Genasys: A Game Changer in the InsurTech Space
As published by In$urance CIO Outlook
“Those with the ability to adapt will survive”.
This has never been more relevant in the insurance landscape. Today, on the one side, we have well-established insurance organisations with monolithic and rigid IT setups struggling to become more agile, and on the other, new insurtech startups trying to compete with the strong market hold of incumbent organisations. If both of these worlds have one thing in common, it is definitely the need to change and pivot their offerings to a consumer base that has evolved significantly since the onset of the pandemic.
Fueling this change through innovation is Genasys – a company that combines the technological agility of startups with the knowledge and expertise of established insurtech players. By leveraging Genasys’ state-of-the-art platform, insurers, brokers, and managing general agents (MGAs) from both the ‘old’ and ‘new’ insurance worlds are finding a seamless pathway to pivot their businesses towards a promising digitalised future. “Our full-stack, cloud-based, modular insurance platform comprising both back-end and front-end capabilities is designed to revitalise almost every insurance process, so that our clients can always stay ahead of their competitor,” says Andre Symes, Co-CEO of Genasys.
However, just helping insurance companies ride on the digitalisation bandwagon is not enough; how it’s done equally matters! According to Symes, insurance organisations should be able to achieve digital transformation with minimal disruption. This is far from the reality, though. With numerous off-the-shelf solutions, even if the implementation is quick, they usually end up extensively reorganising the business processes around the new system. And more often than not, not all of the capabilities are even necessary for a business. Alternatively, if they choose to build cusomised solutions from scratch, it is not only expensive, but the implementation times also stretch longer. Interestingly, Genasys’ flagship platform, or as they call it – the software key to insurance (SKi®), combines the advantages of both these deployment approaches while eliminating the drawbacks. The platform comes with pre-developed modules, which can be individually deployed in personalised bundles and integrated with the clients’ existing workflows. Even if the clients need further customisations in the modules, Genasys leverages its zero-code tools to add the required functionalities quickly and seamlessly.
Genasys has also build a REST-based API on top of the SKI® platform, making it extremely easy for third-party front-end and B2B integration. This ability of the SKi® platform to communicate with external systems enables clients to gain a centralised view of their customers’ journey on one single platform. Furthermore, SKi® offers a robust management information (MI) dashboard that leverages Microsoft’s powerful business analytics, Power BI, to help clients identify high-level insurance patterns, trends, and insights.
“More notably, with our platform, customers choose the capabilities that they need, and only pay based on a consumption model,” mentions Symes. For instance, clients can choose the end-to-end policy administration module to manage their processes, from leads and campaign management. Or, they can also combine the capabilities of the policy administration module with the claims administration module to manage processes from confirmation of cover to first notification of loss. Equally important, if a client has a pre-existing relationship with a claims platform that they feel is fit for purpose, they don’t have to use the Genasys claims module to implement the Genasys platform. All in all, the platform offers a total of 10 customisable modules and 350 pre-configured products ranging from P&C, Life, Medical and even speciality.
What’s more? Genasys employs a safe, agile, and lean project management office (PMO), which ensures the highest quality and standards throughout the implementation process. As a specialised division of the company, it focuses on ensuring the utmost accuracy in the budgeting, resourcing, and scheduling of the projects. During implementation, the PMO as well as the developers work closely with the client product and IT teams to continuously adjust and upgrade certain functionalities of the platform during deployment. “Since we customise and deploy our platform in close collaboration with all key stakeholders within our clients’ businesses, the end result always meets or exceeds their expectations,” notes Symes.
A clean testament to the capabilities of Genasys is a recent instance when the company worked with an MGA specialising in underwriting taxi risks. The client had to conduct a 60 000 policy data migration, while rating on the different types of taxi routes, and they turned to a company that could meet their needs in the shortest period – Genasys. In just four weeks, the company did a full implementation, installation, and product configuration of its platform with all the modules, before making it live. The client was not only able to migrate the policy data in record-breaking time, but do so without the need for extensive expenditure.
Today, riding on the coattails of such success stories, Genasys is cementing its place as a leading software provider of insurance software. With innovative technology-enabled processes in place, the company is continually broadening its platform functionalities while also expanding its geographical footprint. Going up the stairway of success, the company aims to continue its streak of on-time solution delivery under budget without compromising the quality.