for future client and adviser portals, beginning with an app that mapped portal functions to mobile. This enabled ClearView’s first web capabilities. It was an effective, early demonstration of what’s possible when data can flow through to users.
Critical, but missing, was IT infrastructure that put the company on an even footing with market pacesetters. ClearView set about creating a new enterprise architecture design, combining the flexibility to stay nimble with the security and reliability Australians expect from their superannuation and insurance providers. This opened up a new future, which ClearView mapped out and started building with Jade. The business’ growth strategy would soon see a big boost from the digital side.
“It was all in front of us,” ClearView Managing Director Simon Swanson says, adding:
"Our partnership with Jade helped us to build ClearView’s online brand profile and digital presence to create a strong platform for growth."
With a clear plan for the future and integrated systems, ClearView was ready to build portals and software platforms that allowed their advisers to easily do business: compare quotes, lodge insurance applications and track progress, and respond to requests for additional information. Clients could also readily access their account information.
Jade created a wealth management portal and mobile app for ClearView’s clients to securely see investment information, transaction history, and contact details. Digital services like these increase customer engagement, proving the strategic value of smart digital moves.
The next customer engagement question: How to encourage people to update personal information, and feed changes directly to ClearView’s core administration system? Enter a microsite that offers better policy deals in exchange for up-to-date information.
This is possible only with clear data flows from a digital front-end all the way to core systems. It’s a digital project with valuable results for clients and ClearView - another demonstration of what’s possible as part of a bigger transformation, rather than a quick fix.
Having seen the benefits of digital client engagement, ClearView turned to a new audience, their nationwide network of independent advisers.
Advisers help clients understand and put appropriate life insurance plans in place. They need smart tools and easy, secure access to clients’ information, or they’ll take their business elsewhere. ClearView’s LifeSolutions adviser portal was a big competitive step, giving advisers access to integrated quoting, application creation and tracking, and underwriting for life insurance.
A round of enhancements in 2015 introduced comprehensive reporting capability which provides advisers with up to date, detailed information about clients’ policies, transactions, and the status of policy changes. A number of business management reports are also available to help advisers and their teams plan and manage upcoming reviews and renewals across their portfolio.
Compared to 2010, ClearView’s digital transformation has made some aspects of the business almost unrecognisable. With clients and advisers used to engaging digitally, and the team ready and able to see what people want and quickly deliver, ClearView turned to the company website. With Jade’s understanding of ClearView’s business it was an obvious choice to again collaborate on this upgrade.
An entire redesign served both audiences alike. The new website is responsive across all screen sizes and devices, and allows ClearView clients to better understand the insurance, superannuation, and investment products on offer, and how they work in practice. Advisers have better access to forms and tools, improving the advice and service they can offer clients. Behind the scenes, audit and workflow tracking of user behaviours lets ClearView learn more about what they are looking for, and how.
Clients and advisers have embraced the opportunity to do things online. Swanson says the work completed so far has provided a solid grounding for future growth.
“Jade is helping us become more easy to do business with. By making it simple for our clients to access information and manage their investments online, and for advisers to easily research and apply for our products and services on the web and mobile devices, we are able to scale up our business without an equivalent increase in manual processing. This is a win-win for our advisers, clients and us, as our teams are able to focus on value added services rather than manual administrative tasks.”
For seven years, Jade’s people have acted as an extension of ClearView’s internal teams, providing specialist expertise when they are required, a key driver given ClearView’s size and desire to be nimble. The two companies work together to deliver the best possible outcomes for end users, and to improve the way ClearView does business - externally and internally.
Jade’s ability to collaborate with ClearView’s other long term partners, such as their administration system providers, ensures that the focus is on end-to-end solutions that work for the short and longer term.
Over the years the ClearView-Jade partnership has reinvented the way ClearView operates and interacts with clients and advisers online. Data integration underpins new digital experiences, which serve real-world needs and improve the bottom line. Digital business transformation has boosted what ClearView is capable of at every level.
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