Insurance technology specialist SSP has signed a new deal with the Masawara Group of insurance companies. The deal has seen SSP Pure Insurance deployed across Botswana Insurance Company Limited, Lion Assurance Company Limited and Zimnat Lion Insurance Company Limited in multiple African territories, all of which are now live. Read more
FBC Insurance has chosen to support the growth of its Zimbabwean general insurance business in line with its strategic objectives using SSP’s digital insurance platform, SSP Pure Insurance.
SSP Pure Insurance is a flexible end-to-end core insurance system for all lines of business and all channels. As a single solution with consistent best practice processes for policy administration, claims management, finance and credit control, as well as strong reporting MI, SSP Pure Insurance enables FBC Insurance to operate more efficiently and remain compliant with the stringent Zimbabwean regulatory environment.
With a sound insurance foundation in place, FBC Insurance can focus on its transformation from being an intermediated bancassurer and move into direct writing. Currently, a large proportion of business is driven through the FBC bancassurance sales force, and FBC Insurance now has a platform that will help it achieve exponential growth of its direct distribution.
As the direct market is maturing in Zimbabwe, the omni-channel support provided by SSP Pure Insurance puts FBC Insurance ahead of the curve, enabling it to push and hit the market.
Another key focus for FBC Insurance is diversification into the growing microinsurance market. With an insurance penetration rate of just 3.6% in Zimbabwe, there are significant opportunities for FBC Insurance to provide affordable products that match the needs of the currently excluded population. SSP Pure Insurance enables FBC Insurance to simplify the product design and development process, so it can respond more agilely to these market conditions.
Adrian Coupland, Customer and Marketing Managing Director at SSP, said:
“I am delighted that FBC Insurance is live on our digital insurance platform to support its objectives of growth, greater operational efficiency and risk control.
“Half of the top ten insurers in Zimbabwe use SSP’s software, and this is testament to our continued investment in supporting the territory without the need for reliance on third parties.”
Musa Bako, Managing Director at FBC Insurance, said:
“We needed a system that would enable us to achieve our growth and cost-cutting objectives. Investing in SSP, a technology partner with a broad footprint in the African and global markets, took the risk out of the decision-making process.
“In addition to its knowledge and experience of the Zimbabwean market, SSP demonstrated it has the financial stability to support our evolution over the long term.”
DLG chooses to support its commercial insurance growth strategy using SSP’s digital insurance platform, SSP Select Insurance as a Service.
Insurance technology specialist SSP today announces a new five year contract with leading UK insurer Direct Line Group (DLG) to provide its SSP Select Insurance as a Service platform to support DLG’s plans for growth. SSP won the contract after an extensive competitive tender process.
SSP Select Insurance as a Service is a SaaS-based digital insurance platform that comprises a set of proven, integrated best of breed components that together provide powerful digital insurance capabilities to insurance companies, enabling them to build and deliver their products and services into the marketplace.
These platform components provide product build, pricing, data enrichment, aggregator integration, policy administration and customer self-service capabilities, as well as pre-application fraud prevention through SSP Verify. DLG will also benefit from SSP’s Intelligent Quotes Hub (IQH), the company’s next generation, whole of market quotation solution that provides powerful, user configurable risk selection, data enrichment and pricing capabilities.
The component options within the SSP solution are pre-integrated, meaning insurers can undertake a ‘low touch’ implementation that involves considerably less cost and effort than with traditional solutions, and get their insurance products live in the marketplace more rapidly.
The SaaS platform is implemented, hosted and managed by SSP, a model that drives a low up-front investment, along with flexible and low cost of ownership. It also contributes to the rapid implementation timeframe.
DLG will become the fourth leading UK insurer to adopt IQH to provide its Insurer Hosted Pricing capability for part of its business.
Jasvinder Gakhal, Director of Commercial Direct at Direct Line Group said:
“We are pleased to have selected SSP and its digital insurance platform to support areas of our Direct Line for Business growth strategy. The platform enables us to launch new products quickly, monitor their performance, learn from the results and refine them on a cost-effective basis.”
Steve Lathrope, Group Managing Director, SSP said:
“We are proud to have been chosen by DLG and to be providing Select Insurance as a Service as a platform for growth. We’ve designed the solution with innovation in mind, and are delighted to have a market leader using it to power its business.”
Resolution Insurance has chosen insurance technology specialist SSP to provide a new, robust, flexible IT system to underpin its expansion plans. Following private equity investment, the insurer has diversified into the general insurance market and expanded from its Kenyan base into Tanzania. Read more
- 55% of insurers see hosted Software as a Service (SaaS) technology as a way to cope with fast changing regulatory requirements
- Insurers turning their backs on large-scale core IT system implementation programmes in favour of more agile, quick-to-deploy solutions, says SSP
- 82% would consider deploying SaaS (whether throughout all business lines, on major lines, in niche / orphan lines or as a test)
- SSP Verify will augment Markerstudy’s existing fraud protection measures by helping eliminate ‘pre-inception’ discrepancies in insurance applications
- Markerstudy was able to identify in excess of one million pounds of mispriced premiums in one month period