Cloud Insurance Services for the African 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’s open source insurance solution, integrated with Tech Equity’s innovative payment hub, will enable insurance products to be far more accessible to people without a bank account, access to the Internet nor the ability to travel to urban centres.
OpenUnderwriter have been working in Africa since 2013 when they implemented an actuarial platform for the Ghanaian Insurance Industry Association. Strategy Director David Daiches comments, “We are very aware that administration costs need to be minimised if there is going to be a market for low cost insurance products in emerging markets. We believe OpenUnderwriter is the only software that is viable in these situations”.
Financial Inclusion is a key focus and priority for Tech Equity. Founder and Director Dr Shiyghan Navti comments, “Through our partnership with OpenUnderwriter, we enable greater access to insurance products and services, not only via our network but also through third-party services that leverage our secure payment services that support multi-currency transactions to gain access to new markets and clients”.
About the Author
Matthew is a founder of OpenUnderwriter and has over 20 years’ experience working in the Insurance sector. He has extensive experience in delivering complex solutions in both general and commercial lines for Lloyds and London markets working with companies such as Talbot Underwriter, Brit and Catlin. Matthew has been at the forefront of the design and overall direction of the OpenUnderwriter suite of products. Matthew is also an active member of the microinsurance community and has been involved in a number of major projects in developing countries across the world.
David joined the OpenUnderwriter team in March 2014 and has 25 years’ experience delivering complex technology solutions to a range of organisations in both the financial services and retail sectors. He was previously the CEO of Insurecom and led the successful acquisition by Applied Systems Inc. He has also previously held senior positions at BT and Sainsbury’s. David is responsible for the overall business strategy of OpenUnderwriter. David sits as a non-executive director for other innovative, fast growth technology firms.