This article is sponsored by Tokio Marine Management
Tokio Marine Australasia has set a new benchmark for technological innovation, operational resilience and customer-centricity in the Australian landscape with the launch of its LTX (Leisure Travel Business transformation) platform.
And in turn, the ambitious initiative has fundamentally transformed the company’s travel insurance distribution capabilities.
At the heart of the LTX project was a bold vision: to divest from legacy systems that were no longer fit for purpose and transition to a modern, API-first, cloud-native platform that meets Tokio Marine Australasia’s current and future needs – all while being developed entirely in Australia.
This idea enabled Tokio Marine Australasia to tailor the solution to the unique and ever-changing needs of the domestic market, ensuring that the platform was not only technologically advanced but also flexible and fully aligned with local regulatory requirements and customer expectations.
Prakhar Rawat, chief technology officer, played a pivotal role in steering the project. He says, “LTX was a state-of-the-art transformation for us. We built it locally, on our own terms, and proved that with the right vision and execution, insurers can deliver enterprise-grade modernisation at speed without compromising resilience. Our engineering mantra was stability with agility.”
The success of LTX has been a collaborative effort, driven by the expertise and leadership across the Tokio Marine Australasia team. Alongside Rawat and his IT team, the project was sponsored by George Lytas, chief underwriting and reinsurance officer, and supported by the entire Tokio Marine business, including the distribution, transformation, operations, risk and compliance and legal departments, with a strong focus on both technological excellence and business outcomes. Tokio Marine also worked closely with its key distribution partners to ensure that the platform – and the quote journey it supports – remained easy, modern and resilient.
The combined inputs resulted in a platform that not only supports current business needs but also provides a scalable foundation for future innovation. The LTX platform enables Tokio Marine Australasia to rapidly adapt to changing market dynamics, regulatory updates, and evolving customer preferences.
“The fact that we went live seamlessly and continue to deliver new features every three weeks is a testament to the strength of the platform and the people behind it,” adds Rawat.
The impact of LTX is evident in its impressive operational metrics. In its first 12 months, the platform achieved an outstanding 99.99% uptime, underscoring its reliability and robustness. Since launch, LTX has successfully processed over 2.5 million event transactions, revealing its scalability and efficiency.
Additionally, the platform has driven a strong online quote-to-policy conversion rate which, based on Tokio Marine’s benchmarking, is well above industry norms.
The LTX project sends a powerful message to the broader industry: large-scale technology transformation is not only possible in Australia but can also deliver world-class outcomes when driven by innovation, strong governance and the right talent and partners.
As Tokio Marine Australasia’s experience demonstrates, insurers no longer need to rely on overseas legacy systems. By owning, scaling and continuously improving their platforms locally, they can achieve both regulatory compliance and superior customer experiences.
Try the LTX platform now at world2cover.com.au.
