“Insurers have had to start looking at ways to better and fast-track insurance processes by using technology.”
Fast insurance, swift execution
An Insurtech Partner achieved the equivalent of light speed when it partnered with Discovery to bring the insurer’s commercial line to market in no time.
South African insurance software and services provider Genasys Technologies completed an expeditious full product build in just 43 days for Discovery Insures newly-launched commercial insurance product.
The Discovery product was constructed and brought to market through the Genasys platform. The products introduced through intermediary channels also required from Genasys that outsourced platforms made provision for capturing, quoting and binding of policies based on the product offering.
“Insurers have had to start looking at ways to better and fast-track insurance processes by using technology,” says Craig Olivier, head of sales and business development at Genasys Technologies. In partnering with Genasys, it’s what Discovery aimed to achieve with the new commercial line.
“In discussing how to bring this product to market, it became clear we needed to partner with a third-party systems provider that provides bespoke IT solutions to the broker market,” says Zuriel Naiker, executive head of commercial insurance at Discovery. “It was important that our partner in this launch was agile and executed the project with excellence, speed and delivery,” he says. “Genasys far exceeded these expectations.”
Insurers can use the Genasys product builder, called Build, to create new products, but this technology also supports an agile mechanism for delivery. Furthermore, the full insurance product can be captured within the Genasys SKi® platform, which can generate a commercial schedule based on the product. The balance of the core SKi® functionality underpins the product configuration to facilitate premium collections, claims management, workflow, document management and reporting.
Efficiency is money
For Discovery, innovation is key, which made the timing of releasing such an innovative product that much more important. To ensure the core fundamentals and differentiators of the commercial product remained confidential, the timelines for completion of the platforms and launch of the product were essentially one and the same.
The insurer needed it to be done “as fast as possible”, says Olivier. “We strongly believe in the SKi® platform and the various tools that facilitate rapid product building,” he explains. After reviewing Discovery’s requirements, the team was confident they could deliver the project to UAT in three weeks – as fast as possible.
“It was essential that Genasys assisted us in taking this product to market,” says Naiker. “The company made a number of significant changes to an otherwise standard commercial product, and helped us provide a more comprehensive insurance solution.”
“We ultimately delivered this incredibly innovative Commercial Product for Discovery to a Go Live state, in 43 days, that is Millennium Falcon speeds for the insurance industry! It also perfectly illustrates what can be achieved when two organizations are working towards the same goal.” Says André Symes, COO of Genasys Technologies. “The days of big insurers taking months or years to launch broker products are long gone. The focus that Discovery gave to get this product out is evidence that they support the broker networks, and we like that!” says Symes