South African insuretech Briisk has launched a new version of its Briisk Instant Transaction Platform (ITP).

The Briisk ITP is a cloud-based insurance solution that provides reinsurers, insurers, underwriting managers, brokers and agents with the automation of the complete insurance value chain, at a lower cost and higher speed of legacy systems.

Combined with Briisk’s APIs, clients benefit from full scalability, security, reliability, access to new distribution channels and global accessibility with no system administration overhead required.

Antonie Botes, head of client project operations and product management, explains that the new release includes many new features, such as “improved configurability of risk-based ratings and reporting, enhanced insurance product configuration, extended premium collection functionality and simple payment configuration.

“These features increase the flexibility of our solution to fit any player in the value chain and any product. Our clients love that.”

The Briisk ITP can replace slow and costly legacy systems. Through the intuitive user interface, insurance companies can launch new products in days, not months and reach customers via digital distribution channels.

Joint-CEO Chas Simpson says the Briisk ITP is especially in high demand now. “Covid-19 pressures players in the insurance industry to innovate and digitise. They realize that we can give them access to new digital distribution channels, reduce costs and speed up time-to-market. These aspects are vital in these challenging times.”