Superseding legacy tech in just 6 weeks
About King Price
Headquartered in Pretoria, South Africa, King Price was founded in 2012 and started off offering personal lines insurance. Now, they’ve expanded their presence and their offering to include a variety of insurance products, in different countries, while ensuring they deliver the kind of royal service that doesn’t just inspire a good review, but that actually changes the world for the better. King Price is always focused on the customer experience: providing cheap premiums, fair claims payouts, and easy to understand policies.
Better functionality and stronger data
King Price required a policy administration system with the functionality and data to support a dynamic motor insurance product – where, as the value of your car decreases, your premium decreases too. While selecting a technology partner to do this, a shared customer-centric, value-driven philosophy was critical. King Price and Genasys are dedicated to putting the end-customer first, so a partnership between the two was a natural move.
George Parrott, Partner, Commercial Insurance at King Price, explains:
“At the time we realised there were not a lot of systems that could offer this functionality and this extended to the commercial and actuary side of our business too. We were using one of the AS/400 systems which did its job but time caught up with us and it couldn’t match what we needed. We couldn’t keep up with the newer developments and functionalities, and integrations with newer software became a challenge. As we grew, our system lagged further and further behind.”
Genasys was able to give King Price this much-needed boost away from legacy tech in just six weeks.
Realising the end goal of operational efficiency
While searching for a tech partner, King Price initially found it challenging to identify a company with developers who could work with their outdated system. Their end goal for their new system was to achieve a new level of efficiency for the business by increasing productivity and lowering overall operational costs.
George elaborates further:
“We realised that to achieve our end goal, we needed rule-based automisation – a function our old system did not have. So, in 2019, we partnered with Genasys and started on the Genasys platform with one of our engineering insurance products as a test case to evaluate the speed of delivery and functionality it could offer.
As a compliment to Genasys, this was deployed within six weeks which was impressive and even more so with this being Genasys’s first engineering product – demonstrating just how product-agnostic the Genasys platform is.“
Data migration strategy: implantation and integration for sustainable growth
A robust data migration strategy was key to ensuring operational continuity and, critically, that there was no negative impact to King Price’s service to its policyholders. This strategy was underpinned by the principle that the Genasys platform would ‘clone’ King Price’s existing system to lay the foundation of how they would use the platform. Once in place and stable, Genasys then enhanced their data structures, data formats, and rule-based automation.
A phased approach to policy and data migration was necessary to manage a smooth transition of King Price’s existing complex data formats and structures into the Genasys system.
This transition involved King Price identifying seven sections of their old system that they used the most. Working closely with the Genasys team, these were then mapped and auto-migrated onto the new platform.
All testing took place in a sandbox environment so King Price could see the outcome and impact of the data migration. Such an approach enabled Genasys to work with King Price to identify and fix any data anomalies before the official data migration took place.
“Testing was completed over weekends so that work was not disrupted, and no surprises were ever found because of Genasys’s proactive process. We are delighted with what was done then and where our system is now.”
The flexibility and innovation of the Genasys platform meant that integrating into other systems within King Price’s tech stack, was as George says ‘a very smooth process’.
George noted that the low-code tools Genasys provides empowered the King Price team as they are using Genasys’s Build toolkit more and more, finding it particularly useful for quick changes or integrations they want to implement. For bigger issues, they use Genasys’s maintenance hours – a service they are finding to be very useful.
Expanding with Genasys
While their South African offices use Genasys with integrations into other systems, King Price plans to make Genasys the only system they will work on in Namibia – a project that is currently underway. George also needed a system that could deploy functionality in European countries like Denmark and found this solution in Genasys, something he says other providers did not have.
Find out how Genasys can grow your business
If you’d like to learn more about leaving legacy tech behind, getting to market quickly, and growing your revenue, speak to our team.