Insurance software and services provider Genasys Technologies completed an full product build for Discovery Insures newly-launched commercial insurance product in just 43 days.
The Discovery product was constructed and brought to market through the Genasys platform. Products introduced through intermediary channels also make provision for capturing, quoting and binding of policies based on the Genasys 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 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. The technology also supports an agile mechanism for delivery.
In addition, the full insurance product can be captured within the Genasys SKi platform, which can generate a commercial schedule based on the product.
Core SKi functionality also underpins the product configuration to facilitate premium collections, claims management, workflow, document management and reporting.
The insurer needed the build and launch to be done as fast as possibl”, says Olivier.
“We strongly believe in the SKi(r) 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 in three weeks.
“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.”