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.
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.
Do you have a product you want to trade on-line?
Do you want to work with one of the industries most dynamic software houses?
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.
To coincide with the release of OpenUnderwriter 2.2, we want to tell you a little bit about what you can find in the release, along with some other exciting developments that have been happening behind the scenes here.
Over the last few months the team has been working really hard to implement some major milestones in OpenUnderwriter's roadmap.
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.
We have spent a long time demonstrating OpenUnderwriter to many different organisations over the past 6 months.
One of the common pieces of feedback that we have received is that while we give a comprehensive overview of the technical and administration aspects of the system, we haven’t focussed too much on the customer experience. In order to address this, we have now developed a new public website for our very own demo broker - Star Insurance.
The OpenUnderwriter team is really proud to announce the release of OpenUnderwriter 2.1.
Following on from the success of version 2.0 earlier this year, this latest release further refines and expands the software's feature set. The focus, as always, is delivering innovative software that allows Insurance organisations to deliver results and quickly and efficiently.
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.