The InsurTech revolution is in full swing with millions of pounds being invested trying to re-think inefficient and outdated operating models.
With the demand for low cost insurance growing at a phenomenal rate and a large increase in the number of member and community based organisations (cooperatives and mutual) especially in the developing world, the demand for innovative, cost effective technology has never been higher. With enormous potential benefits to both state and consumer, low cost insurance provides a financial safety net to some of the lowest income families around the globe but to date, traditional technology solutions have been ill equipped to support this market.
New platform to give African insurance providers a low cost distribution channel.
Tech Equity Ltd and OpenUnderwriter have today announced a partnership to provide an innovative set of cloud insurance services to the African market.
The partnership offers a robust, cloud hosted platform that will give African insurance providers a low cost distribution channel for their products. It will allow these products to be provisioned and purchased using SMS (as well as traditional methods), which will potentially open up a whole new market for low cost insurance.
OpenUnderwriter 3.0EA3 is ready for download
I'm always very pleased to announce the availability of a new release, but this time it's one that has a couple of features that the team are very proud of. One is large the other is comparatively small, but both make a big difference to OpenUnderwriter's capabilities.
SMS payment integration and more...
The latest 3.0 Early Access release is ready for download.
Small enhancements and bug fixes to 2.2
The OpenUnderwriter team are pleased to announce that 2.2SP1 is ready for download.
3.0's first Early Access release is ready for download.
The OpenUnderwriter team are excited to announce the availability of OpenUnderwriter 3.0EA1.
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We want to grow our presence in the UK and are looking for a forward thinking broker or MGA to partner with us and become a reference site.
Specialist Southend based broker, FML Insurance Services Ltd have become OpenUnderwriter's latest insurance client.
FML specialise in schemes including leisure and entertainment and have initially gone live with OpenUnderwriter's quote and buy software for it's equipment hirer product.
Technology has played a large part in addressing the challenges faced by mutual and co-operative insurers in the developing world, but it is time for new and more innovative approaches to be considered.
Enabling huge areas of the globe develop insurance solutions depends very heavily on cheap and reliable technology. The demand for low cost insurance is growing at a phenomenal rate and as a result we’ve seen a large increase in the number of member and community based organisations (cooperatives and mutual) especially in the developing world. With enormous potential benefits to both state and consumer, low cost insurance provides a financial safety net to some of the lowest income families around the globe.
Among the other new features and enhancements included in OpenUnderwriter 2.1 is support for an extended set of document types.
As well as quotation documents, which have been supported for some time, the system now generates certificates, wordings, and invoices. Like all product features, document definitions benefit from product inheritance - meaning that each product need only define the ways in which if differs and need not define common elements.
The use of new technology is critical for the microinsurance sector, but without reliable data or actuarial capacity, it will be a struggle to design sustainable products.
We live in a world dependent upon technology, we use it every day, at home, in our jobs, it touches everything we do, but rarely do we consider the process and decisions that have gone on behind the scenes to deliver that technology into our lives.
How do you provide affordable technology platforms for mutual and other insurers in the developing world?
The demand for low cost insurance is growing at a phenomenal rate. With enormous potential benefits to both state and consumer, low cost insurance provides a financial safety net to some of the lowest income families around the globe.
At OpenUnderwriter, we have been attracting a lot of interest from the microinsurance market.
The reasons behind this are to do with the benefits open source offers, including the use of best of breed technology combined with no associated licensing fees.
The Ghanaian insurance sector is rapidly expanding...
...however there is limited ability to analyse the risks associated with the markets being covered and the potential losses that could be incurred. Also, products on offer are mainly tailored for the relatively well off, meaning coverage extends to less than 2% of the Ghanaian population.