10-day tech rollout and development on Genasys platform
Using the Genasys Technologies BUILD toolkit, GENRIC Insurance Company has launched Pandemic Shield. Pandemic Shield pays out a lump sum stated benefit if the policy holder is hospitalised as a result of a Covid-19 diagnosis, or any other WHO-declared pandemic illness in the future. The benefit trigger is a hospital admission longer than 48 hours.
“When we decided to bring Pandemic Shield to market to protect consumers against the financial ramifications of a Covid-19 hospitalisation, we knew time was of the absolute essence. We needed an insurtech partner that understood the absolute need for speed, simplicity and regulatory compliance,” explains Cornel Schoeman, Chief Operating Officer of GENRIC Insurance Company.
“We engaged with Genasys Technologies and deployed its “Build” toolkit, providing an underwriting platform and online portals that were fully compatible with our existing systems and processes using an open API. The entire process from the initial product concept to launching live in the market was completed in 50 days, of which the technology rollout and development based on the Genasys platform took just 10 days. This kind of speed and cost efficiency is unheard of in the financial services sector, and in fact sets a new record for GENRIC when it comes to launching a new product.”
Typically, insurance product developments can take months to bring to market, but by working with Genasys and deploying its BUILD toolkit, GENRIC could construct the Pandemic Shield product themselves, write up the product rules, complete the quality assurance, test and roll it out in a matter of days and avoid the delays that typically come with complex configurations and coding.
Genasys Chief Growth Officer, André Symes adds: “Rather than develop a technical tool, BUILD is a business-focused solution that allows anyone in the insurance value chain to create and modify product configurations themselves, rather than having to rely on their software house to do it for them. It’s a game changer. It means that when faced with sudden and unanticipated market changes, insurers and product developers can be highly responsive and develop customised product solutions without the need for expensive and time-consuming coding and developer skills.”
For more info visit : https://pandemicshield.co.za/
NB: This is not a medical scheme and the cover is not the same as that of a medical scheme. This cover is not a substitute for a medical scheme membership. Pandemic Shield, is a product of Sirago Underwriting Managers (Pty) Ltd, an Authorised Financial Services Provider (FSP: 4710), underwritten by GENRIC Insurance Company Limited (FSP: 43638). GENRIC is an Authorised Financial Services Provider and registered Short-term insurer.