Genasys: A Game Changer in the InsurTech Space

https://insurtech-startups.insuranceciooutlook.com/vendor/genasys-a-game-changer-in-the-insurtech-space-cid-789-mid-82.html

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.

Comments are closed.