Insurance technology provider Genasys has partnered with GENRIC Insurance in onboarding the insurer's equine insurance product onto the Genasys Ski® platform. It included the seamless migration of 2 000 insurance policies and 7 000 risks.
The GENRIC equine insurance product was built with the Genasys 4Build application, and incorporated a sophisticated rating engine by software provider Qrater, allowing for the calculation and control of premiums.
The migration consolidates the insurer's equine book in one platform, and enables GENRIC to streamline the claims processes around an exceptionally complex insurance product. The whole migration was done within a week.
"We have been able to deliver superior service to our clients, and Genasys allows us to improve and enhance our value proposition to a level that wasn't previously possible ," says Carl Moodley, Chief Underwriting and Claims Officer at GENRIC Insurance. "The Genasys solution works for the product, the distribution channel, and the end-client," he says. "We can deliver much more than before we migrated to the Ski® platform."
In working closely with the GENRIC team, Genasys was able to tailor the platform to the specific requirements of this unique product.
The equine product has three different cover options for one animal, and an entire suite of products that can be attached to the policy, Moodley explains. It posed new challenges for the Genasys team.
The GENRIC Equine no-claims bonus, for example, allows for certain portions of claims in certain sections; the longer the client remains with GENRIC, the larger their no-claims bonus. It is structured differently from other reward structures in the market. Genasys built all the tools for GENRIC to administer this complex formula on the system, whereas in the past a large portion of it was manually processed.
The Ski® platform enhances the broker journey in that brokers can view the product on the Genasys 4Web system, open an application and get confirmation of cover in real-time. This creates an open line of communication between the insurer, broker and their clients.
It was an essential value proposition for GENRIC, as the highly specialised nature of the niche equine insurance sector calls for personal relationships and interactions with the limited brokers in the field. "Our broker is passionate about their field of work and they expect the same commitment from their insurance provider," says Moodley.
"Ultimately, we believe that this partnership is going to enable further growth for us as a leader in the equine space, a very niche line of insurance," Moodley explains.
"I'm proud of what the Genasys and GENRIC teams were able to achieve with the onboarding of this product," says Rochelle Smit at Genasys. "We've worked with GENRIC in the past, and our continuing partnership is testament to the value our solutions can offer our insurance partners, but it's also a nod to the quality of the GENRIC team and their products," she says.
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